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.
English Village is a 208-unit apartment community located on English Avenue on Indianapolis’ east side. English Avenue is a well-traveled east/west road. Built in 1988, the community consists of 128 one bed/one bath units and 80 two bed/one bath units. Units are situated in 13 two-story buildings with attractive brick and vinyl exteriors. The property has an office/community room/maintenance building that could be reconfigured without extensive cost to include a business center and/or fitness center. Additional land next to the office/clubhouse is available to add a swimming pool or amenity center.
1. Proven Value Add Opportunity a. Current Owner has upgraded 184 units with new black appliances, new cabinet door and hardware, new light fixtures and flooring. These upgrades achieve up to a $80 premium depending on the floorplan. A new owner has the opportunity to upgrade the remaining 57 units.
2. Excellent Northside Infill Location a. Fountain Parc is located off I-69, only minutes from Broad Ripple, Castleton, Keystone at the Crossing, and a short drive to downtown Indianapolis.
3. Recent Capital Improvements Completed a. Property has undergone $1M in capital improvements in the last 2 years including fitness center renovation, new leasing center, new signage, interior unit upgrades, and new bark park, playground, and bocce.
4. Strong Northeast Indy Submarket a. With 96% Average Occupancy of the surrounding comps and Rent Growth of 3.3% in 2020 the Northside of Indy continues to display growth and stability.
5. Offered Free & Clear a. The ability to purchase Fountain Parc 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