INDIANAPOLIS — A joint venture between Wilkinson Corp. and Torchlight Investors has purchased a five-property multifamily portfolio in Indianapolis.
Hampshire Properties Ltd. sold the portfolio for $121.5 million, according to the Indianapolis Business Journal. The portfolio consists of nearly 2,000 units. Berkadia’s Atlanta office originated the senior mortgage loan for the acquisition.
Wilkinson’s affiliated property management company, Wilkinson Asset Management, has assumed management responsibilities of the communities.
The joint venture plans to invest several million dollars to refresh the exterior designs, amenities and unit interiors. The properties will be rebranded with different names.
The acquired communities include:
- Riverwood Apartments, a 120-unit community located at 5830 River Wood Drive on the north side of Indianapolis. The property will be rebranded The Preserve on Allisonville, and will receive a full renovation to the exterior and interiors.
- Woods Edge Apartments, a 190-unit community located at 6401 Woods Edge North Drive. The property will be rebranded Parkside at Castleton Square, and will receive interior renovations, as well as upgrades to the exterior and amenity spaces.
- Villa Nova Apartments, a 126-unit community located at 8760 LeMode Court. The community will be renamed The Elliott at College Park, and is set to undergo exterior and interior renovations, as well as upgrades to shared amenities.
- Wind Drift Apartments, a 166-unit property located at 3833 Wind Drift Drive. Renamed Lakeside Crossing at Eagle Creek, the community will receive upgrades to amenity spaces and interior and exterior renovations.
- Westlake Apartments, a 1,381-unit community located at 6000 Westlake Drive in west Indianapolis. The community will be rebranded The Boardwalk at Westlake, and will receive an amenity overhaul, interior renovations to select apartments and exterior upgrades.
A timeline for renovations was undisclosed. Wilkinson Corp. is a real estate sponsor with a focus on multifamily investments. Since its inception, the company has acquired and developed over $1 billion in commercial real estate.
Torchlight Investors is an independent investment advisor focused on commercial real estate. Since inception, the company has acquired over $20 billion in public and private commercial real estate investments.
— Katie Sloan and Kristin Hiller