October 25, 2021 – Andrew O’Connell and Anthony Spangler of Horvath & Tremblay have successfully completed the sale of twenty-eight (28) multi-family units in Lowell, Indiana. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,660,000.
The multi-family investment property, located at 1675 & 1685 Crestwood Drive in Lowell, Indiana, is a two-building multi-family portfolio consisting of twenty-eight (28) apartments. Each building is structurally identical and is comprised of ten (10), 2-Bedroom/1-Bathroom units, two (2), 1-Bedroom/1-Bathroom units, and two (2) studio units. The entire portfolio has a total of twenty (20), 2-Bedroom/1-Bathroom units, four (4) 1-Bedroom/1-Bathroom units and four (4), studio units. The Crestwood Drive Apartments were constructed in 1969 and contain 23,400 square feet of living area in 25,000 square feet of gross area on a 2.0-acre corner parcel with on-site parking for fifty-six (56) vehicles. The building has a poured concrete foundation with brick siding and a pitched shingle roof, and each unit is separately metered for electricity and gas (heat and hot water), which the tenants pay directly. The Landlord is solely responsible for water and sewer. The Property is located in a beautiful residential neighborhood comprised mainly of newer single-family homes, and farm-land. The property is less than 500 feet from the recently constructed Three Creeks Elementary School. The Property enjoys close proximity to local areas shopping amenities, positioned less than 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.