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Two Indy apartment complexes sell for $35 million

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Two northside Indianapolis apartment complexes have been snapped up by national investors for a total of nearly $35 million.

Steadfast Income REIT, based in Irvine, Calif., paid $18.4 million for the 268-unit Lodge at Trails Edge, located north of the Nora area at 9535 Benchmark Drive. The property was built in 1981 and is 97-percent leased, according to Steadfast.

The company acquired the complex from The Praedium Group, a New York City-based national real estate investment firm. Steadfast, which announced the purchase on Monday, will assume an existing $11 million mortgage on the property.

In a separate transaction, Atlanta-based The Radco Cos. has purchased the Lakewood Lodge complex from its lender for $16.5 million. The 454-unit property is just east of Keystone Avenue at 6630 Glenbrook Drive.

Radco is a turnaround specialist, and plans to rebrand the property as Ashford at Keystone, in addition to renovating the units and improving on-site management.
The acquisition is Radco’s third in the Midwest within the last 90 days; it announced the Lakewood Lodge acquisition Monday.

“We believe in the Midwest and we are very familiar with the market,” CEO Norman Radow said. “In the Indianapolis market in particular, we are seeing strong employment growth, and we are buying the property at an attractive going-in basis.”

The Indianapolis market for apartment investors started heating up in 2011, with sales of 42 properties containing 9,764 units.

The region attracts high-net-worth investors who have been priced out of the Northeast and the West Coast markets, according to broker George Tikijian III, senior managing director of Tikijian Associates. When investors look for alternatives to those markets, they look to Indianapolis, Tikijian said, because the city and state have a reputation for having stable, diversified economies.
 

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  1. OK Larry, let's sign Lance, shore up the PG and let's get to the finals.

  2. A couple of issues need some clarification especially since my name was on the list. I am not sure how this information was obtained and from where. For me, the amount was incorrect to begin with and the money does not come to me personally. I am guessing that the names listed are the Principal Investigators (individual responsible for the conduct of the trail) for the different pharmaceutical trials and not the entity which receives the checks. In my case, I participate in Phase II and Phase III trials which are required for new drug development. Your article should differentiate the amount of money received for consulting, for speaking fees, and for conduct of a clinical trial for new drug development. The lumping of all of these categories may give the reader a false impression of physicians just trying to get rich. The Sunshine Law may help to differentiate these categories in the future. The public should be aware that the Clinical Trial Industry could be a real economic driver for Indiana since these revenues supports jobs and new job creation. Nationally, this account for 10-20 billion which our State is missing out on to a large degree. Yes, new drug and technology development has gotten most of the attention (e.g. CTSI, BioCrossroads, etc.) However, serious money is being left on the table by not participating in the clinical trials to get those new drugs and medical devices on the market!!!! I guess that this is not sexy enough for academia.

  3. The address given for the Goldfish Swim Club is the Ace Hardware, is it closing?

  4. Out of state management and ownership. If Kite controlled it, everything would be leased. Of course, due to the roundabout, there is limited access to the south side of 116th now also. Just have to go down to the light.

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