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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowGene B. Glick Co. has agreed to purchase the 360-unit Somerset Lakes apartment complex near 75th Street and Keystone Avenue from Denver-based Apartment Investment and Management Co., or AIMCO.
The deal adds a market-rate property to the Glick portfolio of mostly affordable apartments and will be the first Indianapolis-area property in the company’s portfolio it did not develop. Locally based Glick did not disclose a price for the deal, which was brokered by Tikijian Associates.
The 100-acre Somerset community, built in 1974, features an 80-acre spring-fed lake. Units average about 1,400 square feet and rents start at $709 per month.
Glick plans to spend more than $1 million adding a fitness center, expanding a clubhouse, adding a bark park and an Internet cafe, and improving landscaping.
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