Residences on 56th

About Residences on 56th

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Residences on 56th, a 755-unit apartment community that has undergone a full high-end renovation and repositioning in 2019 - 2021.

The property now offers high end finishes and a "like new" feel with the area’s best and most comprehensive amenity set. The new owner of Residences on 56th has the opportunity to purchase a fully renovated property and continue to grow rents organically as the property continues to achieve higher rents on new leases.

INVESTMENT HIGHLIGHTS

LANDMARK ASSET RESTORED

R56 was known for many years as the premier apartment community on Indy’s northside, and over the years the property declined. The current owner is currently finishing up a huge renovation to bring the property to pristine “like new” condition.

NEW CONSTRUCTION FEEL

Nearly $30M of capital has been infused into the property. The massive renovation includes exterior upgrades and 100% of units have received a high-end upgrade with all new finishes throughout giving the whole property a new construction feel.

RIDE THE POSITIVE MOMENTUM

With post-reno lease-up nearly complete, the new owner can achieve the second wave of rent increases since the community has repositioned to a high-end Class A property. Lease rents at R56 have increased by $100+ in just the past 90 days.

CONVENIENT NORTH INDY LOCATION

R56 is located immediately adjacent to I-465, providing excellent accessibility to anywhere in the city. Popular Fort Benjamin Harrison is nearby along with the Castleton and Broad Ripple areas offering plentiful employment and shopping and cuisine.

UNIQUE FEATURES & HIGH-END AMENITIES

R56 has the most unique units and the best amenities in the area. Not only competing with the nearby new construction but beating them on price, unit size, low-density community feel.