NTS Realty Holdings to buy Indianapolis properties
Business First of Louisville
NTS Realty Holdings LP has agreed to purchase two multifamily properties in Indianapolis from AMLI at Castle Creek LP and AMLI Residential Properties LP.
The properties are commonly known as AMLI at Castle Creek and AMLI at Lake Clearwater, according to a news release.
Castle Creek was built in 2000 and includes 276 units, and Lake Clearwater was built in 1999 and contains 216 units.
The purchase price is about $50 million, the release said.
NTS said it plans to increase its line of credit with PNC Bank from $20 million to $70 million or obtain alternative temporary financing, and will use a portion of the credit or financing to acquire the properties.
Louisville-based NTS Realty Holdings (AMEX: NLP) owns 34 properties, including 11 multifamily properties, 19 office buildings and business centers, three retail properties and one ground lease. The properties are located in and around Louisville and Lexington, Ky.; Nashville; Fort Lauderdale; Indianapolis; Atlanta; and Richmond, Va.
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