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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. Hiking blocks to an office after fighting traffic is not logical. Having office buildings around the loop, 465 and in cities in surrounding counties is logical. In other words, counties around Indianapolis need office buildings like Keystone, Meridian, Michigan Road/College Park and then no need to go downtown. Financial, legal, professional businesses don't need the downtown when Carmel, Fishers, North Indy are building their own central office buildings close to the professionals. The more Hamilton, Boone county attract professionals, the less downtown is relevant. Highrises have no meaning if they don't have adequate parking for professionals and clients. Great for show, but not exactly downtown Chicago, no lakefront, no river to speak of, and no view from highrises of lake Michigan and the magnificent mile. Indianapolis has no view.

  2. "The car count, THE SERIES, THE RACING, THE RATINGS, THE ATTENDANCE< AND THE MANAGEMENT, EVERY season is sub-par." ______________ You're welcome!

  3. that it actually looked a lot like Sato v Franchitti @Houston. And judging from Dario's marble mouthed presentation providing "color", I'd say that he still suffers from his Dallara inflicted head injury._______Considering that the Formula E cars weren't going that quickly at that exact moment, that was impressive air time. But I guess we shouldn't be surprised, as Dallara is the only car builder that needs an FAA certification for their cars. But flying Dallaras aren't new. Just ask Dan Wheldon.

  4. Does anyone know how and where I can get involved and included?

  5. While the data supporting the success of educating our preschoolers is significant, the method of reaching this age group should be multi-faceted. Getting business involved in support of early childhood education is needed. But the ways for businesses to be involved are not just giving money to programs and services. Corporations and businesses educating their own workforce in the importance of sending a child to kindergarten prepared to learn is an alternative way that needs to be addressed. Helping parents prepare their children for school and be involved is a proven method for success. However, many parents are not sure how to help their children. The public is often led to think that preschool education happens only in schools, daycare, or learning centers but parents and other family members along with pediatricians, librarians, museums, etc. are valuable resources in educating our youngsters. When parents are informed through work lunch hour workshops in educating a young child, website exposure to exceptional teaching ideas that illustrate how to encourage learning for fun, media input, and directed community focus on early childhood that is when a difference will be seen. As a society we all need to look outside the normal paths of educating and reaching preschoolers. It is when methods of involving the most important adult in a child's life - a parent, that real success in educating our future workers will occur. The website www.ifnotyouwho.org is free and illustrates activities that are research-based, easy to follow and fun! Businesses should be encouraging their workers to tackle this issue and this website makes it easy for parents to be involved. The focus of preschool education should be to inspire all the adults in a preschooler's life to be aware of what they can do to prepare a child for their future life. Fortunately we now know best practices to prepare a child for a successful start to school. Is the business community ready to be involved in educating preschoolers when it becomes more than a donation but a challenge to their own workers?

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