Woodbrook Apts Trade for $6.5M

CAPREIT acquired the 196-unit Woodbrook Apartments at 5302 Woodbrook Dr. in Indianapolis, IN for $6.45 million, or about $33,000 per unit, from Hamilton Point Investments. The buyer now owns three multifamily communities in the Indianapolis area, and six in the state of Indiana. The Marion County community had been purchased out of foreclosure less than two years before by Hamilton Point. In that time the seller has increased the building occupancy rate and tenancy. Woodbrook features 196 units located on Indianapolis’ west side. Built in 1981, it consists of 88 one-bedroom, 96 two-bedroom, and 12 three-bedroom townhome-style units. The property is comprised of 12 two-story buildings with 23 common hallways and a free-standing laundry room. The clubhouse contains the leasing office and a second laundry facility. On-site amenities include a swimming pool, a tennis/sports court, a lake, and patios or balconies. George Tikijian and Hannah Ott with Tikijian Associates represented the seller. CAPREIT is owned and led by Dick Kadish, a nationally recognized leader in the multifamily housing sector with 35 years of experience.

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