This article was taken from the Indianapolis Star regarding the sale of Harbour Town Condominiums and Apartments.

A stalled condo project on Morse Reservoir in Noblesville and a 104-unit apartment community have been bought by a California real estate investment fund.

RPD Catalyst, of Los Angeles, bought the four-story Harbour Town condos and adjacent apartments from Fifth Third Bank, which acquired the foreclosed project in a sheriff's sale last year for $6.1 million, said broker Jim Shook of Coldwell Banker Commercial Realty Services, which helped negotiate the deal.

RPD Catalyst plans to spend $3 million to fix up the apartments and complete construction of the interior of the vacant 45-unit condo building, said Chief Executive Scott Dew.

He wouldn't reveal the sale price. Real Estate Alert newsletter reported it sold for roughly $5 million.

Condo units should be offered for sale this spring, ranging in price from $90,000 to more than $200,000 apiece, Dew said. That's 35 percent to 50 percent less than the original developer, John Kretchmar of Chicago, tried unsuccessfully to sell the unfinished units for in 2007 and 2008 as the economy was sliding into recession.

"Maybe you could get away with that (price) a few years ago," Dew said. But today, "It's real important to offer value." F.C. Tucker Co. will handle the condo marketing.

Kretchmar bought the 19-acre Harbour Town Apartments about five years ago and planned to raze them and replace them with condominiums at a cost of $93 million.

Dew said RPD Catalyst plans to keep the remaining apartments, which are 71 percent occupied, while adding a second swimming pool and clubhouse to serve just the apartments.

After years of investing in office and retail buildings, the 11-year-old Los Angeles fund is now putting its money in residential properties. It was attracted to the Noblesville property by its lake location and the relatively strong Indianapolis-area economy, Dew said.

This article was taken from the Indianapolis Star regarding the sale of office buildings on Rama Drive.

Fifth Third Bank has sold two financially troubled office buildings near 21st Street and Shadeland Avenue that were in court receivership. Rama Drive Realty has bought a 42,000-square-foot building at 2025 Rama Drive, and Dr. Alfredo Lopez of Alivio Medical Center has bought a 25,000-square-foot building at 2045 Rama Drive. The previous owner was a corporation formed by doctors affiliated with Indiana University-Purdue University Indianapolis, said Jim Shook, the receiver, who is a broker at Coldwell Banker Commercial.

"I wanted to thank you for all the help you gave me in locating and leasing space for my new venture. As I explained to you, I was referred to a Broker in one of the larger commercial real estate offices. I was very unhappy with the attention and service I received. After meeting you out at one of your listings, I decided to give you a try. Wow, what a difference! No matter when I called, you called me right back. You are probably sorry you gave me your mobile number!"

"Thanks for all you have done to repair my faith in commercial realty!"

"I would like to express my appreciation to Harvey Levin for his professionalism and hard work to bring all parties to a final agreement on the lease of 1013 West Morris Street. Harvey, with his ability to bring the parties together, to overcome obstacles and his ability to assist in negotiations is unsurpassed. This deal took much longer to put together than many, but he hung in there and got the job done.

I highly recommend Harvey Levin as a true professional and a broker who can get the job done and close the deal. He will always be the first one I will call with any commercial real estate transactions I might have in the future."

"Thank you, Coldwell Banker Commercial. We really appreciate your patience and assistance in this process."

"My firm, 1st American Corp, recently acquired the services of Mr. Harvey Levin for our office space needs. We signed our lease at the end of September and are now completing our first month in our new space.

"I am writing this letter to you in much appreciation of how Mr. Levin represented us, his responsiveness and his utmost professionalism. He moved the process along quickly, as we were under a time crunch in order to capture additional business. In short words, he did a fantastic job for our company! You should be very proud if even half of your staff is as knowledgeable as Mr. Levin.

Thank you for your organization's efforts in getting us into the space that best suits our needs."

"Jeff Baumgartner,

I just wanted to tell you how much I appreciated all your help during the purchase of commercial property in Indianapolis. I know at first we probably seemed a little odd dropping into your office without even identifying who we were as a company, but you took the time to listen to our needs and then matched them to the perfect site. Between Coldwell Banker and Duke Properties everything has gone really smooth.

I wish all property searches went as well as this one!! Again I really appreciate your time and efforts on helping us call Indianapolis home!"

"Harvey,
Thank you for coming over today to discuss finalizing
The listing agreements for Geist Shoppes. You had ask
What the determining factors were on selecting your company
For this assignment. I would say that there were three factors
That helped in making that determination.
First is the proposal package that was very well done and presented
In person. Second was the pricing, which was not the best of all
Proposals, but was equal to or very competitive with the other proposals.
Third and finally was the rapport that was established in our initial
Meeting. I felt that your visions for the project were consistent with
Ours and that communications going forward would not be an issue.
I look forward to working with you and your team to successfully market
And sell this property.
Thanks again for your time and consideration.
Jim"