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Colliers closes sale of 360-unit Indiana multifamily property
The Ridge Apartments at 1718 West 55th Avenue in Merrillville, Indiana, was renovated in 2024 before being acquired by Morgan Properties.
ConnectCRE reports that Colliers has completed the sale of The Ridge Apartments, a 360-unit multifamily community in Merrillville, Indiana, at 1718 West 55th Avenue.
The seller, Parkmont Group, a New York-based real estate investment and operating firm, was represented by a Colliers team that included Bryce Wetzel, Tyler Hague, Lauren Stoliar and Ryan Roegner. Morgan Properties acquired the property.
According to ConnectCRE, Parkmont executed a value-add strategy at The Ridge, combining capital improvements with operational execution. The outlet said investor interest was supported by the property’s supply-constrained location within the Chicago MSA and continued upside potential.
ConnectCRE also noted that The Ridge was originally developed between 1970 and 1981 and renovated in 2024, with one- and two-bedroom, one, one-and-a-half, and two-bath layouts. The community offers access to employment centers, educational institutions, and shopping, dining and entertainment across the Chicago metropolitan area.