Sold
Lake Castleton
1261 Units
7601 Carlton Arms Drive
Indianapolis, IN  46256
Closed: 6/19/2017
Sold
McCormick Place
222 Units
2110 McCormick Road
West Lafayette, IN  47906
Type: Student
Closed: 6/13/2017
Sold
Ashford at Keystone
455 Units
6630 Glenbrook Drive
Indianapolis, IN  46220
Type: Conventional
Closed: 3/30/2017
Sold
Laurel Lake
208 Units
8860 S. Saint Peter Street
Indianapolis, IN  46227
Type: Conventional
Closed: 3/23/2017
Sold
Black Bear Creek
226 Units
1604-C Reed Rd.
Ft. Wayne, IN  46815
Type: Conventional
Closed: 2/28/2017
Sold
Park Madison
56 Units
614 Park Madison Drive
Greenwood, IN  46142
Type: Conventional
Closed: 1/31/2017
Sold
Ashton Park
38 Units
2917 E. 47th Street
Indianapolis, IN  46205
Type: Conventional
Closed: 1/27/2017
Sold
CityView on Meridian
166 Units
3801 N. Meridian Street
Indianapolis, IN  46208
Type: Conventional
Closed: 1/27/2017
Sold
Island Club
314 Units
7938 Island Club Drive
Indianapolis, IN  46214
Type: Conventional
Closed: 1/10/2017
Sold
Cross Creek
208 Units
5756 Cross Creek Drive
Indianapolis, IN  46254
Closed: 1/9/2017
Sold
Mariners Village
244 Units
7135 Islander Drive
Indianapolis, IN  46214
Type: Conventional
Closed: 12/30/2016
Sold
Estates at Eagles Pointe
574 Units
2002 Shaw Avenue
Peru, IN  46970
Closed: 11/30/2016

Garden Pointe Apartments was originally built in 1973. The property received a very substantial renovation in 1992. At that time all windows, patio door and roofs were replaced. All units were fully upgraded in 1992 as well. The 1992 renovation included creating open concept kitchen layouts, adding washer / dryer connections to 50% of units (all second-floor units), new cabinetry, appliances, light fixtures and flooring. The current owner purchased Garden Pointe from a “distressed owner” in cooperation with their lender (since their loan was in default). At the time of their purchase the property has substantial physical need. The current owner has spent over $1.7M in the past year completing property renovations to bring all units back on line. One of the fourteen buildings (Building M) was down and has now been completely renovated. All 32 units in building M are now branded the LUX style and have high-end finishes that include quartz countertops, new wood cabinets, black appliances, nickel light and plumbing fixtures, paneled doors, vinyl plank flooring and a new trim package. These 32 units also received new HVAC systems, windows and patio doors.

In addition to the 32 LUX units, there are 12 units throughout the property that were previously down and now have all new interior unit finishes.

The acquisition of Garden Pointe Apartments offers a new owner the opportunity to continue to upgrade units and achieve rent premiums. Current rents trail the market by $25 - $105. The large clubhouse and expansive grounds allow for enhancements to the amenities in addition to upgrading the units.

Garden Pointe is being offered free and clear for an attractive price of $17,000,000 / $55,920 per unit.

...
Sold
Hunters Run
304 Units
5005 Lily Lane
Indianapolis, IN  46254
Type: Conventional
Closed: 11/10/2016
Sold
Brookwood
404 Units
5301 Turtle Creek South Drive
Indianapolis, IN  46227
Type: Conventional
Closed: 10/19/2016
Sold
Trails at Lakeside
208 Units
3836 Arbor Green Lane
Indianapolis, IN  46220
Closed: 9/8/2016
Sold
Bristol, The
211 Units
7705 Harborside Dr.
Camby, IN  46113
Type: Conventional
Closed: 7/20/2016
Sold
Barrington Estates
144 Units
8717 W. Old Town Drive
Indianapolis, IN  46260
Closed: 7/15/2016
Sold
Eastway Court
286 Units
3 Manor Dr.
Greenfield, IN  46140
Type: Conventional
Closed: 7/1/2016
Sold
10 West
456 Units
7855 Cimarron Trail
Indianapolis, IN  46214
Type: Conventional
Closed: 6/20/2016
Sold
Arlington Terrace
82 Units
5931 E.12th Street Apt. A-1
Indianapolis, IN  46219
Type: Conventional
Closed: 5/27/2016
Sold
Madison Village
206 Units
1819 Madison Village Dr
Indianapolis, IN  46227
Type: Conventional
Closed: 5/24/2016
Sold
Meadowlawn
122 Units
1930 S. Goyer Road
Kokomo, IN  46902
Type: Conventional
Closed: 5/18/2016
Sold
Winchester Village
96 Units
8020 Madison Avenue
Indianapolis, IN  46227
Closed: 5/17/2016
Sold
Woods of Castleton
260 Units
8281 Clearvista Parkway
Indianapolis, IN  46256
Type: Conventional
Closed: 5/11/2016