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Firm buys north-side apartments for $38.5M, plans upgrades

February 7, 2019

A Canadian investment company announced Thursday that it has purchased two north-side apartment complexes in a deal worth $38.5 million, with plans to upgrade the long-standing properties.

Toronto-based Emma Capital Investments, which in recent months has scooped up several other Indianapolis-area apartment properties, acquired the Courts I and Courts II complexes at 2000 W. 79th St. and 8002 Harcourt Road, respectively.

The properties, which total 448 units, were built next to each other in the late 1960s and early 1970s. They currently operate as a single property, but Emma Capital said it plans to run each one separately.

Courts I was built in 1967 and features 148 units, while Courts II was established in 1973 and has 336 units. Each property was previously owned by McKinley, an Ann Arbor, Mich.-based company that operates apartment complexes in Michigan and Florida.

Many of the units have undergone improvement in recent years, including new windows and sliding doors.

Emma Capital will look to boost rents through various improvement projects, including “unit interior upgrades,” partner Haya Zilberboim said in a written statement.

The extent of the upgrades was not immediately clear, but it’s likely to follow a trend seen in other local properties owned by the company.

Generally the company looks to rebrand the properties and perform extensive upgrades with the hope of boosting a complex’s profitability and rent.

Emma Capital owns more than 1,800 units across a handful of properties in Indianapolis, including the Hunt Club Apartments and Brandywine Apartments, both bought in November.

Brandywine Apartments is a 296-unit property at 8444 Rothbury Drive, while the Hunt Club—now known as The Lenox—is a 200-unit property at 5421 Calder Way, near Lawrence.

Emma Capital’s first excursion in the Indianapolis market came in May and June of 2018, when it bought the Retreat Northwest, the former Courtyards at Kessler and the former Salem at 56 for a combined $63.8 million.

The Retreat Northwest is a 336-unit complex at 1130 Racquet Club Drive North, near West 96th Street and Ditch Road.

The Salem, now called The M Club Apartments, at 7007 Courthouse Drive, north of Lawrence, has 388 units.

The Courtyards, now called The Aura apartments, is a 125-unit complex at 3035 W. 39th St.

Representatives of Emma Capital were not available to discuss plans for the Courts I and Courts II properties.

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