Tikijian Associates has closed the sale of Castle Point Apartments in the South Bend, Ind., area. The property is known for its distinctive castle-like architecture, setting on more than 50 acres of rolling topography and amenities including interior basketball and tennis courts and putting green. The northern edge of Notre Dame University’s campus is just 1.8 miles south of Castle Point.
Tikijian Associates represented the seller, Zidan Management Group. Zidan purchased Castle Point in 2004 from the original developer that had built the property in phases between 1974 and 1980. The property performed very well for Zidan with high historical occupancy of more than 90 percent.
Castle Point was purchased by Metonic Real Estate Services, an Omaha-based real estate investment management company that owns multi-family properties throughout the central United States. The purchase of Castle Point is Metonic’s second purchase in Indiana.
Metonic plans to complete a renovation at Castle Point to include a comprehensive clubhouse reahb, exterior updates such as a new paint scheme, interior unit upgrades, additional landscaping and more. Omaha-based Seldin Company will serve as property manager.
