$4.7M+ IN CAPITAL IMPROVEMENTS SINCE 2016

A significant amount of capital has been spent improving the property. Items included converting commercial spaces into 10 residential units, a new building for the office, fitness center and maintenance shop, and lightly upgrading 185 units, among numerous other improvements.

UPSIDE POTENTIAL

Additional improvements could be made to the property, equating to increased rents upon turnover and reduction of loss to lease. Suggestions are to convert the remaining 13 commercial spaces to residential units, and upgrade the remaining 21 "classic" units with modern finishes.

DIVERSE UNIT MIX WITH DESIRABLE FLOOR PLANS

The property offers a floor plan for nearly everyone with studio, one-bed, two-bed and three-bed unit styles, as well as flats and popular townhome options. Nearly 30% of units are spacious townhomes averaging 1,013 SF, and offer a fenced patio and washer/dryer connections.

HIGH TRAFFIC LOCATION ON POPULAR SOUTH SIDE

South & Madison benefits from direct visibility on high-traffic Madison Avenue (18,135 vehicles per day). Residents enjoy extremely convenient access to the University of Indianapolis, downtown Indianapolis and the south side’s best shopping and dining options including the popular Greenwood Park Mall.

1,401-UNIT PORTFOLIO OPPORTUNITY

South & Madison can be purchased individually, or together with Brickyard Flats (412 units) and Legend at Speedway (773 units), for a total portfolio of 1,401 units, offering instant economies of scale.

INVESTMENT HIGHLIGHTS

Partially Renovated with Remaining Upside

Close to Amenities & New NGA Campus

Strong Employment Centers

Growing Market Fundamentals

Average rents in St. Louis increased by 8.9% from 2021 to 2022 with average occupancy at a historic high level 92.3%

Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Station 21 (the “Property”) - a Class A, 90-apartment home, luxury low rise residential community located in Hialeah, Florida. The property is available to be acquired upon receiving its certificate of occupancy which is slated for Q1-Q2 2023.

Ownership will guarantee new first time leases with average rents of $1,900 for the 36 one bedroom units, $2,200 for the 9 smaller sized two bedrooms and $2,300 for the 45 larger sized two bedroom units if they are engaged to lease the units on behalf of a new owner.

The property is strategically located adjacent to the Hialeah Metrorail Station. The Hialeah Metrorail Station operates from 5am to midnight and provides an 18 minute commute to Downtown Miami; 5 minutes to the Tri-Rail/Metrorail Transfer Station and 17 minutes to the Miami International Airport Station.

Station 21 apartments is being offered for the first time by its developers, Prestige Builders, and presents a rare opportunity to acquire a new construction, Miami-Dade apartment garden community in a centralized location with exceptional connectivity and accessibility.

CLEAR VALUE-ADD POTENTIAL

The Sycamores is perfectly positioned for supplemental upgrades. A new owner could increase revenue by fully upgrading all units, adding washer/dryer connections, building additional units, renting storage units and extra carports, and re-purposing the tennis courts.

CAPITAL INFUSION

The current owner has completed over $1.6 Million in improvements. These include light upgrades to 105 unit interiors, 22 new roofs, new bark park, new playground, updated clubhouse, two new BBQ areas, and upgrades to the pool area.

UPSCALE, GROWING SOUTH SIDE SUBURB

Residents enjoy quick access to Downtown Indianapolis’ diverse employment options and well-performing schools. Less than two miles south is the city of Greenwood, a sought-after south suburb with a fast-growing population and high average household incomes.

PROXIMITY TO AREA'S BEST AMENITIES

The property has excellent visibility along the high-traffic Stop 11 Road. Residents benefit from quick access to US-31, Madison Avenue and SR-135—dense corridors filled with shopping, dining and entertainment options.

EXCELLENT FLOOR PLANS

The Sycamores offers spacious, open floor plans with desirable layouts in one, two and three bedroom unit styles.

Emerging as one of the most attractive asset classes to both institutional and private investors, Single-Family Rentals offer high yields and strong occupancy rates. High-Performance Metrics for Single-Family Rentals include an average median rent of $1,700 per month for three-bedroom homes and Y-O-Y rent increase of almost 10%. Baltimore City Housing Voucher Rents consistently outperform comparable market rate levels..

The Cushman & Wakefield Student Housing Capital Markets Team in conjunction with RI Marketplace is pleased to present the exclusive listing of The Commons on Pratt, a 134-unit, 135-bed, student housing apartment community at the Indiana University of Pennsylvania (IUP). This asset is situated directly adjacent to IUP with immediate access on the south side of campus. Built in 1968, The Commons on Pratt offers an outstanding opportunity to invest in a well maintained, quality asset, at an extremely attractive basis below replacement costs in a market with no forward development pipeline.

This property will be offered at a reserve auction through the RI Marketplace platform. The auction end date is set for November 17th, 2022.   Visit the RI Marketplace platform here to review the information and set up an account prior to participating in the November auction.