TIKIJIAN COMPLETES SALE OF 132-UNIT APARTMENT COMMUNITY

ANDERSON, IND. — Indianapolis-based Tikijian Associates has completed the sale of Hilltop Apartments, a 132-unit multifamily community located in Anderson. Tikijian represented the court-appointed receiver, Buckingham Cos., in the sale. The property had formerly been owned by Chicago-based Wextrust Capital LLC, but was placed into receivership in 2008 after the two principals of Wextrust were indicted on federal fraud charges and subsequently incarcerated. It was acquired by Bloomfield, Ind.-based Renewing Properties, which plans to complete major capital improvements to the property. The swimming pool will be renovated, new windows and doors will be installed, older units will be remodeled and the community will be renamed Stonebrook Townhomes & Apartments. The community will be managed by Renewing Management. The sale price was not released, but the property listed for $2.25 million.