Lawrence Landing

Posted: 7/22/2021
354 Units
Want to add this to My Listings (or tell us why you're not interested)?
Log In or Register ...

Photos

Sold
Slideshow Image

About

About Lawrence Landing

Lawrence Landing can be purchased as a part of a 3 property 905 unit portfolio. The properties may also be purchased individually.

Lawrence Landing can be purchased with:

Hermitage (280 units) More Information

Coldwater Flats (271 units) More Information

1 RENOVATED COMMUNITY - 6.8% YR1 CAP / 5.9% T-3 CAP

Lawrence Landing is available at a 5.9% Trailing 3 Cap Rate and a 6.8% Cap Rate on Year 1 (with no additional renovations). The community offers reliable cash flow and a strong return immediately and can be purchased free & clear. The current owner has spent more than $5M on property renovations.

2 POTENTIAL TO INCREASE REVENUE

The new owner can continue to burn off the Loss to Lease and has been proven by the most recent leases which are $186 higher than legacy leases. In 2020, revenue grew by more than 7% which was organic rent growth and not as a result of unit upgrades. Washer/Dryer connections can be added to the 108 one-bedroom units to achieve a $50+ monthly premium.

3 DESIRABLE UNIT FEATURES & LUXURIOUS AMENITIES

70% of units offer washer/dryer connections and are a spacious 2 Bedroom/ 1.5 Bath Floorplan. Amenities include a fitness center, business center with free wifi, sparkling saltwater pool and sand volleyball court. A large lake that runs through the middle of the community offers beautiful lake views.

4 STRONG FUNDAMENTALS ON INDY’S EASTSIDE

Located directly on Shadeland Ave, a main north-south thoroughfare, Lawrence Landing offers residents easy access to ample nearby employment. The eastside of Indy has demonstrated high mid 90%s occupancy for many years and rental income growth of 25% since 2013.

5 PURCHASE INDIVIDUALLY OR 905 UNIT PORTFOLIO

Lawrence Landing can be purchased with Hermitage (280 units in Indianapolis, IN) and Coldwater Flats (271 units in Evansville, IN) for a total portfolio of 905 units, offering immediate presence and economies of scale. The properties may also be purchased individually.