RE Journals: Berkadia closed the sale of Aberdeen Apartments, a 354-unit multifamily property in Indianapolis, Indiana.
Berkadia’s Mid Markets Group including Senior Managing Director Alex Blagojevich and Senior Director Chris Bruzas completed the sale on behalf of the seller, Indiana-based Samaritan Companies. The buyer was Barratt Asset Management, also based in Indiana, and the deal closed on Nov. 30.
“Despite the obvious toll the pandemic has taken on the economy as a whole, Indianapolis’ multifamily fundamentals have weathered the uncertainty with trailing three-month rents up 50 bps, outpacing the national average,” said Bruzas. “We received more than 20 formal offers with many of these groups first time buyers in the area. The area’s strong reputation as an e-commerce and tech hub, and Aberdeen’s proximity to the airport and surrounding logistics hubs, created a very attractive investment opportunity.”
Located at 8680 Walnut Grove Drive, Aberdeen is located just four miles from the job-rich Indianapolis International Airport and the booming e-commerce industrial hubs that surround it. The prior ownership group kept the property in immaculate condition, investing significant capital into the grounds and community amenities over the past few years.
Those amenities include a swimming pool, a fitness center, laundry facilities, a clubhouse and a basketball, tennis and sand volleyball court. Residents are afforded convenient access to nearby shops and restaurants.