CB Richard Ellis’ Multi-Housing Group brokered the sale of The Grande Reserve at Geist, a 146-unit multifamily property near Indianapolis.
The value of the transaction was not disclosed.
Built in 1996, this is the only multifamily property in the prestigious Geist Reservoir submarket, according to a press statement. The Geist area was originally developed in the 1980s.
A large part of the area’s allure is that Geist Reservoir remains one of the areas only boating destinations and true “waterfront” communities in central Indiana, according to a press statement. The prime location and quality of The Grande Reserve at Geist community created a strong competitive bid situation with 18 offers submitted in the 35-day marketing period.
Chicago-based Becovic Management purchased The Grande Reserve, and intends to complete some interior upgrades over time. Becovic Management is a hands-on family business that self manages its properties. The purchase of The Grande Reserve completes Becovic Management’s second Indianapolis transaction in this year.