Apartment sellers testing market again

Back to TopCommentsE-mailPrintBookmark and Share

Several local apartment properties are back on the market as owners try to appeal to private investors looking for deals before higher interest rates and inflation dampen their enthusiasm.

Among the properties is Grande Reserve at Geist, a Class A property that changed hands in 2006, and four complexes owned by Denver-based Apartment Investment & Management Co., the giant apartment owner that has sold 16 Indiana properties in the last 18 months. The AIMCO properties are:

- Scandia, a 444-unit complex at 91st Street and Allisonville Road  built in 1979. It had been listed for about a year with Tikijian Associates. The new listing agent is Steve LaMotte at CB Richard Ellis.

- Bayhead Village, a 202-unit complex near Interstate 465 and West 38th Street built in 1978. It’s listed by Tikijian.

- Fisherman’s Village. Listed by Tikijian, the property near Interstate 465 and Crawfordsville Road has 328 units and was built in 1982.

- Pebble Point, a 220-unit property adjacent to Fisherman’s Village that was built in 1980. Tikijian has the listing.

AIMCO pulled all four properties off the market last November while it reevaluated its goal of selling off Midwest properties to pay down debt. The company also recently listed the 2,009-unit Canterbury Green complex in Fort Wayne. The company’s five Indiana properties are among a dozen nationwide it has on the market.

Another west-side property, Chesapeake Landing, had been for sale and recently returned to the market, said Cassidy Turley broker Scott Pollom, the listing agent. The 478-unit complex, owned for the last four years by a New Jersey-based private investment group, was finished in 1978 and renovated in 2006.  

The Grande Reserve at Geist is a 146-unit apartment complex on Fox Road at Geist Reservoir. The complex, built in 1996, is one of three local properties owned by Muhamad Becovic and operated by his firm Becovic Management Group. It’s listed by Steve LaMotte of CB Richard Ellis for almost $13.4 million.

The Geist property, because it’s relatively new and in a highly desirable location, is considered a Class A property, a group that has seen little sales activity since the dawn of the recession.

As such, there are few such properties on the market here, which LaMotte thinks will work in his seller’s favor. “There’s a lot of private capital coming into the market chasing limited [Class A] deals,” he said.

George Tikijian of Tikijian Associates said most of the opportunities in the market so far have been for lower-grade properties, creating some pent-up demand for Class A properties.

The AIMCO properties here are older but are desirable enough from a location standpoint that AIMCO won’t take the first deal that comes along. Tikijian said AIMCO’s goal is to sell the west-side complexes for a per-unit price in the mid-$30,000 range. It wants in the mid-50s per unit for Scandia because of its north-side location. He said he fielded several offers for the properties between six and nine months ago, but none were high enough to satisfy the seller.

Tikijian said buyers might be more motivated now as they try to make deals before expected hikes in interest rates and inflation.

Pollom of Cassidy Turley said that while apartments are easier to finance than retail and office real estate, it’s still a challenge. Buyers have scooped up distressed low-end properties for all cash. But at higher price points “there’s a lot of frustrated private investment money out there,” he said.

If lenders would loosen up a bit “the apartment market would go crazy,” he said.


  • Apartment sellers testing market again
    Oh, that's a lot of property on sale. This is good site to visit for property buyers for it markets the current available properties with relevant info on the side.
  • Grande Reserve
    This proeperty has major issue with roofs and mold. Buyer beware.

Post a comment to this story

We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
You are legally responsible for what you post and your anonymity is not guaranteed.
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
Subscribe to IBJ
  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.