SOUTH BEND, IN – Metonic Real Estate Solutions (Metonic) and Agman Partners announced today the purchase of Castle Point Apartments, a 740-unit multifamily community located in South Bend, Indiana.
“We are excited about Castle Point Apartments due to its strong reputation in the community, superior construction quality, proximity to employment and entertainment, and best-in-class amenities,” said Bob Dean, Managing Principal at Metonic.
Originally constructed in three phases between 1974 and 1980, Castle Point Apartments offers one and two bedroom apartments ranging in size between 737 and 1,340 square feet. The 20,000 square foot clubhouse offers residents premier amenities, including indoor basketball and tennis courts along with a yoga/aerobics room, tanning room, and game room. The property is strategically situated within two miles of the University of Notre Dame, St. Mary’s College, and Holy Cross College.
Metonic plans to launch a significant revitalization program that will include new appliances and washer/ dryers, upgraded kitchen cabinets and counter tops, and new parking garages. The clubhouse will also be renovated with additional amenities for residents.
“We believe this property is well-positioned in the growing South Bend market and we are excited to begin the upgrades for our residents,” Dean added.
Omaha-based Seldin Company was selected as the property manager due to their experience managing value-add apartment communities in the Midwest.
About Metonic Real Estate Solutions: Metonic Real Estate Solutions is a private real estate investment firm based in Omaha, Nebraska. For nearly a century, Metonic’s principals and affiliated companies have created value through development, acquisition, and management of commercial real estate. Today, Metonic and its affiliates manage more than $1 billion worth of real estate on behalf of private investors and institutions.
About Agman Partners : Agman Partners (Agman) is a multi-strategy investment firm focused on fundamental value and generational ownership. Agnostic to industry and geography and with a permanent capital base, Agman has flexibility to invest directly and through partnerships across asset classes and stages of development. Agman’s investments include numerous venture and growth stage operating businesses as well as an international portfolio of real estate. The real estate holdings were established through the development and acquisition of multi-family residential, retail, office, industrial, and hospitality properties.
About Seldin Company: Seldin Company is a diversified, full-service real estate firm that traces its roots to 1923. Seldin Company now manages over 15,000 apartment units in seven states. The company offers property management, brokerage and development services, and operates in Nebraska, Iowa, Oklahoma, Indiana, Louisiana, South Dakota, and Texas.