Triad Real Estate Partners recently closed the sale of a 284-unit two-property portfolio in Anderson, Indiana.
The two properties consisted of Cross Lakes Apartments (212 Units) and Giant Oaks Apartments (72 units). Cross Lakes Apartments, built in 1988, is on the north side of Anderson across from Cross Street MarketPlace. Giant Oaks was built in 1968 and is located just west of Anderson’s central business district. At the time of sale, the properties were a combined 97 percent occupied.
Bradley Company, the court-appointed receiver, engaged Triad in early June by requesting a BOV and proposal for disposition services. Six weeks later, Triad was selected to market the portfolio.
Triad initiated marketing in late August and collected more than 12 written letters of intent from qualified buyers. Due to the high interest and activity Triad attracted from its private database and marketing, Bradley Company had a wide selection of buyers to share with its client. The client ended up selecting a private buyer out of Indianapolis that already had a presence in the Anderson market.
Cross Lakes and Giant Oaks presented myriad challenges, particularly the locations in an underperforming rental market and the capital expenditure needs. By sourcing a well-capitalized buyer familiar with the market who happened to be in a 1031 exchange, Triad produced a highly successful outcome for all parties.