Strategic Capital Partners (SCP), through its Strategic Partners Urban Development Group, has completed the acquisition of Timber Ridge Apartments.  It is one of the group's first acquisitions toward its goal of investing in underserved urban communities across the country.  Timber Ridge is a 26-building, 286-unit apartment property in Indianapolis.

SCP purchased the note from the bank and took ownership of the property through foreclosure via a Sheriff's sale on November 19, 2009.  The property had several outstanding liens that were cleared at that time.

"Our intent is to demolish the structures and incorporate the property into the master plan of the Avondale Meadows redevelopment project," said Mike Higbee, Managing Director of Strategic Partners Urban Development Group.  "The property has a beautiful rolling terrain that will work well as potential single-family and townhome developments in a later phase of the project."  The planned redevelopment and revitalization of the Timber Ridge property is consistent with plans for the other properties recently acquired by SCP which are located at 2823 E. 38th Street and 3830 Meadows Drive.

Avondale Meadows is a comprehensive community redevelopment project focused on the holistic redevelopment of the challenged, disinvested Meadows area into a safe, sustainable, environmentally-friendly neighborhood in order to improve and enhance life in the Meadows community.  This redevelopment will offer over 800 mixed-income apartments, townhomes and single family homes, a grocery store with other commercial retail, a five-acre active use park, several green space areas, community gardens, walking and biking paths, and a community center offering recreational facilities, child care services, job training and job placement programs and other social and human services.

Strategic Partners Urban Development Group was formed in 2008 and its mission is to redevelop distressed urban communities nationally.  Its goal is "triple bottom line investing" - to serve a positive community purpose, to develop in an environmentally conscious manner, and to provide a good return on investment.

Formed in 2005, Strategic Capital Partners, LLC is a privately-held, real estate investment management firm that employs a value-added investment strategy of acquiring commercial and multi-family properties across the United States.  SCP, through its Strategic Partners Value Enhancement Fund (a discretionary real estate investment fund) has invested more than $1 billion in total capital.  With nearly 200 years of collective real estate investing experience, and having invested more than $20 billion, SCP's team of veterans has hands-on, cycle-tested investment management experience in acquiring, repositioning, developing, managing, operating, financing, disposing of and structuring real estate investments in virtually every asset type and every major U.S. market.  The Company is headquartered in Chicago with offices in Indianapolis and New York.