Indianapolis Company Acquires Apartment Complexes
Almost 50 years ago, an apartment renovation company was formed, called Ardizzone Enterprises, in Indianapolis, Indiana. It's current owner, Tony Ardizzone (son of the company's founder, Harry Ardizzone) recently closed a deal for the purchase of 5 local apartment communities which total nearly 1,900 units. This is the first multi-family housing acquisition by the company.
Mr. Ardizzone said that his company has been trying to break into this market for the last 1 1/2 years and has seen the benefit that his company has given to apartment owners.
This seems to be the right time for the company to acquire multi-family units, as the multi-family housing market was down from 1999 to 2005, when families had gravitated to home ownership instead of renting. With all the foreclosures and other economic problems today, multi-family housing has seen an upswing. Occupancy rates for this type of housing is at 94.6%, which is up from 93.2% in the first quarter of this year, and is expected to increase for 4 more quarters.
Mr. Ardizzone said that with the housing situation what it was in January, the apartment industry was the best real estate investment to get into, with many families being so unfortunate in losing their homes and needing somewhere to live.
Mr. Ardizzone said that this was not about the financials, but years of hard work. He says he doesn't need the apartment communities for himself, but wanted to seal the deal for his children and also for his brother Mike's children, so that he could give them the opportunity that he never had......and also to carry out what his father started and that his family grew.
|
09-02-2008, 06:13 PM
Re: Indianapolis Company Acquires Apartment Complexes
Linear Mode
