Colliers has arranged the sale of The Ridge Apartments, a multifamily community located at 1718 West 55th Avenue in Merrillville, Indiana. The property, which totals 360 units, was acquired by Morgan Properties from Parkmont Group, a New York-based real estate investment and operating firm.
The Colliers investment sales team of Bryce Wetzel, Tyler Hague, Lauren Stoliar and Ryan Roegner led the transaction and represented Parkmont Group in the disposition. According to Colliers, Parkmont implemented a value-add business plan at The Ridge that combined substantial capital improvements with disciplined operational execution prior to the sale.
Wetzel noted that the marketing process for The Ridge occurred in a challenging investment environment, yet the asset drew strong interest from investors. He attributed this demand to the property’s overall value proposition, its supply-constrained location within the Chicago metropolitan statistical area, and the potential for additional upside that remains at the community.
The Ridge was originally developed over multiple phases between 1970 and 1981. The community underwent a renovation program in 2024, reflecting Parkmont Group’s effort to upgrade and reposition the asset as part of its value-add strategy. Following these improvements, the asset was brought to market and ultimately acquired by Morgan Properties.
The garden-style property offers a mix of one- and two-bedroom floor plans, with configurations that include one-bathroom, one-and-a-half-bathroom and two-bathroom layouts. These varied unit types are designed to appeal to a range of renters seeking different space and layout options within the same community.
The Ridge provides residents with access to major employment hubs and educational institutions across the broader region. Its location connects renters to job centers, schools and a diverse set of shopping, dining and entertainment options throughout the Chicago metropolitan area, underscoring the asset’s positioning within a supply-constrained submarket of a large Midwestern metro.
The transaction highlights ongoing investor appetite for value-add multifamily assets in established markets, even as broader capital markets conditions remain difficult. By executing its renovation and operational strategy ahead of the sale, Parkmont Group positioned The Ridge to attract a wide buyer pool, culminating in Morgan Properties’ acquisition of the Indiana community.
