Tikijian Associates recently arranged the sale of Orchards Apartments, a 378-unit apartment community located in Indianapolis.
Tikijian Associates represented the special servicer, San Francisco-based Helios AMC. At the time of the sale, Orchard Apartments was 95 percent occupied.
The buyer was a private equity group based in New York that owns multi-family properties in Indiana and several eastern and southeastern states. The buyer was engaged in the middle of November and the sale closed within two weeks, at the end of the same month. Financing for the acquisition was arranged through the New York office of Arbor Commercial Mortgage.
The new owner plans capital improvements to further stabilize and improve operations at the community, including fitness center, swimming pool and laundry room updates as well as carport, asphalt, balcony and wood trim repairs.
Indianapolis-based Barrett & Stokely, Inc. was selected by the new owner to manage the property.