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

Don Shapiro, president of Foresite Realty Partners, says he cannot name the buyer or the seller, but the properties are now managed by Barrett & Stokely Inc. of Evansville. Shapiro and VP Jamie Hadac represented the seller.

Shapiro says the seller is disposing of several assets in the Midwest, and wanted to take advantage of the market to sell these complexes now. The buyer, he tells GlobeSt.com, was looking for the opportunity to purchase something in Evansville. "It's not the capital of Indiana, but it's a solid second or third-tier Midwestern city," Shapiro says. "There's some high-end employers here. The properties are not the highest in their class, but they're not value-add, either."

Indian Woods is a 26-building, 202-unit complex on 18 acres. It rents for about $545 to $695 per month. Shiloh Place, now called Addison Place, is an eight-building, 152-unit complex on six acres, that rents for $420 to $585 per month. Both properties have amenities such as swimming pools, walking paths and private decks.