Courtyard Apartments consists of 129 units located in Anderson, IN and was built in 1956. The property is currently owned by a private capital group out of Chicago. The current owner has infused more than $300,000 in capital improvements including various roof and window replacements and reviving down units.. With roughly 15 units currently offline, there is ample opportunity to continue improving the property and growing occupancy. Courtyard Apartments is located near Anderson’s most sought after west side neighborhoods. The near west side of Anderson is scheduled to benefit from multiple economic development initiatives, primarily centered around revitalization of the adjacent retail properties.

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The Courtyard
129 Units
2725 W 16th Street
Anderson, IN  46011
Type: Conventional
Closed: 9/17/2019

Brentwood consists of six buildings totaling of 120 units. The community is currently being marketed to residents 55 years and older but is not deed restricted to maintain that strategy. There are three styles of buildings on the property. There is an elevator in one building (four story building), there is a single story buildings for less mobile residents and four two story buildings. Each building has secured / intercom entryways or individual access. The property is situated on 4.67 acres and offers a tranquil setting surrounded by mature trees. The current owner is a not-for-profit that specializes in new construction and subsidized senior housing. When they purchased Brentwood, as an older, existing property, it was outside their expertise.

Brentwood is ideally located on the northeast side of Fort Wayne near the intersection of Coliseum Blvd and State Blvd with visibility from Coliseum Blvd. This location offers excellent access to public transportation, restaurants and medical facilities. There is added shopping just south of the property and within ten minutes of Glenbrook Square, Fort Wayne’s largest retail center and a regional shopping node in northeast Indiana.

Brentwood is offered at ±$36,000 per unit / $4,300,000

Brentwood’s first building was constructed in 1967 with the last phase built in 1988. Some units have undergone renovations with new fixtures, appliances, flooring and bathrooms. Each building has laundry facilities while some floorplans offer washer dryer hookups. There are opportunities to enhance revenue to add value. Some of those opportunities include completing unit upgrades, enhancing the property’s curb appeal through additional landscaping and upgrading the leasing office.

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Brentwood Seniors
120 Units
2510 Farnsworth Drive
Fort Wayne, IN  46805
Type: Senior
Closed: 8/28/2019

Harbour Pointe is a 336-unit apartment community located on Indianapolis’ popular northeast side.  The community was built in two phases in 1969 and 1970 and has been owned and well maintained by the current owner (a family company) since 1990.  Recent capital improvements performed by the seller include, repainting and carpeting of all hallways in 2016, $100,000 spent on landscaping in 2016, and paving and seal coating work in parking areas and drives.

Harbour Pointe’s amenities include a large swimming pool and multi-level sundeck, a full fitness center and a sand volleyball court.  Eighty-seven covered parking spaces are available for rental.  Just across the street from the property is the Fall Creek Greenway, a very popular 8 mile walking, jogging and biking trail which connects northeast Indianapolis and downtown.

Harbour Pointe has a history of very high occupancy (over 98% for the last five years) and often has a waiting list.  The property offers opportunities to an investor to increase revenue significantly through upgrades of unit interiors, the bill back of water, sewer and trash; converting two of the three models to rental units and enhancement of the current amenity package.

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Harbour Pointe
336 Units
4400 E. Fall Creek Parkway North Drive
Indianapolis, IN  46205
Type: Conventional
Closed: 8/27/2019

Echo Ridge is a 2002 built property located in a desirable infill location that benefits from limited nearby competition. While well maintained, the property has largely original finishes and amenities and offers the ability to increase revenue with untapped renovation opportunities. The existing unit layouts and features can be easily enhanced and result in premiums of more than $75 / month. With 9-foot ceilings on the first floor and vaulted ceiling on second floor, each floorplan offers spacious living areas.

Located in Franklin Township on the southeast side of Indianapolis, Echo Ridge enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants, employment and medical facilities.

Echo Ridge offers very attractive assumable Fannie Mae debt already in place. Debt terms include a low 4.43% interest rate, interest only payments until November of 2022 and loan maturity not until October of 2032.

Echo Ridge can be purchased individually or as part of a 600 unit, 3 property portfolio to include Pheasant Run – 184 units and English Village 208 units.

All three properties are located on the southeast side of Indianapolis, and a portfolio purchases offers economies of scale.

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Echo Ridge
208 Units
8520 Sierra Ridge Drive
Indianapolis, IN  46239
Type: Conventional
Closed: 8/17/2019

The Cardinal Pointe Portfolio consists of 4 properties currently owned by an out- ofstate private equity group that purchased the properties approximately 10 years ago. Three of the four properties (Cardinal Pointe I, Cardinal Pointe II and University Apartments) are predominately occupied by Ball State undergrad students and are adjacent to campus. Wheeling Manor, the smallest of the four properties (24 units) is occupied by mainly non-student residents. All properties are leased by the unit, not by the bed, and have a history of high 95%+/- occupancy.

The majority of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums .

The portfolio is being offering free and clear.

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Cardinal Pointe Portfolio (4 properties, 195 units)
Cardinal Pointe I
62 Units
808 W. Riverside Avenue
Muncie, IN  47303
Type: Conventional
Closed: 8/1/2019

The Cardinal Pointe Portfolio consists of 4 properties currently owned by an out- ofstate private equity group that purchased the properties approximately 10 years ago. Three of the four properties (Cardinal Pointe I, Cardinal Pointe II and University Apartments) are predominately occupied by Ball State undergrad students and are adjacent to campus. Wheeling Manor, the smallest of the four properties (24 units) is occupied by mainly non-student residents. All properties are leased by the unit, not by the bed, and have a history of high 95%+/- occupancy.

The majority of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums .

The portfolio is being offering free and clear.

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Cardinal Pointe Portfolio (4 properties, 195 units)
Cardinal Pointe II
57 Units
2000 N. Oakwood Avenue
Muncie, IN  47304
Type: Conventional
Closed: 8/1/2019

The Cardinal Pointe Portfolio consists of 4 properties currently owned by an out- ofstate private equity group that purchased the properties approximately 10 years ago. Three of the four properties (Cardinal Pointe I, Cardinal Pointe II and University Apartments) are predominately occupied by Ball State undergrad students and are adjacent to campus. Wheeling Manor, the smallest of the four properties (24 units) is occupied by mainly non-student residents. All properties are leased by the unit, not by the bed, and have a history of high 95%+/- occupancy.

The majority of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums .

The portfolio is being offering free and clear.

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Cardinal Pointe Portfolio (4 properties, 195 units)
University
32 Units
1204 & 1206 West Bethel Ave
Muncie, IN  47303
Type: Conventional
Closed: 8/1/2019

The Cardinal Pointe Portfolio consists of 4 properties currently owned by an out- ofstate private equity group that purchased the properties approximately 10 years ago. Three of the four properties (Cardinal Pointe I, Cardinal Pointe II and University Apartments) are predominately occupied by Ball State undergrad students and are adjacent to campus. Wheeling Manor, the smallest of the four properties (24 units) is occupied by mainly non-student residents. All properties are leased by the unit, not by the bed, and have a history of high 95%+/- occupancy.

The majority of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums .

The portfolio is being offering free and clear.

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Cardinal Pointe Portfolio (4 properties, 195 units)
Wheeling Manor
44 Units
2400 N. Wheeling Avenue
Muncie, IN  47304
Type: Conventional
Closed: 8/1/2019
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Astoria Park
470 Units
3640 Beluga Lane
Indianapolis, IN  46214
Type: Conventional
Closed: 7/29/2019

Arbors at Red Bank is a well-located Westside Evansville property attractively price at only $39,700 per unit / $3,500,000. Currently owned by a California-based private owner, Arbors at Red Bank can be purchased with two nearby properties, Arbors at Evansville North – 150 Units and Arbors at Evansville South – 121 Units for a portfolio of 359 unit, offering significant economies of scale. Built in 1973, the majority of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums. The property has maintained high occupancy of over 95% and the current rental rates trail the competing properties by an average of $100.

Currently, Arbors at Red Bank receives a 75% Assessed Value deduction which lowers the property real estate tax bill. In exchange for this deduction, the owner agrees that 75% of the units are leased by residents earning 80% or less of the area median income and at least 25% of the unit are leased by resident earning 50% or less of the area median income. Up to 25% of the units may be leased with no income restrictions. The new owner of Arbors at Red Bank has the opportunity to maintain the assessed value deduction and income restrictions or may opt out of the program and have no income restrictions.

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Arbors at Red Bank
88 Units
4909 Sunnyside Court
Evansville, IN  47712
Type: Conventional
Closed: 7/23/2019

Golden Memories and Club Manor are age restricted senior communities that were built by a local Indiana developer. For many years the properties were highly occupied, well maintained and produced significant cash flow. As legacy assets, both properties were inherited by the developer’s children. In subsequent years, as management structures changed, the properties have struggled to perform resulting in lender foreclosures.

Golden Memories and Club Manor offer a new owner the opportunity to acquire two well located properties with enormous potential for improvements and increases in revenue and value. Properties may be purchased individually or together as a portfolio.

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Club Manor Apartments
96 Units
250 E Northfield Drive
Brownsburg, IN  46112
Type: Conventional
Closed: 7/17/2019
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Golden Memories
58 Units
855 Southfield Drive
Plainfield, IN  46168
Type: Conventional
Closed: 7/17/2019

Pheasant Run is a 2002 built property located in a desirable infill location that benefits from limited nearby competition. While well maintained, the property has largely original finishes and amenities and offers the ability to increase revenue with untapped renovation opportunities. The existing unit layouts and features can be easily enhanced and result in premiums of more than $110-$330 / month. With 9-foot ceilings, each floorplan offers spacious living areas and washer/dryer hook ups.

Located in Warren Township, on the southeast side of Indianapolis, Pheasant Run enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants, employment and medical facilities.

Offered Free and Clear, the property’s stable financial performance will allow for the most competitive and attractive new debt structure.

Pheasant Run can be purchased individually or as part of a 600 unit, 3 property portfolio to include English Village – 208 Units and Echo Ridge 208 Units.

All three properties are located on the south eastside of Indianapolis and a portfolio purchases offers economies of scale.

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Pheasant Run
208 Units
7925 Palawan Drive
Indianapolis, IN  46239
Type: Conventional
Closed: 6/27/2019

Stonybrook Commons is a 122-unit apartment community located on Indianapolis’ suburban east side. The property consists of an office/clubhouse and seven residential buildings situated on over 13.5 acres with ample green space and mature trees. Buildings are two-story with attractive all-brick exteriors, vinyl shutters and wood balconies. Roofs are pitched with composite shingles.

The community offers 56 Two Bedroom flats (in two floor plans) and 66 Three Bedroom flats (also in two floor plans). Units are spacious, averaging 1,022 square feet. All units include large closets, fully-equipped kitchens including dishwasher and microwave, full-size washer/dryer connections, a private patio or balcony, and an outside storage closet.

Community amenities include a clubhouse with a community room for private parties, a picnic pavilion, a playground, bike racks and an on-site laundry center. The property is also less than one mile from Grassy Creek Park, as 175 acre Indianapolis Public Park located near German Church & 30th Street.

The property is located within the respected Warren Township School system.

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Stonybrook Commons
122 Units
3036 Redskin Drive
Indianapolis, IN  46235
Type: Conventional
Closed: 6/4/2019

Southport offers buyers the opportunity to purchase a stable, partially renovated property in a solid B location.

Southport Crossing is located in Southport, a the well-regarded southern suburb of Indianapolis. 206 units have already been fully upgraded and demonstrate the ability to achieve higher rent. 122 units are partially renovated providing buyers with the ability to further upgrade these units and charge and additional $50 - $80 per month.

Southport Crossing is being offered free and clear.

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Southport Crossing
328 Units
1451 E Southport Road
Indianapolis, IN  46227
Type: Conventional
Closed: 5/31/2019

Oakbrook Park Apartments, located on the desirable north side of Indianapolis, offers buyers the opportunity to purchase a stable, partially renovated property in a solid B location with the demonstrated ability to renovate units and achieve rent premiums.

The property was originally built in 1978 and has received numerous renovations and updates over the years. In 2010 / 2011, a previous owner completed over $1.3M in property renovations/upgrades. These renovations included the replacement of all windows, common area hallway upgrades, full property exterior painting, replacement of 4 roofs, addition of a new fitness facility, yoga studio and business center, clubhouse renovation, installation of a bark park and sand volleyball court, new landscaping and property signage and the updating of 153 apartment units (87 partially renovated and 66 fully renovated units).

The current owner has continued to invest in the property and spent over $1.5M since 2015 in capital improvements. A major project completed by the current owner was the conversion of a previous commercial building. This building was fully renovated and converted into 12 additional apartments. These 12 units have brand new finishes and feel like new construction product. These “new” units are highly sought after and demonstrate the demand for units with higher end finishes and higher rents. Further proving the case for continued unit upgrades, the previous owner fully renovated 66 units in 2011+/- and these units still lease for $50 - $125 more.

Oakbrook Park is being sold free and clear or with the potential to assume the existing debt (assumption NOT required).

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Oakbrook Park
256 Units
1808 Century Way
Indianapolis, IN  46260
Type: Conventional
Closed: 5/30/2019

Spyglass is a 120-unit apartment community exceptionally well located on Indianapolis’ far north side. The community was built in 1979 and has been very well maintained. The property has a history of high occupancy.

The community offers an attractive mix of 36 one-bedroom flats, 32 two-bedroom flats, 28 two-bedroom townhomes, and 24 three-bedroom townhomes. The property’s 16.48 acres features many mature trees and ample green space.

Community amenities include a clubhouse/community center with 24-hour fitness center, business center and free tanning; a swimming pool and sundeck; a picnic area; tennis court; and playground. The community offers 50 covered parking spaces for an additional rental.

Unit features vary by unit type but include attractive, spacious floor plans, fully-equipped kitchens, private patios or balconies, washer/dryer hookups (in all units except the one-bedrooms), walk-in closets, in-unit storage and wood-burning fireplaces. Select units have attractive lake views

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Spyglass
120 Units
8320 Spyglass Drive
Indianapolis, IN  46260
Type: Conventional
Closed: 4/9/2019
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Beech Meadow Apartments
272 Units
147 Diplomat Court
Beech Grove, IN  46107
Type: Conventional
Closed: 3/15/2019

Eco Square is a 108-unit garden apartment community on the southeast side of Evansville, Indiana. Built in 1966, the property is comprised of eleven two-story residential buildings. Buildings have brick exteriors with mansard roofs. All windows have been replaced since original construction. Eco Square is named to reflect its environmental and sustainability focus. Residents enjoy eco-friendly living amenities such as community gardening and composting and on-site recycling. Many units have energy saving light bulbs and low-flow water devices. The community offers a resortstyle swimming pool, a large, well landscaped courtyard, grilling areas and bike stations.

With the exception of one efficiency unit, the property consists of 107 Two Bedroom/One bath units with identical 825 square foot floor plans. The leasing office and maintenance shop are located in one of the Two Bedroom units.

Units feature large living rooms and walk in closets in the master bedrooms.

Terra Trace is an 84-unit garden apartment community on the east side of Evansville, Indiana. The property was built in 1978 and is comprised of eleven two-story residential buildings and a single story clubhouse/ office. Building exteriors are brick and new vinyl siding (installed in 2013). Roofs are pitched with composite shingles. Nine roofs were replaced in 2013-2014. Other recent capital improvements include replacement of balconies, new signage, new landscaping and hallway refurbishment. This refurbishment included painting, new light fixtures and new flooring at stair landings in all twenty-two halls and carpet in ten halls.

The property consists of 56 One Bedroom/One Bath units (in two floor plans), 20 Two Bedroom/One Bath units and 8 Two Bedroom/One and One-half Bath units. Units have generous floor plans, are all electric and include private access intercom systems. Select units include private patios or balconies and outside storage. Eight units have upgraded kitchens (stained cabinets, new cabinet hardware, counters, lighting) and new bathroom vanities. Upgraded units command rents between $35 and $65 per month more than non-upgraded units.

In addition to a clubhouse with Wi-Fi, community amenities include a swimming pool and on-site laundry facilities.

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Eco Square & Terra Trace (2 properties, 192 units)
Eco Square Apartments
108 Units
700 Chateau Drive
Evansville, IN  47715
Type: Conventional
Closed: 3/12/2019

Eco Square is a 108-unit garden apartment community on the southeast side of Evansville, Indiana. Built in 1966, the property is comprised of eleven two-story residential buildings. Buildings have brick exteriors with mansard roofs. All windows have been replaced since original construction. Eco Square is named to reflect its environmental and sustainability focus. Residents enjoy eco-friendly living amenities such as community gardening and composting and on-site recycling. Many units have energy saving light bulbs and low-flow water devices. The community offers a resortstyle swimming pool, a large, well landscaped courtyard, grilling areas and bike stations.

With the exception of one efficiency unit, the property consists of 107 Two Bedroom/One bath units with identical 825 square foot floor plans. The leasing office and maintenance shop are located in one of the Two Bedroom units.

Units feature large living rooms and walk in closets in the master bedrooms.

Terra Trace is an 84-unit garden apartment community on the east side of Evansville, Indiana. The property was built in 1978 and is comprised of eleven two-story residential buildings and a single story clubhouse/ office. Building exteriors are brick and new vinyl siding (installed in 2013). Roofs are pitched with composite shingles. Nine roofs were replaced in 2013-2014. Other recent capital improvements include replacement of balconies, new signage, new landscaping and hallway refurbishment. This refurbishment included painting, new light fixtures and new flooring at stair landings in all twenty-two halls and carpet in ten halls.

The property consists of 56 One Bedroom/One Bath units (in two floor plans), 20 Two Bedroom/One Bath units and 8 Two Bedroom/One and One-half Bath units. Units have generous floor plans, are all electric and include private access intercom systems. Select units include private patios or balconies and outside storage. Eight units have upgraded kitchens (stained cabinets, new cabinet hardware, counters, lighting) and new bathroom vanities. Upgraded units command rents between $35 and $65 per month more than non-upgraded units.

In addition to a clubhouse with Wi-Fi, community amenities include a swimming pool and on-site laundry facilities.

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Eco Square & Terra Trace (2 properties, 192 units)
Terra Trace Apartments
84 Units
1715 Theater Drive
Evansville, IN  47715
Type: Conventional
Closed: 3/12/2019

Castle Point is a distinctive 740-unit property located at 18011 Cleveland Road in South Bend, Indiana. Built in three phases between 1974 and 1980, the property sits on almost 50 acres and consists of an exceptionally large clubhouse / amenity center and thirty-one two-story residential buildings and a maintenance shop. Due to its size, proximity to University of Notre Dame, and its many amenities, the community is an apartment landmark in South Bend.

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Castle Point
740 Units
18011 Cleveland Rd
South Bend, IN  46637
Type: Conventional
Closed: 2/13/2019

Harbour Town Apartments is a 104-unit luxury apartment community located on beautiful Morse Lake in affluent and fast-growing Noblesville, Hamilton County, Indiana. Recent property renovations include all new windows and patio doors. Many units have received various levels of upgrade, 34 of which receive rent premiums of $75-$165. The community also offers residents a pool with sundeck, fitness center, playground, dog park, picnic areas, available covered parking and the very unique feature of private boat docks. All units feature private patios or balconies, wood burning fireplaces, large closets and fully-equipped kitchens including microwaves. Select units have washer/dryer connections and wrap-around balconies.

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Harbour Town
104 Units
222 Waterfront Court
Noblesville, IN  46060
Type: Conventional
Closed: 2/13/2019
Sold
College Crossing
56 Units
1840 National Avenue
Indianapolis, IN  46227
Type: Conventional
Closed: 1/24/2019

Turtle Creek is a 216-unit rental community located in Kokomo, Indiana, 40 miles due north of Indianapolis. The property is well-maintained and exceptionally located on the east side of the city. Built in 1971, the property was constructed on concrete slabs with wood framing and brick exteriors. The property is comprised of two large “X” shaped buildings each with four wings and a common core area in the center. The three-story buildings both have a central elevator.

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Turtle Creek - Kokomo
216 Units
2241 W. Jefferson
Kokomo, IN  46901
Type: Conventional
Closed: 1/17/2019