Retreat Northwest Apartments, 336 units on Indy’s far north side, is being offered for sale both individually or part of a 3 property portfolio totaling 849 units. Portfolio buyers will have the opportunity to have an immediate sizable presence in Indy and benefit from economies of scale. However, the purchase of Retreat Northwest as a stand-alone property is also an excellent option. Built in 1973, Retreat Northwest has a very attractive unit mix with 21% one bedroom units, 32% two bedroom / two bath units, 42% two bedroom townhomes/lofts and 5% three bedroom units.

The current owner has renovated approximately 60 units and proven rent premiums of up to $170 / month. Retreat Northwest also has newer roofs , windows and patio doors replaced in 2013-2014. Located on Indy’s far north side, Retreat Northwest offers its residents access to excellent schools and is conveniently located near employment, retail and services. The property (and the entire portfolio) is being offered free and clear.

For more information on the other properties available in the portfolio, click below:

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Verge is a brand new, Best in Class apartment community located in Greenwood, one of Indiana’s vibrant southern suburbs. Boasting the city’s highest rent growth percentage in 2020, the south side provides excellent stability and the expectation of continued positive momentum.

Verge Luxury Flats is hands down the finest community in Greenwood. The units offer the highest end finishes available and include granite countertops, upscale cabinetry with high gauge hardware, tile backsplash, a deep under-mount stainless-steel sink, stainless steel appliances and vinyl plank flooring throughout except in the bedrooms The amenities at Verge exceed any of its peers. The beautiful clubhouse offers a 1,500 SF of dedicated fitness space with full circuit equipment, class on-demand technology and cardio machines. Other amenities include a game room, a beautiful pool with fountains and built-in seating, cabanas, a large hot tub, an outdoor kitchen and seating around a fire feature.

The Verge location, just to the south of high-traffic County Line Road, gives excellent access to everything the south side and has to offer. The community is within minutes of the area’s best dining, entertainment and shopping and numerous major employment centers.

Creekside South is being offered for sale for the first time ever by the original owner/developer. The property is very well maintained, and substantial capital improvements have been made by the current owner including new roofs, HVAC systems, balconies and more. While well cared for and maintained, Creekside South offers largely original interior finishes. The property is a blank slate in terms of upgrade potential. With ample interior common area space in the clubhouse and open green space throughout the property, additional amenities can easily be added. Current rents at Creekside South trail the surrounding competition by as much as $300 per month. In addition to raising rents and upgrading units, other income can be grown by increasing the water/sewer recovery and providing washer/dryer machines to residents.

Located directly on Stop 11 Road on Indy’s Southside, Creekside South benefits from excellent visibility and ample drive-by traffic. In 2020, the Indianapolis south submarket maintained 95%+ average occupancy and rents grew by 4.7%. Residents of Creekside South enjoy easy access to downtown Indianapolis, Greenwood and plentiful nearby employment.

Creekside South has a long history of maintaining mid 90%'s occupancy. Rental revenue has grown by more than 5% in T-12 vs 2019. The property is being offered for sale on a free and clear basis and will qualify for the most attractive new debt.

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Union Green, a 172-unit, 2019-built apartment community located in high growth and affluent Brownsburg, IN.

Union Green is a brand new, Class A mixed-use apartment community located in one of Indiana’s hottest and most affluent submarkets. Hendricks County is among the country’s fastest-growing and offers residents an exceptionally high quality of life. Union Green is part of a recent $80M+ development corridor in downtown Brownsburg including residential, office (+co-working) and retail in a newly minted walkable, urban setting. Amenities at Union Green are best in class, with no equal among the submarket competition.

Rush on Main (Chicago-Inspired Eatery) occupies the approximately 3,908sf of the +/-14,000sf of retail. With a high level of interest from the retail community, lease-up of the remaining space is imminent.

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Prospect A

The acquisition of Pebble Brook Village represents an opportunity to acquire a highly sought after 2001-built property is an affluent location. While very well maintained, unit finishes are largely original to the 2001 construction, offering a clean slate to complete unit upgrades and property enhancements. The property features amenities and unit layouts that compete very well with new construction properties.

The property is located in Noblesville, IN, a desirable high-end high growth suburb of vibrant and growing Indianapolis. Pebble Brook is being offered free and clear.

Coveted opportunity to purchase a 5 property, 837 unit portfolio from long term owner. The Fort Wayne 5 Portfolio consists of 5 properties all with 95%+ occupancy, washer / dryers in all units and each offering value add potential. With 3 properties located adjacent to one another on the city’s southside, one property on the northside and one on the city’s west side, the portfolio offers diversity in terms of both location and unit type. The 3 southside properties were built in the early 70’s and provide well maintained workforce housing. Northcrest Gardens, built in 1964 is located on the northside is near the city’s finest retail and restaurants. Coventry Court West, the newest property in the portfolio, built in 1984 is adjacent to a high income area to the west of the property where household incomes are $75k annually.

Fort Wayne is the 2nd largest city in the state of Indiana and has an extremely stable multifamily market. Citywide average occupancy is 96.7% and has average 95% since 2015. Rents grew in Fort Wayne more than 5% and unemployment is at only 2.6%. Top three employers in Fort Wayne are two large healthcare networks, Parkview and Lutheran, followed by the Fort Wayne Community Schools.

The portfolio is being sold free and clear and offers a new owner immediate economy of scale, stable revenue day one with the opportunity further increase revenue through updates and upgrades.

Mariners Village is a 244-unit apartment community located on Indianapolis’ suburban west side just outside of Indianapolis’ interstate loop. The property sits on a tranquil 60-acre springfed lake which offers scenic views from the property’s pool, deck, and from a number of units. Built in 1978, the community consists of fourteen residential buildings and a clubhouse, situated on almost 16 acres.

Mariners Village offers a variety of unit types, including 40 studio units in two floor plans (20 with popular lofts); 102 one-bedroom units (34 with lofts), and 102 two-bedroom units (34 with lofts). Unit features vary by type but include generous floor plans, private patios or balconies, kitchen pantries and large closets.

Community amenities include the clubhouse with community room, fitness center and saunas; the swimming pool with a large deck overlooking the lake, a jogging/walking path, dog park, picnic areas, laundry facilities on the first and second floor of every hall, and available covered parking.

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of the 130-unit Aspen Chase apartment community located in Indianapolis, IN. This asset is strategically-located on the northwest side of Indianapolis giving residents convenient access to employers, the Indianapolis International Airport and booming downtown Indianapolis. Built in 1981, Aspen Chase offers an outstanding opportunity to invest in value add potential close to amenities and employers.

Aspen Chase is a 1980’s built, 130-unit, well-located apartment community on the northwest side of Indianapolis. The northwest rental submarket has been strong, with an average submarket occupancy rate of 93% and rent growth of 3.6% in 2018. The property’s occupancy is also strong, with current occupancy at 93.1%.

The community offers an attractive mix of one and two-bedroom flats and two and 3 bedroom townhomes. Constructed in 1981 by the respected developer the Gene B. Glick, the community consists of fourteen two-story apartment buildings situated on 10.05 wooded acres. In addition to its quiet, wooded setting, community amenities include a swimming pool with sun deck, two on-site laundry centers and available covered parking. Units feature attractive floor plans ranging in size from 700 to 1,200 square feet. Unit features vary by floor plan but include patios or balconies, walk-in closets, wood-burning fireplaces and outside storage closets. All townhome units include washer/dryer hookups.

Harrison Point is an exceptionally well-maintained workforce housing community located on Indianapolis’ suburban east side. While originally constructed in the late ’60s, the property has been significantly renovated and has the look and feel of a much newer community. New exterior vinyl siding, fresh exterior painting, all new roofs and wood decks, updated signage and newer windows provide excellent curb appeal.

The community is situated on 25+ acres with 8 two-story buildings and offers an attractive mix of studios, 1, 2 and 3-bedroom units. All units offer private entries in a popular courtyard style layout. Harrison Point offers its resident a full amenity site with onsite laundry facilities (machines owned by property), fitness center, sparkling pool, soccer field and newly built pavilions.

Harrison Point is located just east of I-465 on Post Road, a major commercial thoroughfare, with convenient access to I-70 and I-69. Numerous large employment centers are just minutes from the property. Residents enjoy a quick commute to downtown Indianapolis and to the popular northside of Indianapolis.

Veranda @ Speedway opened in June 2019 with the highest finishes in the submarket. With only highly sought-after studio and 1 bedroom floorplans and average rents below most competitors in the submarket. The property was fully occupied the day after the last building was completed, proving that the rents are well below market.

The property is within walking distance to a large shopping center providing lots of employment nearby as well as making the property a "walk-to" location for restaurants, bars, grocery, and other retail. The Indianapolis Motor Speedway is less than 2 miles away, which hosts the world’s largest sporting event, Indy 500, every year. The average income in a 1 mile radius is $54k, which is more than 6x the average market rent at Veranda. Also, within a 1 mile radius over 66% of housing is occupied by renters. This is likely due to the lack of housing options and high housing costs near the Indianapolis Motor Speedway.

The property is currently 96% occupied, allowing a new owner to come in and benefit from a high yield day one. The current owners invested over $140k in a completely new parking lot, new roofs, new windows, and painted siding. The units were completely gutted less than one year ago, with all new finishes, appliances, HVAC and plumbing. A new owner would not incur any major capital expenses for the near future.

Autumn Trails, built in 1987, is a 165 unit apartment community located on the suburban east side of Indianapolis The community is situated on 9 acres and has 24 single story residential buildings. The property offers an attractive unit mix of studios, 1 and 2 bedroom units with private entries.

The property has undergone major capital expenditures in the last few years including all new metal roofs, the majority of the siding replaced, many new appliances and cabinets and the parking lot resealed and striped. The lack of immediate capital needs allows the new owner the ability to focus on property upgrades that will increase revenue.

Autumn Trails is located just north of 38th street and immediately east of I-465 off Franklin Road on the city’s suburban east side. The location provides convenient access to dining, shopping and employment.

20 East is a 156-unit apartment community located in Elkhart, Indiana built-in three phases in 1985, 1986 and 1988. The community is situated on 15 acres and has 18 residential buildings, a leasing office and sparkling pool. The property offers an attractive unit mix of 1 and 2 bedroom units with all single-story buildings, private entries and washer/dryer connections in all units.

Brixton Apartments, situated on 9.93 acres, is a 120-unit community conveniently located on the southeast side of Indianapolis. With exceptional location, the property has mature trees and provides a quiet neighborhood setting.

The well-maintained property was built in 1982. The current owner has partially renovated 104 units. New ownership has the ability to increase revenue by continuing with unit upgrades.

Located in Marion County, on the southeast side of Indianapolis, Brixton Apartments enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants and employment.

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

The Bristol is a 211-unit Class A luxury apartment community on Indianapolis’ suburban southwest side. Built in 2004, The Bristol is comprised of twenty-seven mostly brick residential buildings, a clubhouse and a maintenance building. The property is situated on 22+/- well-landscaped acres with two ponds.

Fifty-one units are condominium quality, single story, "patio-style" homes with ground-level private entries and either one or two car attached garages. These units are situated in seventeen buildings with just three units each and a custom home feel. The patio-style homes range in size from 870 to almost 1,400 square feet and are extremely popular, with a very low turnover rate. The remaining one hundred sixty units are attractive garden-style apartments in two-story residential buildings. These units are also spacious, ranging in size from 788 to 1,222 square feet. All garden style units feature private entries and large screened patios or balconies. All units offer full size washer/dryer connections, large closets, and either nine-foot or vaulted ceilings. Many of the units overlook picturesque ponds with fountains. Select units include: electric fireplaces, custom built-ins, walk-in closets and window seats with extra storage compartments.

Nine acres additional land is included in the offering. This parcel has already been planned and permitted for an additional 112 units. The new owner will have the opportunity to develop and build this "Phase II" in a very cost effective manner because the amenities have already been constructed. Streets leading to Phase II are in place, and public utilities are at the site.

Originally constructed as a partial LIHTC property, Pendleton Place Apartments is a 192-unit community in the northern suburb of Indianapolis. The property was built in three phases: Phase I 1999, Phase II 2000 and Phase III 2018. The owner is in the process of removing the income restrictions that are currently in place for 88 units in Phase I and will be completed prior to closing. The new owner will be able to immediately lease all units with no income restrictions.

The aquisition of Pendleton Place represents an opportunity that buyers covet: 1999 / 2000 built product with low in place rents (in Phase I and II).

Located in a high income area with household incomes over $75k, the City of Pendleton offers its residents to oppoortunity to live near high wage jobs, upscale retail and restaurants and has a sought after school system.

Pendleton Place is offered Free & Clear.

Woodbridge is a 450 unit apartment community located in Fort Wayne’s popular northern suburb. The community offers an attractive mix of flats and townhome units with all having washer / dryer connections.

The current owner completed a full renovation on 253 units which included black appliances, new espresso cabinets, granite countertops, LVT flooring, lighting and hardware. They completed a partial renovation on 197 units which included black appliances and LVT flooring. Prior to the renovations, in place rent at Woodridge was $734 / month in mid-2017. Leases since September of 2019 average $826 which is a 12.5% increase. In addition to rent premiums available by completing additional unit renovations to the partially renovated units, organic revenue increase is also expected as the current rents trail market by an average of $70+.

Fort Wayne is the 2nd largest city in the state of Indiana and has an extremely stable multifamily market. Citywide average occupancy is 96.7% and has average 95% since 2015. Rents grew in Fort Wayne more than 6% and unemployment is at only 2.6%. Top three employers in Fort Wayne are two large healthcare networks, Parkview and Lutheran, followed by the Fort Wayne Community Schools all of which are close to Woodridge.

Woodbridge is offered free and clear and can be purchased individually or as part of a 914 unit, 3 property portfolio that includes Cross Creek (208 units) and Beechmill (256 units). A portfolio purchase offers economies of scale.

Beechmill is a 256-unit apartment community exceptionally well located on the south side of Indianapolis. The community was built in 1981 but has been recently updated.

The new owner can build upon recent property upgrades, rent increases and positive momentum to further increase rents both organically and by completing additional property and unit renovations. Current rental rates are $100 below competing upgraded product. In the past 4 years, current ownership has raised rents $129 with only a partial unit upgrade.

The current owner has spent $2.3M in Cap Ex since 2016. All roofs were replaced, clubhouse received a light cosmetic lift and all 256 units were partially renovated: with new black appliances, new Formica countertops, light fixtures and LVT plank flooring in kitchens and baths. The property’s 12 acres feature many mature trees and ample green space.

Beechmill is an extremely well-located community. Because of its proximity to Indianapolis and US-31. Beechmill offers its residents proximity to the south side’s best shopping and dining. Traveling Downtown is quite convenient, as the property sits 11 miles directly south of the city’s center.

Kingston Square is a 523-unit work force housing apartment community located on Indianapolis’ suburban east side. Originally developed as a co-op, it was converted to traditional for-rent apartments when the current owner purchased the property in 2013. The residents have benefited from this conversion as the current owner has completed $7.3 million+ in renovations, including a 24hr fitness center, interior unit upgrades and much more.

The community is situated on 24 acres with 29 two-story buildings. It offers an attractive mix of studios, 1-and 2-bedroom units, along with 2- and 3-bedroom townhomes. All the townhome units have washer/dryer hook ups. The units feature baseboard heating with electric sleeve air-conditioning unit, fully-equipped kitchens including new dishwashers and laminate flooring, upgraded bathroom vanities and plumbing fixtures, and a balcony/patio.

Kingston Square is located immediately west of I-465 off Shadeland Avenue, a major commercial thoroughfare, with convenient access to I-70 and I-69. The daily average traffic count on Shadeland is approximately 20,788 cars and I-465 is over 181,000 cars. Residents enjoy a quick commute to downtown Indianapolis and to the popular northside of Indianapolis.

The Sycamores Apartments is a well maintained 210 unit community that has been owned and operated by the seller since 1992. The community is situated on 22 acres and located on Indianapolis’ southeast side. The property has mature trees and vast greenspace.

The property offers an attractive unit mix of one, two and three bedroom garden-style units with open floorplans and private entrances. The Sycamores offers untapped value add and upgrade potential by completing unit updated, adding washer/dryer hookups to all unit styles, allowing pets, converting a laundry building to a pet spa and adding a bark park.

The property is located just north of Stop 11 Road and just east of US-31 (the main north-south road in Indianapolis) on the city’s south side. The location provides The Sycamores a quiet atmosphere while being convenient to dining, entertainment and major employment centers.

Park 33 is a 188-unit brand new Class A luxury apartment community built in 2018 and located in Goshen, Indiana. The community is situated on 14 acres and has 16 residential buildings, a leasing office and a sparkling pool. The property offers an attractive unit mix of 1 and 2 bedroom units with all single-story buildings, private entries and washer/dryer connections in all units.

The community offers an attractive mix of, 2 and 3-bedroom units and all with a full-size washer/dryer and half with direct garage access. The units include high-end finishes such as granite countertops, wood cabinets with high gauge drawer pulls, a flat glass-top range, a deep under-mount stainless-steel sink, energy-efficient appliances and vinyl plank flooring.

The amenities at Park 33 are equal to or exceed any of its peers. A beautiful clubhouse offers a 24-hour fitness center as well as the leasing and management office. Other amenities include a sparkling swimming pool, a fire pit, a grilling station, a bark park and a 24-hour package room.

The property 's location provides easy access to many employers and an abundance of economic activity.

Emerson Village Apartments, situated on 23 acres, is a 352-unit community conveniently located on the southeast side of Indianapolis. With exceptional visibility directly on a major north south thoroughfare, the property has mature trees, two lakes and provides a quiet neighborhood setting.

The well-maintained property was built in two phases, Phase I 1987 and Phase II 1988 with approximately thirty percent of the units currently upgraded allowing the new ownership the ability to further increase revenue by continuing the unit upgrades.

Located in Franklin Township, on the southeast side of Indianapolis, Emerson Village enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants and employment.

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

Parc Bordeaux is a 208-unit garden apartment community on Indianapolis’ suburban south side. The community was originally built in 1968 but has been extensively renovated. In 2002, the previous owner spent more than $3M on renovations which included the full renovation of 67 units, renovation of the clubhouse and extensive new landscaping. The current owner has spent almost $2M since 2015 and renovated the remaining 141 units.The community contains 20 two-story and 4 two-and-one-half-story residential buildings.

Floor plans include 11 studio units, 106 one-bedroom/one-bath units (in three floor plans), and 91 twobedroom /one-bath units (in two floor plans). Unit features include private entries, balconies or patios (in all 2nd level units). Kitchens include dishwashers, disposals (except in studios), electric oven/range and frost free refrigerator. The property offers residents access to a clubhouse with community room, 24-hour fitness center, pool with sundeck, sauna, playground, basketball courts, and tennis courts. Laundry centers are located in each building.