Lake Castleton, located on the affluent and popular far north side, is one of Indianapolis’ landmark apartment communities. At 1,261 units, Lake Castleton is the city’s second-largest apartment property.

The current owner has spent more than $10M on property upgrades and updates. 731 units have been upgraded with new cabinetry, countertops, appliances, flooring, light fixtures and plumbing fixtures. Washer and dryers have been added to upgraded units. $155 monthly premiums, on average, have been achieved on unit upgrades and the new owner has the opportunity to continue upgrades on the remaining 530 units.

For access to confidential documents, please register at: LakeCastleton-CW.com

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Lake Castleton
1,261 Units
7601 Carlton Arms Drive
Indianapolis, IN  46256
Closed: 3/28/2022

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of The Whit, a 334-unit, 2019-built apartment community located in the heart of vibrant and growing downtown Indianapolis.

Acquisition of The Whit represents an opportunity to own what is arguably the best property in the best location in the city. The property offers everything downtown high-income dwellers are looking for - from one of the most luxurious and comprehensive amenity sets to the high-end unit finishes and beautiful city views. Included in the sale of The Whit is an attached 540 space parking garage.

For access to confidential documents, please register at: CW-TheWhit.com

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The Whit
334 Units
307 N. Pennsylvania St.
Indianapolis, IN  46204
Closed: 3/22/2022

1 IRREPLACEABLE LOCATION ON CANAL WALK

Located directly on Indy’s popular Canal Walk, a waterside promenade popular for walkers, runners, bikers and sightseers. White River State Park and its amenities are a short walk from the community along the Canal Walk.

2 RENOVATED WITH UPSIDE

In 2015, Canal Overlook was renovated with new windows, a fresh exterior paint scheme, unit upgrades and more. While well maintained, the new owner of Canal Overlook can continue property enhancements to further grow revenue.

3 PRIVATE GARAGE PARKING & DESIRABLE AMENITIES

Residents enjoy direct access to a private gated 158 space parking garage. Units offer high end finishes, amazing canal and downtown views and access to a full amenity set.

4 UNMATCHED URBAN LIVING

Downtown Indianapolis is vibrant, diverse and growing more each year. It offers some of the country’s best arts, culture, sports, music, events, entertainment and food.

5 CONVENIENT TO DIVERSE EMPLOYMENT

Canal Overlook brings ‘Live-Work-Play’ to another level with award-winning employers within walking distance. The diversity of employers in the area (from tech to education and healthcare) offers a high level of stability in resident employment.

6 THE STEADY EXPANSION OF DOWNTOWN

Downtown Indianapolis is continuing incredible growth and expansion. With new developments in all sectors from housing to hotels, entertainment and retail. Downtown is and will continue to be the top place in the city to live work & play.

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Canal Overlook
132 Units
430 Indiana Avenue
Indianapolis, IN  46202
Closed: 3/15/2022

2014-Built Property with Upside Potential

Aurum, built-in 2014, offers the potential to complete a light interior upgrade and increase rents by an average of $130+. Suggested upgrades include countertops, cabinet hardware, fixtures and new stainless steel appliances.

Near Notre Dame and Amenities

Aurum is located less than one mile from the Notre Dame Campus (12,809 students). Approximately 65% of the property’s residents are graduate students. Aurum offers quick access to nearby amenities with a bus stop near the entrance. Shopping, dining and entertainment are just a 0.25 mile walk or drive away.

100% Occupied with Below-Market Rents

Aurum is currently 100% occupied through Summer 2022. The rents are an average of $190 below competing properties. This asset offers an exceptional opportunity to increase rents during the next lease term.

Appealing Unit Layouts and Features

The units at Aurum feature well-designed layouts with spacious living areas, stackable or full size washer/dryer in each unit, walk-in closet and walk-in shower in sought after 2-bedroom floor plans.

Offered Free and Clear

The ability to purchase Aurum free and clear allows new owners to take advantage of current low rates, interest-only periods and maximum leverage which all increase buyer returns.

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Aurum
60 Units
825 Sorin St
South Bend, IN  46617
Closed: 2/17/2022
Coldwater Flats can be purchased as a part of a 3 property 905 unit portfolio. The properties may also be purchased individually.

Coldwater Flats can be purchased with:

Hermitage (280 units) More Information

Lawrence Landing (354 units) More Information

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Coldwater Flats
271 Units
1320 Lee Court
Evansville, IN  47714
Type:  Multifamily
Closed: 1/27/2022
Lawrence Landing can be purchased as a part of a 3 property 905 unit portfolio. The properties may also be purchased individually.

Lawrence Landing can be purchased with:

Hermitage (280 units) More Information

Coldwater Flats (271 units) More Information

1 RENOVATED COMMUNITY - 6.8% YR1 CAP / 5.9% T-3 CAP

Lawrence Landing is available at a 5.9% Trailing 3 Cap Rate and a 6.8% Cap Rate on Year 1 (with no additional renovations). The community offers reliable cash flow and a strong return immediately and can be purchased free & clear. The current owner has spent more than $5M on property renovations.

2 POTENTIAL TO INCREASE REVENUE

The new owner can continue to burn off the Loss to Lease and has been proven by the most recent leases which are $186 higher than legacy leases. In 2020, revenue grew by more than 7% which was organic rent growth and not as a result of unit upgrades. Washer/Dryer connections can be added to the 108 one-bedroom units to achieve a $50+ monthly premium.

3 DESIRABLE UNIT FEATURES & LUXURIOUS AMENITIES

70% of units offer washer/dryer connections and are a spacious 2 Bedroom/ 1.5 Bath Floorplan. Amenities include a fitness center, business center with free wifi, sparkling saltwater pool and sand volleyball court. A large lake that runs through the middle of the community offers beautiful lake views.

4 STRONG FUNDAMENTALS ON INDY’S EASTSIDE

Located directly on Shadeland Ave, a main north-south thoroughfare, Lawrence Landing offers residents easy access to ample nearby employment. The eastside of Indy has demonstrated high mid 90%s occupancy for many years and rental income growth of 25% since 2013.

5 PURCHASE INDIVIDUALLY OR 905 UNIT PORTFOLIO

Lawrence Landing can be purchased with Hermitage (280 units in Indianapolis, IN) and Coldwater Flats (271 units in Evansville, IN) for a total portfolio of 905 units, offering immediate presence and economies of scale. The properties may also be purchased individually.

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Lawrence Landing
354 Units
6875 Faris Avenue
Indianapolis, IN  46226
Type:  Multifamily
Closed: 1/27/2022
Sold
Breeza 32
33 Units
622 Wooddale Terrace
Greenwood, IN  46142
Type:  Multifamily
Closed: 1/20/2022

2000's Built & Prime for Upgrades

Riverchase is a sought-after 2000's built asset with largely original finishes. This well-maintained property is primed to be upgraded, and by completing unit and common area upgrades, rents can be raised by $200+

Access to City's best Amenities

The westside location of Riverchase offers easy access to the interstate to be downtown, to the award-winning Indianapolis International Airport, the Indianapolis Speedway or Eagle Creek Park in minutes.

Near Abundant Employment

Riverchase is located on the west side of Indianapolis adjacent to Hendricks Co. The property offers a location that offers an abundance of high-wage employment as well as easy access to the northwest side and downtown employment corridors.

Unparalleled Unit Features

The unit features at Riverchase are unmatched in the market. 100% of the units have washer/dryer connections and fireplaces. Units also have abundant natural light, breakfast bar seating, a french door to the patio/balcony and top floor units feature vaulted ceilings.

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Riverchase
216 Units
2730 Riverchase Dr.
Indianapolis, IN  46214
Closed: 1/18/2022

1. 2005 BUILT PROPERTY READY FOR UPGRADES

Creekside at Meadowbrook is a sought-after 2000's built asset with largely original finishes. This well-maintained property is primed to be upgraded, and by completing unit and common area upgrades, rents can be raised by $200+.

2. EXCELLENT UNIT LAYOUTS

The unit layouts at Creekside at Meadowbrook are unmatched in the market. Units also have abundant natural light, breakfast bar seating, spacious kitchens, en-suite bathrooms and open concept floorplans.

3. PROXIMITY TO CHICAGO

The property is located just one hour away from bustling Chicago. Creekside at Meadowbrook offers easy access to the amenities, entertainment and employment of Chicago without the expense or hassle of living in the city.

4. BENEFITS FROM ILLINOIS AND CITY EXODUS

Nationally there is a migration toward the suburbs. Locally the town of Lowell is benefiting from a boom of new residents as people look to escape Chicago and migrate from northern Lake County (Merrillville) in favor of small town charms, taxes and environment.

5. STRONG EMPLOYMENT NEARBY

Employment opportunities are plentiful in Lake County Indiana and the region. Creekside at Meadowbrook offers residents easy access to Chicago area & northern Lake county employment.

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Creekside at Meadowbrook
192 Units
510 Creekside
Lowell, IN  46356
Type:  Multifamily
Closed: 12/30/2021

1 One-of-a-Kind Luxury Student Micro Units

3Square is a new construction, first-of-its kind concept in Bloomington with high end modern finishes. This one-of-a-kind property offers only furnished studio units, each with a private bath, dry bar, and access to the property’s luxurious common amenities.

2 Boutique Property Shared Amenities

Comprehensive amenity package includes a fitness center, outdoor covered lounge with media, large commercial kitchens individual storage units, a performance stage, multiple sitting and study areas, covered parking, and free laundry for residents.

3 Ideal Bloomington Location

3Square is walkable to the Indiana University Campus as well as Downtown Bloomington, making it an ideal location with access to all of the city’s best entertainment.

4 Proven Demand and No Competition

Fully leased, 3Square’s new concept has shown a proven demand in Bloomington. The current rent at the property is below market and can be increased by $200. Zoning changes in the area prohibit any new competition of this property type.

5 Demand for All Inclusive Package

Residents are drawn to 3Square not only for its ideal location, but for its all-inclusive rental package which includes a private, furnished studio apartment, laundry, all utilities, common kitchen cleaning, and access to all amenities.

6 Vibrant Bloomington Environment

The Bloomington campus has seen continued growth with a record number of students enrolled for 2021 and increase of 20% over Fall 2020 The Bloomington market has shown strong historical occupancy and rent growth.

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3 Square
97 Units
916 N College Ave
Bloomington, IN  47404
Closed: 12/21/2021

1 WELL MAINTAINED BY ORIGINAL DEVELOPER

Offered for sale by the original developer, Crooked Creek is very well maintained with little deferred maintenance. The property also maintains very low turnover with many longterm tenants. The average length of tenancy is 54 months.

2 LARGE CAPITAL INFUSION

Much of the heavy lifting in updating this property is already complete. The owner of Crooked Creek completed many property upgrades from new windows and unit updates to pool repairs and new siding.

3 STRAIGHTFORWARD VALUE-ADD

Crooked Creek presents the opportunity to increase revenue through simple unit upgrades (with cabinets and counters already complete), adding some new amenities, and implementing a utility bill back program.

4 SOUGHT AFTER NORTH SIDE LOCATION

Crooked Creek is located near several large employment centers. Also from this location, residents enjoy easy access to vibrant downtown Indianapolis and plentiful dining, shopping and entertainment.

5 UNIQUE UNIT FEATURES

Crooked Creek offers unique and desirable unit features including fireplaces, unique loft floorplans, vaulted ceilings, in-unit washer/dryer machines and private inunit storage space.

6 PURCHASE INDIVIDUALLY OR PORTFOLIO

Crooked Creek can be purchased with Cedar Ridge together as a portfolio of 384 total units creating some economies of scale. The properties can also be purchased individually.

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Crooked Creek
216 Units
3947 Point Bar Rd
Indianapolis, IN  46268
Type:  Multifamily
Closed: 12/14/2021

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.

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Residences on 56th
755 Units
5653 Brendon Way W. Drive
Indianapolis, IN  46226
Type:  Multifamily
Closed: 12/14/2021

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Villas by Watermark, a 266-unit, 2014-built apartment community located in very desirable Zionsville, IN, Indiana’s most affluent city. .

While extremely well maintained and offering a comprehensive amenity set, the acquisition Villas by Watermark presents a clear opportunity to complete light updates to achieve rent increases. The average income of the current resident is over $150,000 annually providing plenty of bandwidth to pay higher rents. Offers are due October 21st and the seller prefers a closing by the end of 2021.

For access to confidential documents, please register at: VillasByWatermark-CW.com

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Villas by Watermark
265 Units
7145 Anderson Dr.
Zionsville, IN  46077
Closed: 12/14/2021

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of the Indiana Affordable Portfolio. This is a rare opportunity to acquire a 1,094-unit portfolio of 7 affordable properties in 7 cities throughout Indiana (including 358 units in Indianapolis).

For access to confidential documents, please register at: indiana7affordable-cw.com

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Indiana Affordable Portfolio
1,094 Units
Closed: 11/30/2021
View at 79th can be purchased as a part of a 4 property 980 unit portfolio offering immediate presence and economies of scale. The properties may also be purchased individually.

View at 79th can be purchased with:

Eclipse (296 units) More Information

Lenox (200 units) More Information

Connect (336 units) More Information

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View at 79th
148 Units
2000 W. 79th Street
Indianapolis, IN  46260
Type:  Multifamily
Closed: 11/30/2021
Connect can be purchased as a part of a 4 property 980 unit portfolio offering immediate presence and economies of scale. The properties may also be purchased individually.

Connect can be purchased with:

Eclipse (296 units) More Information

Lenox (200 units) More Information

View at 79th (148 units) More Information

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Connect
336 Units
8002 N. Harcourt Road
Indianapolis, IN  46260
Type:  Multifamily
Closed: 11/24/2021
Eclipse can be purchased as a part of a 4 property 980 unit portfolio offering immediate presence and economies of scale. The properties may also be purchased individually.

Eclipse can be purchased with:

Lenox (200 units) More Information

Connect (336 units) More Information

View at 79th (148 units) More Information

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Eclipse
296 Units
8420 N. Ditch Rd.
Indianapolis, IN  46260
Type:  Multifamily
Closed: 11/24/2021
Lenox can be purchased as a part of a 4 property 980 unit portfolio offering immediate presence and economies of scale. The properties may also be purchased individually.

Lenox can be purchased with:

Eclipse (296 units) More Information

Connect (336 units) More Information

View at 79th (148 units) More Information

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Lenox
200 Units
5421 Calder Way
Indianapolis, IN  46226
Type:  Multifamily
Closed: 11/24/2021

1. Large Capital Infusion

Warren Harbor is a well maintained property that has been infused with capital but still allows for additional upside. All roofs have been replaced since 2016. Additionally, 135 units have been fully upgraded and most units have received some partial upgrades.

2. Grow Revenue Continuing Upgrades

105 units are either lightly upgraded or have classic finishes. By completing additional unit upgrades, a $160+ monthly premium can be achieved. 2021 lease rents demonstrate a $90 / 11% increase and prove the demand for upgraded units.

3. Recharged East Side Indianapolis

Indianapolis' far east side is showing upward trends in several indicators including occupancy and rent growth. The submarket also offers diverse/stable employers and easy access to downtown.

4 . Desirable unit features

Warren Harbor offers potential residents unit features like 3 bedrooms, upgraded finishes and W/D hookups that are uncommon in the submarket.

5 . Great Schools

Warren Central High School athletics is nationally recognized and sponsored by Adidas. They have 28 State Titles, 23 Semi-State Titles, and 87 Regional Titles.

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Warren Harbor
240 Units
2125 Yorkshire Court
Indianapolis, IN  46229
Closed: 11/19/2021

The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of Pullman Pointe, a 190-unit, 2020-built apartment community located in the heart of vibrant and growing Fishers.

With the highest-end finishes and luxurious amenity set, Pullman Pointe offers a quiet atmosphere just minutes from the city’s best and most popular dining, retail and entertainment. Proving the property’s appeal and high demand for quality product in Fishers, the community reached 100% occupancy in only 6 months. The property provides reliable cash flow on day one. Cash flows and returns realized through the acquisitions of Pullman Pointe are further bolstered by the fact that the property received $7M in Economic Development Revenue Bonds from the city of Fishers, which significantly reduces the Real Estate Tax Liability for more than 20 years.

For access to confidential documents, please register at: PullmanPointe-CW.com

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Pullman Pointe - Fishers
190 Units
11110 Lantern Road
Fishers, IN  46038
Type:  Multifamily
Closed: 11/18/2021

1. 5.4% TRAILING CAP RATE & 6%+ T-12 RENT GROWTH

Due to high demand, A/62 has maintained 95%+ occupancy for many years and has consistently grown revenue. Rental rates grew by more than 6% over the past year. This was organic growth and not as a result of unit upgrades. A/62 offers reliable cash flow day one and the whisper price represents a 5.4% Trailing 3 Cap Rate.

2. Clear Path to Unit/Amenity Upgrades & Rent Premiums

While well maintained, units have largely classic finishes allowing the new owner to execute a unit upgrade program.

3. Recent Capital Improvements Completed

Current owner has spent more than $2M and completed major capital improvements including roof and balcony replacement. New owner can now simply focus on revenue generating enhancement such as unit upgrades.

4. Sought After Northside Location - $94k Avg HHI

Located on the Northside of Indianapolis, the average household income is $94,000 in the 2 mile radius. A/62 Residents enjoy convenient access to some of the city’s best retail, restaurants and vast employment nearby.

5. Offered Free & Clear

The ability to purchase A/62 free and clear allows new owners to take advantage of current all-time low rates, interest only periods and maximum leverage which all increase buyer returns.

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A62
209 Units
6111 N Allisonville Road
Indianapolis, IN  46220
Type:  Multifamily
Closed: 11/16/2021
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of the 336-unit Maple Lane apartment community located in Elkhart, IN. Built between 1987 and 1990 with a brand new phase in 2021, Maple Lane represents an outstanding opportunity to invest in a well-maintained property with in-place cash flow and great upside potential.
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Maple Lane - Elkhart
336 Units
2001 Sugar Maple Lane
Elkhart, IN  46514
Type:  Multifamily
Closed: 11/10/2021

1 NEAR BOOMING INDUSTRIAL DEVELOPMENT

There is 9.5 million SF of industrial space under construction in the east submarket, representing 43% of the 22.2 million SF space under construction in the whole Indianapolis market.

2 BENEFITS FROM HANCOCK CO GROWTH

Hancock Co, the eastern door to Indianapolis, has become a fast-growing economic powerhouse. The population has been growing rapidly as people discover the vibrant communities and great job opportunities.

3 STRAIGHTFORWARD VALUE-ADD

Cedar Ridge presents the opportunity to increase revenue through simple unit upgrades, adding new amenities, and implementing a utility bill back program.

4 WELL MAINTAINED BY ORIGINAL DEVELOPER

Offered for sale by the original developer, Cedar Ridge is very well maintained with no deferred maintenance. The property also maintains very low turnover with many longterm tenants. The average length of tenancy is 61 months.

5 UNIQUE UNIT FEATURES

Cedar Ridge offers unique and desirable unit features including fireplaces, unique loft floorplans, vaulted ceilings, in-unit washer/dryer machines and private in-unit storage space.

6 PURCHASE INDIVIDUALLY OR PORTFOLIO

Cedar Ridge can be purchased with Crooked Creek together as a portfolio of 384 total units creating some economies of scale. The properties can also be purchased individually.

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Cedar Ridge
168 Units
3820 Cedar Ridge Road
Indianapolis, IN  46236
Type:  Multifamily
Closed: 11/1/2021
Hermitage can be purchased as a part of a 3 property 905 unit portfolio. The properties may also be purchased individually.

Hermitage can be purchased with:

Lawrence Landing (354 units) More Information

Coldwater Flats (271 units) More Information

1 RENOVATED COMMUNITY - 6.6% YR1 CAP / 5.4% T-3 CAP

Hermitage is available at a 5.4% Trailing 3 Cap Rate and a 6.6% Cap Rate on Year 1 (with no additional renovations). The community offers reliable cash flow and a strong return immediately and can be purchased free & clear.

2 OVER $3.9M SPENT ON CAPITAL IMPROVEMENTS

While the property was originally built in 1971, the current owner has spent more than $3.9M on the property and has substantially renovated the property in the past 10 years giving the property a newer look and feel.

3 POTENTIAL TO INCREASE REVENUE

The new owner can continue to burn off the loss to lease. In Trailing 3 months, revenue grew by more than 7% which was organic rent growth and not as a result of unit upgrades. Leases signed in the past 90 days are on average $134 higher than the legacy lease rents.

4 UNIQUE SPEEDWAY LOCATION

Hermitage is located in Speedway, a popular city on the westside of Indianapolis, which offers quick easy access to Downtown Indy. Employment and entertainment options are plentiful on the westside and downtown and are very easy to access from the property.

5 PURCHASE INDIVIDUALLY OR 905 UNIT PORTFOLIO

Hermitage can be purchased with Coldwater Flats (271 units in Evansville, IN) and Lawrence Landing (354 units in Indianapolis, IN) for a total portfolio of 905 units, offering immediate presence and economies of scale. The properties can also be purchased individually.

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Hermitage
280 Units
2226 Hermitage Way
Indianapolis, IN  46224
Type:  Multifamily
Closed: 10/29/2021