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Core Picks Up 996-Unit Complex

INDIANAPOLIS-An improving economy brings national buyers to a market previously driven by local and regional owners.

By Danielle Anderson | Updated on November 01, 2006

(To read more on the multifamily market, click here.)

INDIANAPOLIS-Core Realty Holdings LLC purchased AMLI at Riverbend, a 996-unit apartment complex, from AMLI Residential and its joint-venture partner in a sale that closed Oct. 28. Debbie Corson, principal of Apartment Realty Advisors of Ohio, tells GlobeSt.com that there were 10 offers from serious buyers vying for the complex. “Riverbend is a premiere property and well-known asset that was very much sought after,” says Corson, who brokered the transaction.

Corson adds that Indianapolis, once primarily a market driven by regional and local buyers, is getting a lot more attention from a diverse group of national buyers. She credits several factors, including the improving local economy, job growth, lack of new apartment construction and shrinking apartment vacancy rates, in the swell in interest from buyers. “Indianapolis has been on a strong rebound for a while now,” Corson says. “As jobs are created in the metro area, we’ll continue to see the multifamily rental market recover.”

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