CORE Realty Holdings Management, Inc., a sponsor of Regulation D private placements, has sold its Riverbend Apartments multifamily asset in Indianapolis, which has been owned by a group of tenant-in-common investors since 1996. According to the company, the sale price was $97.25 million, $27.9 million more than the original purchase price when the offering was syndicated 24 years ago.
Riverbend Apartments sits on 109 acres and was originally built in three phases between 1983 and 1985. The 996-unit property contains approximately 820,712 square feet of rentable area across 99 two- and three-story apartment buildings, plus five ancillary buildings consisting of a 12,356-square-foot clubhouse and leasing office, 1,900-square-foot yoga and fitness center, a 1,796-square-foot activity center, along with two maintenance buildings. On site amenities include two resort-style swimming pools; a business center, a multimedia room, a lake with fountains, fishing and community deck; a picnic area including barbecues, picnic tables and a gazebo; a jogging path; a sand volleyball court; six lighted tennis courts; two racquetball courts; a basketball court; gated entries; and mature landscaping with a built in irrigation system. The unit mix includes one- and two-bedroom apartment homes ranging in size from 538 square feet to 1,194 square feet. The average unit size is 821 square feet.
“We are very pleased as a sponsor with the outcome of this investment,” said CEO Doug Morehead. “Strong asset and property management helped us get through some tough times, however, we were able to hold the course and ultimately deliver for our investors.”
According to the company, the liquidity events allowed investors the opportunity to perform a 1031 exchange into two separate Delaware statutory trust offerings.