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INDIANAPOLIS-Oak Brook, IL-based JVM Realty Corp., through a holding company JVM Waterside Apartments LLC, has purchased the 400-unit Waterside of Castleton complex at 8380 Whipporwill Dr. for $16.6 million. Capreit Firethorn LLP, based in Rockville, MD, was the seller. Sources say Capreit bought the 26-year-old property in January 2003 for $16 million.

Rick Vidrio with Hendricks & Partners, who handled the recent sale with Rick Brace and David Walstrom for the seller, says Capreit is liquidating its properties in the Midwest. Sources say the company sold three other Midwest properties in the second half of 2006, including the 300-unit Dover Farms in Cleveland for $14.3 million and the 366-unit Royal Oaks in Cleveland for $23.3 million, both to JVM.

Waterside of Castleton has a mix of one- and two-bedroom units, with amenities such as a fitness center, garages, carports, a pool, tennis court and a playground, as well as balconies and fireplaces. The buyer plans to spend $1.8 million in exterior improvements. The units rent for $584 to $814 per month.

Vidrio says the property is 91% occupied, and sold for a cap rate of 7%. Though the seller is exiting the Midwest, he says more companies from the coasts are investing here. “Indianapolis is attracting a lot of national attention,” he tells GlobeSt.com. “There’s good employment. It’s one of the stronger cities in the Midwest.” Another Indianapolis apartment complex, the 772-unit CopperTree, sold by Hall Financial Group for $20.5 million to Karem Managed Properties.

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