Multifamily O Indiana

Tikijian Associates sells 450-unit apartment community in Fort Wayne

Tikijian Associates recently closed the sale of Woodbridge Apartments, a 450-unit community in Ft. Wayne, Indiana.

Tikijian Associates represented the seller, developer Gene B. Glick Company. Glick built the community in two phases (completed in 1980 and 1987, respectively) and has managed the property since construction.

The buyer was an affiliate of Birge & Held Asset Management LLC, an Indianapolis-based private equity and property management firm. Since its founding in 2008, the company has acquired and now owns and manages more than 6,000 units with a value in excess of $500 million in multi-family assets across the country.

Interest from investors In Woodbridge was intense. Tikijian Associates conducted more than 35 tours with prospective buyers and received 24 offers.