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Colliers closes sale of Ridge Apartments in Indiana
The Ridge Apartments, originally developed from 1970 to 1981 and renovated in 2024, now trades to Morgan Properties after a value-add strategy by the seller.
Colliers has completed the sale of The Ridge Apartments, a 360-unit multifamily community at 1718 West 55th Avenue in Merrillville, Indiana, according to ConnectCRE.
Morgan Properties acquired the property, with Colliers handling the transaction for the owner, Parkmont Group, a New York-based real estate investment and operating firm.
The Colliers team led by Bryce Wetzel, Tyler Hague, Lauren Stoliar, and Ryan Roegner said Parkmont executed a value-add approach that combined capital improvements with operational execution.
ConnectCRE added that The Ridge was originally developed between 1970 and 1981 and renovated in 2024, and the community offers one- and two-bedroom floor plans with multiple bath configurations.