Another northwest-side apartment complex faces foreclosure

Back to TopCommentsE-mailPrintBookmark and Share

For the second time this month, Fannie Mae is seeking to foreclose on a northwest-side apartment complex.

The federal housing giant filed its latest suit March 10 against Canadian-based Graoch Associates LP and is seeking the appointment of a receiver at Inverness Apartment Homes in Indianapolis.

Fannie Mae said Vancouver-based Graoch still owes more than $4 million on a $4.7 million loan the company received in January 2001. The loan was due to be paid off on Feb. 1. Interest on the principal continues to mount at a rate of $1,262 a day, the complaint said.

The 220-unit complex is located at 5810 Sebring Drive in Indianapolis, near 56th Street and Georgetown Road.  

Monthly rents range from $449 for a one-bedroom unit to $700 for a three-bedroom unit.

On its website, Graoch says it owns 10 apartment properties in Indiana, but does not list them.

Also, the agency filed March 1 to foreclose on the 169-unit Arrowwoods Apartments complex at 7135 Warrior Trail, east of Michigan Road.

Its owner, JVM Realty Group, allegedly defaulted on a $4.5 million note. The Oak Brook, Ill.-based firm manages and invests in multifamily properties in several Midwestern states. It has six other complexes in the Indianapolis area.


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:
thisissue1-092914.jpg 092914

Subscribe to IBJ