CB Richard Ellis brokered the sale of Echo Ridge Apartments, a 218-unit multifamily community in Indianapolis.

The value of the transaction was not disclosed.

Pedcor Investments, newly headquartered in Carmel, Ind., purchased the community from local developer Flaherty and Collins. This acquisition brings the company’s total Indianapolis apartment portfolio to nearly 2,500 units.

Los Angeles-based CB Richard Ellis is a commercial real estate services company.

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