Indianapolis business plans $1 million in improvements
At a time when many Indianapolis real estate companies are scaling back operations, the Gene B. Glick Company has announced the expansion of its Indianapolis apartment portfolio with the acquisition of Somerset Lakes Apartments from Apartment Investment and Management Company (AIMCO). The purchase price was not released.
Somerset Lakes Apartments is a well known community near 75th Street and Keystone Avenue. Recognized for its attractive location and some of the most spacious units in the city, the Washington Township community sits on 100 acres, 80 of which are covered by a spring-fed lake suitable for boating. Each of its 360 units has a view of the lake. The average apartment size is 1,400 square feet, and rents start at $709.
“This acquisition is a first for us,” said Glick President and CEO David Barrett. “Until today, we have built every property in our Indianapolis apartment portfolio, but we couldn’t pass up the opportunity to own and manage such a unique community. Somerset is an outstanding property that has been well maintained by AIMCO, and our planned investment in the property will make it among the finest apartment communities in Indianapolis.”
Glick plans to spend over $1 million in improvements, which will include a state-of-the-art Indianapolis health center and upgraded community facilities; an expanded clubhouse and new Internet cafe; extensive landscaping; enhanced green space and a new Indianapolis bark park; asphalt repair and replacement; and a number of other improvements.
“This is an exciting time in our company’s history,” said Barrett. “We’ll open our first self-storage property in Westfield this summer, we’re pursuing new apartment construction on the north side of Indianapolis, and we continue to look for high quality acquisitions like Somerset Lakes. We expect to see more opportunities, and we believe we are well positioned to take advantage of those opportunities.”
About the Gene B. Glick Company
Founded in Indianapolis in 1947, the Gene B. Glick Company, Inc. is a property management and development company with more than 18,000 apartment units in 10 states. The company currently has 63 properties in Indiana.For more information about Glick, please visit www.genebglick.com.
If you have questions about this release orwould like images of Somerset, David Barrett or the new Glick logo, please contact Jodi Wright (email@example.com or 317-469-5784)