THURSDAY, JULY 02, 2009

Tikijian Associates completes quick multi-family sale in Indianapolis

by Midwest Real Estate News Reports
Tikijian Associates recently sold Somerset Lakes Apartments, a 360-unit waterfront community in Indianapolis.

Tikijian Associates represented hte seller, Aimco, in its transaction with the Indianapolis-based Gene B. Glick Company. The sale closed on June 15.

Somerset does have some unique features. Its apartment units, for example, are among the largest in Indianapolis, with an average size of 1,400 square feet. Construction teams replaced all of the community's siding in 2006 and 2008 with HardiePlank, giving Somerset a fresh look.

This transaction represents the 13th Indianapolis sale for AIMCO in the last 12 months. Somerset was on the market for only 30 days. During this time, more than 50 investors expressed interest in the property.