The biggest apartment complex in the Indianapolis area was recently sold to joint venture partners Wilkinson Corporation and Torchlight Investors. Wilkinson is based in Yakima, Washington, while Torchlight is based in New York City.
The purchase is only part of the partners’ acquisition of five properties in the area, which is one of the largest real estate transactions of multifamily real estate in the history of Indianapolis. The acquisition included the Westlake Apartments, the biggest apartment complex in the region. Located on Indianapolis’s west side, the complex offers 1,381 units. The sale price was $121.5m. In total, all the properties have almost 2,000 units over a span of 150 acres.
The new owners plan to rename all the properties, and then upgrade and renovate them. The $29m renovations will upgrade amenities, interiors, and common areas; the target completion date is late in 2020. Projects like this can benefit if developers use banner printing to decorate the venues as they are remodeled.
The five properties are the Westlake, now renamed The Boardwalk at Westlake; Woods Edge Apartments, now named Parkside at Castleton Square; Wind Drift Apartments, renamed as Lakeside Crossing at Eagle Creek; Riverwood Apartments, renamed the Preserve on Allisonville; and Villa Nova Apartments, now to be called The Elliott at College Park. Renovations at the first three properties are aimed at attracting middle-income renters, while The Elliott is looking for middle-class professionals.
