Eagle Creek

About Eagle Creek

6% IN-PLACE CAP RATE W/ABOVE MARKET EXPENSES – 7% CAP RATE YEAR ONE

Eagle Creek provides immediate yield with a strong in-place cap rate. The T-3 cap rate is 6%, even with the owner’s above market expenses, and there is a clear path to a 7% cap rate in year one. A new owner can raise revenue organically by simply continuing to burn off loss to lease and lowering expenses such as repairs, maintenance and insurance to the industry standard. The property has also achieved high rent increases of 10.5% on new leases and 5.4% on renewals over the past three months.

DIRECT ACCESS TO EAGLE CREEK PARK & RESERVOIR

Eagle Creek is the sole apartment community with access to the renowned Eagle Creek Park and Reservoir. The property is enveloped by mature trees and walking trails and boasts a direct path to a beach. It’s secluded, surrounded by lush landscaping, and provides a peaceful retreat for residents.

PREFERRED UNIT ATTRIBUTES

Unit sizes at Eagle Creek are large and spacious, averaging 1,092 square feet. Most units have a full size or stackable washer/dryer connection and all units feature an attached carport - both popular amenities among renters. (Connections could be added to the remaining 64 units.)

FLOURISHING LOCATION NEAR AMPLE EMPLOYMENT

Eagle Creek benefits from the affluent demographics of its 1-mile radius, where the average household income is $129,000. The community is situated near Hendricks County, a high-income and high-growth area, and enjoys proximity to various well-paying employers. Additionally, residents can select from three top-rated school systems.

OPPORTUNITY TO INCREASE REVENUE

Currently, 72 units have been upgraded at the property. The remaining 116 “classic” units could be upgraded to the same level to achieve additional revenue. Upgraded units include new cabinets, granite countertops, black appliances, new lighting & plumbing fixtures in kitchen & baths, and LVT flooring in some units.