West-side apartment complex sells for $32.8M

A 470-unit apartment property on the city’s northwest side has been sold for $32.8 million to a Brooklyn-based property investment firm.

The Astoria Park Apartments complex, 3640 Beluga Lane, was purchased by Besyata Investment Group, according to the Indianapolis multifamily division of Chicago-based Cushman & Wakefield, which brokered the sale.

Astoria Park was previously owned by The Embassy Group LLC, a New York-based firm that owns several apartment properties. Embassy bought the property in 2011 for $11.4 million.

George Tikijian, managing director of Cushman & Wakefield’s Indianapolis multifamily office, said the new owner plans to do some “modest upgrades,” but added the complex does not require any major renovations.

The 14-acre property, which is west of Interstate 465 and north of I-74 to the southeast of Eagle Creek Reservoir, was constructed from 1974 to 1976.

It contains 39 residential buildings and two buildings that house office and clubhouse operations. The complex has more than 740 parking spaces—100 of which are covered by carports.

The average rent for a two-bedroom unit runs from $715 to $880.

Astoria Park is managed by Indianapolis-based Flaherty & Collins.

The sale was made public by the brokerage Thursday morning, though it closed in August.

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