CBRE Arranges Sale of 438-Unit Westminster in Greenwood, Indiana

CBRE has arranged the sale of Westminster, a 438-unit multifamily property in Greenwood. Monarch purchased the property from Van Rooy Properties for an undisclosed amount.

CBRE’s George Tikijian, Hannah Ott, Cam Benz, Claire Bullard and Ryan Stockamp represented the seller in the transaction.

"This marks a full investment cycle for Van Rooy, who acquired the property in 2010 and undertook significant renovations shortly thereafter," said Tikijian. "After 14 successful years of managing Westminster, Van Rooy is now exiting and transferring a meticulously maintained asset to Monarch."

Westminster is located at the high-traffic intersection of County Line Road and U.S. Highway 31 at 921 Parliament Place. The property is proximate to Greenwood’s primary retail hub, which includes the Greenwood Park Mall, and it’s adjacent to Community Hospital South, a major employer in the region. The residence features an all-brick exterior with a mix of townhomes and flats, offering one-, two-, and three-bedroom layouts averaging 918 square feet.

The property was built in 1971 and has undergone extensive renovations totaling nearly $20 million since 2014, including upgrades to all unit finishes, the installation of in-unit washers and dryers, new roofing, the installation of a resort-style swimming pool and modernization upgrades to its clubhouse.