About Buffalo Creek
5.9% T-3 CAP RATE / $140K PER UNIT
Buffalo Creek is being offered free and clear by the long-term owner (15+ years) at an attractive price of $140k per unit. The property is well-performing with an average historical occupancy of 97.5% (last four years). T-3 Cap Rate is 5.9% and Year One Cap Rate (without upgrades) is 6.5%.
PROVEN VALUE-ADD POTENTIAL
The current owner has upgraded 72 units, which are achieving an average monthly rent premium of $131. Further rent growth could be achieved by upgrading 236 classic units and improving upon the 72 units already upgraded. Nearby properties have completed upgrades and are achieving higher rents. A new owner could also continue to operate the property as is without upgrades and achieve organic rent growth.
UNIQUE PROPERTY WITH EXTENSIVE AMENITIES
Ideally situated within an upscale mixed-use planned development, Buffalo Creek was built by J.C. Hart, a well-respected Indianapolis developer. The low-density property offers lush landscaping with five scenic lakes, attractive exterior architecture, beautifully designed units and an extensive list of amenities including a state-of-the-art fitness center, sports courts, dog park, putting green and outdoor social spaces.
EXCELLENT HIGH-GROWTH AREA
The property is adjacent to the city of Greenwood (Johnson County), a sought-after south suburb of Indianapolis enjoying 23% population growth since 2010. Average rents for the south side increased 13.8% year-over-year. The area is also known for well-performing schools and proximity to downtown Indianapolis, offering additional employment opportunities for residents.
HIGH TRAFFIC LOCATION NEAR AREA'S BEST AMENITIES
The property entrance is visible from high-traffic County Line Road (23,386 AADT). Residents benefit from proximity to major employer Community Hospital South, and two dense corridors (Meridian Street/SR-135 and US-31) filled with the south side’s best shopping, dining and entertainment options including the popular Greenwood Park Mall, containing 1.2M SF and more than 150 retailers.