Clark Girls

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 project by its lake location and the relatively strong Indianapolis-area economy, Dew said.