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NEW ALBANY, IND. — Tikijian Associates has completed the sale of Knobs Pointe, a 384-unit apartment community located in New Albany. The acquisition also includes a 23,000-square-foot shopping and office complex adjacent to the apartments. The buyer, Ohio-based Bluestone Property Management, plans to invest $3 million to renovate the property, including a complete upgrade of the property's electrical system, refurbishment of common halls and unit interiors, a new swimming pool and extensive exterior improvements. An affiliate of New York-based Sovereign Bank sold the property for an undisclosed price.