IBJNews

Former Summit House apartment tower sold

Back to TopCommentsE-mailPrintBookmark and Share

The landmark apartment building at 38th and Meridian streets formerly known as Summit House has been purchased by a pair of Chicago investors who plan to invest  “a significant amount of capital” into the 20-story tower.

Nicholas T. Leftakes and George C. Touras, the founders of Chicago-based real estate investment firm LT Group, bought the property March 2. It last changed hands in 2007, when real estate investor Frank Pons bought it, renamed it CityView on Meridian and began laying plans for a major renovation.

When those plans fizzled, Pons lost the building to his lender, which listed it last summer for $6.95 million. Steve LaMotte, the CB Richard Ellis broker who represented the seller, would not identify his client. Another broker familiar with the property said the seller was Prudential Life Insurance.

LaMotte wouldn’t disclose the sale price but said the property sold for 60 percent of the unpaid principal balance on the loan. He said the 44-year-old high rise drew interest from 23 buyers, 14 of which wrote offers. Three buyers made cash offers, but the LT Group offer wasn’t one of those, LaMotte said.

CityView is the first Indianapolis property for the new owners, one of whom, Touras, spent 22 years working in various capacities for entities controlled by billionaire real estate entrepreneur Sam Zell. According to the LT Web site, Touras was responsible for the financial performance of Zell’s $1.5 billion multi-family, office and retail portfolio.

The new owners’ plans for the 166-unit building include new windows, upgrades to many of the apartments, renovation of the lobby, the addition of a tenant amenity center and coffee bar and a redesign of the building’s canopy facing Meridian Street. Neither Touras or Leftakes could be reached to comment on their plans or the amount of rent they think the property can command.

CityView contains a combination of one-, two- and three-bedroom apartments. More than 60 percent are one-bedroom units. The average size is 944 square feet and average rent is $855.

George Tikijian, whose Tikijian Associates brokers multi-family properties, said the previous owner’s plans assumed rents of close to $1,100, about $100 more than rents at another prominent high-rise, Riley Towers, which is within walking distance of the heart of downtown.

Whether the new owners can reposition CityView so that it fills up at healthy rental rates will depend largely on how renters perceive the area around 38th and Meridian.

“That’s the million-dollar question,” said Tikijian, who noted that there are affluent families in single-family homes just a few blocks to the north but that many apartments to the east, west and south are of marginal quality.

The former Summit House was owned more than 25 years ago by Century Realty Trust, a local real estate investment trust that dissolved a few years ago. It was purchased in the 1980s by a Chicago group that had several general partners over the years before selling the property to Pons.
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
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
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Hello Dear Are you tired of Seeking Loans and Mortgages,have you Been Turned down constantly By your banks and Other Financial Institutions or Micro Finance scheme. This is let you know with 100% guarantee that we Offer loans ranging from $1,000 Minimum to $1,000,000.00 Maximum at 3% interest rate per Month. We give out LOANS for developing business. a competitive edge/business expansion. email address: michealscottloan124@gmail.com We offer the following kinds of loans and many more; * Personal Loans ( Unsecured Loan) * Business Loans ( Unsecured Loan) * Consolidation Loan * Combination Loan * Home Improvement * Xmas Loans for contact to seek for loan email this email address: michealscottloan124@gmail.com Thanks

  2. My name is Mr Henry Josh and i live in the USA California and life is worth living right now for me and my family and all this is because of one man sent by GOD to help me and my family, i once had a life filled with sorrow because my first SON needed a kidney transplant and all our savings were going towards his medications and this normally leaves us with no money to pay our bills or even put enough food on our table and our rent was due and no funds to pay these bills and life felt so unfair to me and every night my wife will cry herself to sleep every night until one day, i was browsing through yahoo answers and i saw a striking advert of a man that gives out personal loans and that the offer is opened to all and i have heard so many things about internet scams but at this point of my life, i was very desperate and ready to take any risk and at the end of the day, i applied for this loan and from one step to another, i got my loan within 12 hours through bank transfer and you know, it was all like a dream and i called Mr Daniel Jones A Man who is the GOD sent lender i found and said, i have received my loan and he smiled stating that to GOD be the glory and i was so shocked as i have never ever seen anyone with such a GOD fearing and kind heart and today, i am the happiest man on earth because by GOD’S grace, my SON kidney transplant was successful and today he is healthy, i and my family are living very comfortable and happy and if you are in my former situation or in serious and legitimate need of a loan, you can reach this GOD sent lender via fidelityloanfirm@outlook.com

  3. Greetings to everyone reading this comment!!! I am Greg William by name. I am out here to recommend the effort of Mark Oscar,I was in need of a consolidation loan amount of 50,000 and as soon as I got in contact with Mark Oscar Loan Firm on Wednesday last week and on Friday last week as well I receive an alert from my bank(Royal Bank of Scotland Group) that the fund was transferred,I want everybody on this site to contact Mark Oscar now via email on how to get a loan because I got my loan from them and I am very happy,so contact them now. Oscarloanfinance@hotmail.com Thanks!!!!!!

  4. Elected officials, like Mourdock, get vested in 8 years. It takes 10 years for all other public employees, most of whom make a lot less money. So much for the promise to finish out his term.

  5. Great state treasurer and a good man!! Just curious if the folks who didn't quite understand his quote would like to tell my daughter-in-law that God didn't intend her! Mourdock's comment was correct but twisted and the article didn't mention that his opponent and the press let the impression stand that Mourdock meant that the rape was intended. Stupid people!!

ADVERTISEMENT