Large, north-side apartment complex fetches $36 million

A large apartment complex on the north side has been sold for $36 million and renamed by the new owner.

Local apartment brokerage Tikijian Associates announced Friday the sale of the 455-unit Ashford at Keystone along the east side of Keystone Avenue, north of East 65th Street.

Tikijian represented the Atlanta-based Radco Cos., which sold the complex to an affiliate of Los Angeles-based Summit Equity Investments Inc. Summit has renamed the apartment community Summit at Keystone.

The transaction quietly closed in April, according to Marion County assessor records.

Summit at Keystone was built in 1964 and is one of the largest apartment complexes in Indianapolis, Tikijian said.

Radco bought the complex for $15.6 million in a 2013 sheriff’s sale after it became available from bankrupt Lehman Brothers, which had foreclosed on the property.

Radco spent $8.5 million on improvements, including rehabbing the clubhouse and half of the units, and building a new fitness center. Summit will finish renovating the rest of the units, said George Tikijian, senior managing director for Tikijian Associates.

Overall, low interest rates and readily available financing are contributing to a strong apartment market.

“All the stuff we’ve sold, we’ve had a huge amount of interest,” Tikijian said. “There’s a lot of desire to buy apartments.”