Downtown Indy Apartment Building Sold
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A large apartment property in downtown Indianapolis is under new ownership. Our partners at the Indianapolis Business Journal report Indy-based Zidan Management Co. has acquired The Whit for more than $120 million, believed to be the largest single-property apartment sale in the state’s history.
The 334-unit property is located at 307 N. Pennsylvania Street. In addition to apartments, the property has a 540-space parking garage at the 16-Bit Arcade+Bar.
Zidan took over management of The Whit this week from the previous ownership group, which includes Tony Knoble, chief executive officer of TWG Development LLC in Indy, and family members. TWG invested $70 million to build the property, which previously served as the home of the Indianapolis Star, and Knoble’s family acquired it last year for just under $60 million.
“The Whit represents a milestone for Zidan Management Group,” Zidan Chief Executive Officer Raed Zidan said in written remarks. “This is our largest acquisition to date, but also [solidifies] ZMG’s footprint and commitment in the Indianapolis market.”
Zidan says almost the entire operations staff has been retained as part of the acquisition.
You can read the full story from the IBJ’s Mickey Shuey by clicking here.