Indianapolis – Oct, 2024 – CBRE has arranged the sale of Westminster, a 438-unit multifamily property in Greenwood, an affluent high-growth suburb south of Indianapolis. Monarch purchased the property from Van Rooy Properties for an undisclosed amount.
CBRE’s George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp represented the seller in the transaction.
"This marks a full investment cycle for Van Rooy, who acquired the property in 2010 and undertook significant renovations shortly thereafter," said Tikijian. "After 14 successful years of managing Westminster, Van Rooy is now exiting and transferring a meticulously maintained 70s asset to Monarch."
Westminster is irreplaceably located at the high traffic intersection of County Line Road and U.S. Highway 31 at 921 Parliament Place. The property is amidst the area’s primary retail hub, which includes the Greenwood Park Mall and is adjacent to Community Hospital South, a major employer. The residence boasts a classic all-brick exterior with a mix of townhomes and flats, offering one-, two-, and three-bedroom layouts averaging 918 square feet.
The property was built in 1971 and has undergone extensive renovations totaling nearly $20 million since 2014, including upgrades to all unit finishes, the installation of in-unit washers and dryers, new roofing, the installation of a resort-style swimming pool and modernization upgrades to its clubhouse.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.