INDIANAPOLIS, IN - Covenant Capital Group, a value-add investment manager with an exclusive focus on the acquisition and renovation of apartment communities, has acquired Columns of Castleton, a multifamily property with 398-units located at 7615 Ivywood Drive in Indianapolis, Indiana.
Covenant purchased the property on July 31st, 2017 for $30.25 million, reflecting a per-unit price of $76,005.
“We’re pleased to invest again in the Indianapolis market with the acquisition of the Columns of Castleton,” said Govan D. White, managing partner and co-founder of Covenant Capital Group. “We believe this property has a strategically valuable location that’s well positioned for the City’s continued growth. We’re proud to invest significantly in it to ensure it continues as a vibrant apartment destination in the community for decades to come.”
Located in the employment-rich northeast side of Indianapolis, the property is conveniently situated near one of the city’s most critical interchanges, Interstate-69 and Interstate-465, providing immediate access to a wealth of employment and the densest collection of shopping and amenities in the state.
Covenant plans to invest over $4.7 million to modernize the property to better serve the demands of renters in its neighborhood. In addition to renovating the apartment interiors and amenities, Covenant will implement a green program by installing energy efficient appliances, low-flow kitchen and bathroom fixtures, as well as LED lighting throughout the site.
These investments will serve to increase the building’s sustainable features, lowering energy costs for residents, and to extend the life of the community, which was built in two phases in 1969 and 1974.
Covenant Capital Group, formed in 2001, focuses on transforming and repositioning properties into premier institutional quality assets. Covenant has over $1 billion in real estate assets under management and controls over 9,250 apartment units.