The acquisition of Deercross provides investors with the rare opportunity to acquire 372 units at a 6%+ trailing cap rate and the proven ability to increase rent with light unit upgrades.. Deercross is being sold subject to the assumption of the existing Fannie Mae loan and therefore will not require upfront escrows and has interest only payments until June of 2025.
51 units at Deercross have been lightly renovated and have achieved $60+/- premiums. The new owner has the ability to continue to renovate units and grow revenue.
Deercross is located on the west side of Indianapolis and offers very convenient access to some of the city’s largest employers. Located directly on 38th street, a major east/ west thoroughfare with an average daily traffic count of 45,000, Deercross maintains extremely high leasing traffic.