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Legend at Speedway

Posted: 1/25/2023
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About Legend at Speedway

Iconic Speedway Location

Speedway, Indiana is best known for the iconic Indianapolis Motor Speedway, which has seen impressive new development in the surrounding area. This location also offers residents top schools, easy access to all the amenities in downtown Indy and on the westside, and abundant employment options.

$7M Capital Infusion

A significant amount of capital has been spent improving the property. Upgrades included 415 fully renovated units and amenity enhancements.

Huge Organic Rent Growth Achieved in 2022

The property boasts impressive organic rent growth with 20% increases on new leases and 10% rent bumps on renewals achieved without upgrades.

Long Term and Reliable Resident Base

Legend at Speedway boasts low bad debt and reliable residents who have a tendency to stay. The average length of tenancy is 36.8 months.

Upside Potential - 5.2% T-3 & 6%+ Cap Rate YR 1

The new owner can increase revenue immediately through burning off remaining loss to lease and achieving mid 90’s occupancy (nearby comps average 96% occupancy) to achieve a 6%+ Cap Rate in year one. 68 Classic Units and 290 Partially Renovated units can be fully upgraded to command a $150+ Premium.

1,401-Unit Portfolio Opportunity

Legend at Speedway can be purchased individually, or together with South & Madison (216 units) and Brickyard Flats (412 units), for a total portfolio of 1,401 units, offering instant economies of scale.