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Midwest Condo Success Demands Homework

Sule Aygoren Carranza is also managing editor of Real Estate Forum.Carmel, IN—Looking for better returns than in traditional condo markets, Abacus Capital…

By Sule Aygoren Carranza | Updated on April 26, 2006

Sule Aygoren Carranza is also managing editor of Real Estate Forum.

Carmel, IN—Looking for better returns than in traditional condo markets, Abacus Capital Group LLC has ventured into the Midwest. The company is currently selling units in its latest conversion project, the 186-unit Wentworth at WestClay, located within the Village of Westclay, a 680-acre, high-end, master-planned community here.

Abacus bought the property a year ago from its original developer, A.G. Spanos & Co., for nearly $15.2 million shortly after it was completed, according to the firm’s president and chief executive officer, Benjamin Friedman. It was brand-new and 70% leased at the time.

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