About Pine Glen
1 FORMER INCOME RESTRICTED PROPERTY In February of 2021, Pine Glen was released from the Low Income Housing Tax Credit program which restricted the income level of 71% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $300 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 39 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2031.
2 VALUE-ADD OPPORTUNITY While well maintained, Pine Glen provides a clear path to complete unit upgrades and achieve rent premiums. With the installation of new LVT flooring, black appliances, laminate countertops, cabinet hardware, and upgraded plumbing and light fixtures, rent can be raised an average $150 per month..
3 GUT REHAB COMPLETED IN 2005 Pine Glen received a MAJOR multi-million dollar renovation in 2005 and provides a look and feel of a property built in the 2000’s. In 2005, all windows, patio doors and roofs were replaced. 100% of the units received new kitchen and bathroom cabinets and countertops, new appliances, flooring, plumbing fixtures and light fixtures..
4 STRONG SOUTHSIDE SUBMARKET The far southside of Indianapolis boasts a very strong rental market with 95% occupancy and achieved an impressive 5.0% rent growth in 2020,, and an average rent of $880..
5 CLOSE PROXIMITY TO STRONG EMPLOYMENT Pine Glen is a 10 minute drive to Downtown Indianapolis with all of the city’s largest employers. University of Indianapolis, which employs more than 600 faculty, is a 5 minute drive from the property..