Woodlark gains units near Ball State University

Price per apartment tops $61,000

Woodlark Capital LLC on Wednesday announced it acquired the Forest Oaks Apartments in Muncie, Ind., on behalf of tenant-in-common investors. The value of the transaction was $8.4 million. Forest Oaks is a 136-unit apartment complex serving the student, faculty and local professional population connected with Ball State University. Situated on 12.3 acres and built in 1998, Forest Oaks consists of 10 two-story apartment buildings and a clubhouse/leasing office. The apartment property offers one-, two- and three-bedroom units. Amenities at the property include a clubhouse complete with a business center and fully equipped kitchen, fitness center, swimming pool and sundeck, and detached carports and garages. Forest Oaks Apartments is Woodlark's first student housing offering of 2007, according to a press statement. ...