- Berkadia Completes $11 Million Sale of Indiana Multifamily Property
Berkadia today announced the recent $11.3 million sale of Willowbrook Lake Apartments, a multifamily property located in Indianapolis. Senior Directors David Gaines and Alex Blagojevich along with Associate Director Chris Bruzas of the Chicago office facilitated the sale, which closed on July 8.
The seller was an investment fund based in Greenwich, Connecticut. The buyer was an entity of Sundance Bay, based in Orem, Utah.
“Out-of-state investors are gravitating toward the Indianapolis metro area, including many exchange buyers who are drawn by the high yield investment opportunities in the area,” said Bruzas. “We’ve seen strong demand from investors for apartment properties, likely caused by a recent surge in value-add deals like Willowbrook Apartments.”
Built in 1972, the 392-unit property includes one-, two- and three-bedroom floor plans with air conditioning, ceiling fans, renovated kitchens, spacious closets, separate dining rooms and patios or balconies. The community features a swimming pool, laundry facilities in each building, carports and 24-hour emergency maintenance.
Located at 4803 Round Lake Road, Willowbrook Lake affords convenient access to Interstates 65 and 70 and is within close proximity to Indianapolis International Airport. Tops employers in the area include St. Vincent Health, IU Health, Eli Lily and Company and Community Health.
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