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|  Tuesday, September 4, 2007 |
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Three more local apartment properties
change hands
An already active Indianapolis apartment-sale market saw three communities change hands in recent weeks.
Pickwick Farms Apartments, a 520-unit north-side complex that specializes in short-term leases on furnished and unfurnished units, was sold by Borns Management Corp. to Zidan Management. Both firms are locally based.
The asking price was $23.5 million; the sale price was not disclosed. Zidan last year bought six apartment properties in Indiana from locally based Van Rooy Properties. Five were in the Indianapolis area.
In the other two recent deals, Dallas-based Hall Financial sold the 772-unit Coppertree Apartments to Ohio-based Karam Managed Properties, and locally based Thrasher Realty sold the 451-unit Country Club Apartments to Chicago-based GLC Development.
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|  | The sale price for Coppertree, which is in Speedway, was not disclosed; it was listed for $20.5 million. Neither the list nor sale price for Country Club, which is near the University of Indianapolis, was disclosed.
Locally based Tikijian Associates represented the seller in all three transactions.
Sales/acquisitions
- Koorsen Properties has bought an 11,857-square-foot industrial building at 6121 E. 30th St. from Sheats Supply Services Inc. Financial terms were not disclosed. The seller was represented by Mark Stephenson and Tony Hupp of Summit Realty Group. The buyer represented itself.
- Lowe's Home Improvement Center has bought a 125,000 square foot building and a 50,000 square foot outdoor garden center at 8850 Madison Ave. in Greenwood. Lowe's previously had leased the space, where it operates a store. The seller, Kovac's Enterprises LLC, was represented by locally based CommonWealth Real Estate Group LLC. Lowe's represented itself.
Leases/leasing contracts
- Harlem Furniture has leased 32,788 square feet at 5651 Castleton Corner Way. Larry Davis of Sitehawk Retail Real Estate represented the landlord, Thomas English Retail Real Estate. Fred Feinblum of Julius M. Feinblum Real Estate Inc. represented the tenant.
- Mid-States Asphalt has leased 28,880 square feet at 3000 S. Shelby St. It is a new warehouse and office location for the Alabama-based manufacturer. Ryan Kelly and Tony Hupp of Summit Realty Group represented the tenant. The landlord, Merchandise Warehouse, was represented by Andrew Morris, also of Summit Realty.
- The Make-A-Wish Foundation of Greater Ohio, Kentucky and Indiana has leased 3,434 square feet at 7330 Woodland Drive in Indianapolis. The foundation's chapter office is relocating to the site from 6325 Digital Way. Ryan Kelly and Tony Hupp of Summit Realty Group represented the tenant. The landlord, Duke Realty Corp., represented itself.
Housing
- The number of homes put on the market increased in July, while sales fell, further swelling the local inventory, according to a report by Metropolitan Indianapolis Board of Realtors . New listings in central Indiana in July totaled 5,389 homes, a 0.7 percent increase from June. Sales fell 6.7 percent, to 2,765 units. Decatur County had the largest decline in sales, 37 percent; the largest gain, 17.5 percent, occurred in Morgan County. The average sale price in July was $163,612, down 3 percent from the same month last year. Home prices year to date are down 1.4 percent over the same period in 2006.
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| - The pace of mortgage loan activity fell 4 percent last week over the week before. Activity was up 10.6 percent compared with the same period a year ago. Refinancings accounted for 40.4 percent of all loans, up from 39.9 percent in the previous week. Interest rates for 30-year mortgages fell to 6.41 percent from 6.49 percent. The average interest rate for 15-year mortgages declined to 6.10 from 6.20 percent.
People
- Mark Bowman has joined Jinks Corp. in Greenwood as a sales agent, primarily for commercial property.
- Adam Collins has joined local law firm Harrison and Moberly LLP in its real estate division.
New library almost ready
It's been quite an ordeal, but the Central Library expansion is almost complete. The Interim Central Library, which opened in the Old City Hall  after construction began on the Central Library renovation and expansion in 2002, is scheduled to close Sept. 8. Library officials say it will take six weeks to move more than 700,000 volumes. A grand re-opening is planned for the end of 2007.
Read the item above and more real estate conversation starters at Property Lines, IBJ's real estate blog. You can link to the blog, which is hosted by real estate beat reporter Cory Schouten, at www.ibj.com.
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| Correction:
Steve LaMotte and Amy Burmeister of CB Richard Ellis represented Indiana Ventures I LLC in its sale of Benchmark Apartments. The buyer, Kansas City, Mo.-based JTL Properties LLC, represented itself. Last week's Real Estate Weekly incorrectly said CBRE represented the buyer.
Largest Indianapolis-Area Architectural Firms 
Edited by Tracy Donhardt
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