The 306-unit Flats at Fishers Marketplace has sold for $36.85 million, just a few years after it stumbled out of the gate in the northern suburban market.
Local apartment brokerage Tikijian Associates represented the seller, Cincinnati-based The Ackermann Group, which built the upscale apartment community completed in 2016. The buyer was a New York-based investment firm.
Locally based Flaherty & Collings Properties is managing the property for the new owner.
The Flats at Fishers Marketplace is located at State Road 37 and 131st Street on 16.4 acres next to Fishers Junior High School and adjacent to a retail complex anchored by a Walmart Neighborhood Market. Monthly rents for units in the four-building complex run from $869 for a 642-square-foot studio to $1,399 for a three-bedroom, two-bathroom apartment.
A portion of the complex was already open in January 2015 when a major fire tore through one of its three existing buildings. That particular building wasn't yet occupied with tenants. The complex eventually was finished in 2016.
Although Tikijian announced the sale on Friday, the acquisition was completed in late November. IBJ obtained the sale price of $36.85 million through Hamilton County records.
The sale was one of 22 closed by the firm in 2017. The deals included more than 5,900 units and totaled more than $439 million.