HERMAN & KITTLE PROPERTIES INC. BUYS ORCHARD APARTMENTS

INDIANAPOLIS — Tikijian Associates has arranged the sale of Orchard Apartments, a 378-unit apartment community located in Indianapolis. Tikijian Associates represented the seller, a New York-based private real estate investment group. The seller acquired the property from its lender in 2011 and completed needed repairs to stabilize property operations before listing it for sale. Herman & Kittle Properties Inc., an Indianapolis-based real estate owner and developer, purchased the property. The new owner renamed the property The Landings at 56th Street and plans to spend approximately $1.5 million on capital improvements to further improve operations. Improvements include clubhouse and property common area amenity enhancements and upgrades of kitchens and bathrooms. Merchants Bank provided the financing for the acquisition.