August 31, 2021 – Andrew O’Connell and Anthony Spangler of Horvath & Tremblay have successfully completed the sale of fourteen (14) multi-family units in Lowell, Indiana. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $1,240,000.
The multi-family investment property, located at 1680 Driftwood Drive in Lowell, Indiana, is comprised of fourteen (14) multi-family units. 1680 Driftwood Drive is a multi-family investment property built in 1969 consisting of ten (10), 2-Bedroom/1-Bathroom units, two (2) 1-Bedroom/1-Bathroom units, and two (2), studio units. In total, the multi-family building contains 12,500 square feet of livable area (14,000 gross square feet) on a 1.25-acre corner parcel with on-site parking for 28 vehicles. The building has a poured concrete foundation with brick siding and a pitched shingle roof. The Property comes with additional land (on the same lot) that can support a “sister” building of the same size, dimensions, and unit count (14-units). Previously there was a similar fourteen (14) unit building in this location that has been raised due to a fire. The Property is located in a beautiful residential neighborhood comprised mainly of newer single-family homes, multi-family buildings, and farmland. The property is less than 500 feet from the recently constructed Three Creeks Elementary School and is 1-mile from the Lowell High School. The Property enjoys close proximity to local areas shopping amenities, positioned +/-1-mile from Indiana Route 2 with numerous restaurants and retailers like Aldi, Walgreens, Family Dollar, McDonald’s, KFC, Burger King, and Dairy Queen.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.