(Read more on the multifamily market.)

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EVANSVILLE, IN-A New York City-based investor has purchased theIndian Woods and Shiloh Place apartment complexes here for morethan $10 million. The two communities have a total of 354units.

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Don Shapiro, president of Foresite Realty Partners, says hecannot name the buyer or the seller, but the properties are nowmanaged by Barrett & Stokely Inc. of Evansville. Shapiro and VPJamie Hadac represented the seller.

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Shapiro says the seller is disposing of several assets in theMidwest, and wanted to take advantage of the market to sell thesecomplexes now. The buyer, he tells GlobeSt.com, was looking for theopportunity to purchase something in Evansville. "It's not thecapital of Indiana, but it's a solid second or third-tierMidwestern city," Shapiro says. "There's some high-end employershere. The properties are not the highest in their class, butthey're not value-add, either."

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Indian Woods is a 26-building, 202-unit complex on 18 acres. Itrents for about $545 to $695 per month. Shiloh Place, now calledAddison Place, is an eight-building, 152-unit complex on six acres,that rents for $420 to $585 per month. Both properties haveamenities such as swimming pools, walking paths and privatedecks.

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