Cumberland Pointe is a premier, Class A, apartment community located in Indiana’s most vibrant market. Hamilton County is among the country’s fastest growing and wealthiest areas and offers residents an exceptionally high quality of life.
The property’s specific location within that market is also excellent, situated just east of high-traffic State Road 37 at its convergence with two other well-travelled thoroughfares. The community is within minutes of the area’s finest cultural, entertainment and shopping destinations and numerous major employment centers. The bustling north side of Indianapolis is just 20 minutes to the south.
This amenity-rich, luxury 336-unit apartment community presents the rare opportunity for investors to acquire a core-quality asset coupled with a real and readily achievable opportunity to significantly enhance existing revenue through the relatively modest upgrade of units in the original Phase I to the newer finishes included in Phase II.
The property was developed in two phases, completed in 2008 and 2014, respectively. Phase I consists of 208 units and Phase II consists of 128 units. All but two Phase II floor plans are identical to those in Phase I; however, Phase II units have newer, higher-end interior finishes compared to Phase I. Those upgrades include granite countertops, stainless steel appliances and upgraded plumbing fixtures.
Aspen Village is a 220-unit apartment community on Indianapolis’ northwest side. Built in 1975, the property consists of twenty-four residential buildings, a clubhouse and a free standing laundry/maintenance facility, situated on 18.93 acres. Construction is wood and steel frame with vinyl siding exteriors. The property offers a mix of unit-types, including 136 garden style units (48 one-bedrooms, 64 two-bedrooms and 24 threebedrooms), and 84 two-bedroom townhomes (in two different floor plans). Units have large floor plans averaging 862 square feet. Units have large floor plans (averaging 860 square feet), private entries and patios or balconies. All units other than the one-bedrooms have washer/ dryer hookups. Community amenities include the large two-story clubhouse with both upstairs and downstairs community rooms, two racquetball courts (currently used for storage), a large swimming pool and sundeck (not open), a playground, and an on-site laundry facility.
Private Reserve is located just south of the intersection of Harcourt Road and 79th Street. The property is just one mile south of 86th Street, one of the primary east/west thoroughfares spanning Indianapolis’ affluent far north side.
The community is near a wide variety of shopping centers and restaurants clustered along 86th Street, Meridian Street to the east and Michigan Road to the west.
Private Reserve offers convenient access to Interstate-465 (Indianapolis’ interstate beltway) with interchanges located at 96th St. and Meridian (within 4 miles) and 96th St. and Michigan (within 3.5 miles). Via I-465, both downtown Indianapolis and the Indianapolis International Airport, are within a 20 minute drive of the property.
Constructed in two phases in 1995 and 1996, Deer Creeke is a 170-unit apartment community in Elkhart, Indiana, in north central Indiana, just 20 miles east of South Bend. The community consists of fourteen residential buildings and a clubhouse situated on 16.54 acres. Deer Creeke has an attractive unit mix of one and two bedroom garden style units and three bedroom townhomes.Buildings have brick and vinyl exteriors and pitched roofs with composite shingles.
Units feature washer/dryer hookups (in every unit), private patios and balconies, nicely equipped kitchens with dishwashers and garbage disposals, generous closet space, and available exterior storage. Community amenities include a swimming pool with sundeck, a clubhouse with community room and kitchen, playground, basketball court, a central laundry facility and on-site daycare. The space currently used for daycare could easily be converted to a fitness center and/or business center.