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Steadfast Apartment REIT III Pays $44.6M for Avery Point in Indianapolis

The Embassy Group Sells 512-Unit Multifamily Community
December 22, 2017
Steadfast Apartment REIT III Inc. (STAR III), a real estate investment trust that focuses on middle-market apartments and senior living facilities, acquired the 512-unit Avery Point apartments in Indianapolis, IN from The Embassy Group for $44.6 million, or about $87,000 per unit.

The buyer intends to renovate 75 percent of the units in Avery Point, of which the other 25 percent of the units were renovated by the seller. The Embassy Group acquired Avery Point in 2009, according to CoStar information.

This 467,080-square-foot multifamily development was built in 1986 and features one- and two-bedroom units that average 900 square feet. Community amenities include a clubhouse, business center, fitness center, swimming pool, community patio with grilling stations, tennis courts, a volleyball court, covered parking and a dog park.

“We believe the Indianapolis area is a perfect fit for the investment objectives of Steadfast Apartment REIT III, which targets mid-tier multifamily properties in growing communities,” noted Ella Neyland, president of STAR III. Neyland also noted that Avery Point is located in the far north side of the city, which is in close proximity to affluent Class A office space, shopping, dining and entertainment, including the Castleton Square, Indiana’s largest shopping mall.

At the time of the sale, the asset was 94 percent occupied.

The Tikijian Associates team of George Tikijian, Christine Nealis, Hannah Ott, Duke Hardy, John Baker, and Kimberly Fetzer brokered the transaction on behalf of the seller.

Please see CoStar COMPS #4081517 for more information on this transaction.
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