FORMER INCOME RESTRICTED PROPERTY
In February of 2021, Falcon Creek was released from the Low Income Housing Tax Credit program which restricted the income level of 86% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $450 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 12 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2026.
HIGHLY SOUGHT AFTER 1999 BUILT VALUE ADD
Offering Washer / Dryer connections in all units, attached garages in select units and spacious floorplans, a comprehensive property and interior unit upgrade will allow a new owner to significantly raise rents. Current rents at Falcon Creek trail the market by an average of $179. The property offers a large clubhouse which, when renovated, can offer ample amenities to residents that are currently missing.
STRONG WESTSIDE INDY SUBMARKET
The westside of Indianapolis offers favorable dynamics with an average submarket occupancy of 95.5% and an impressive 4.3% rent growth in 2020.
NEARBY BY RETAIL
The property is very near many shopping centers and retailers including Aldi, Walmart, Meijer, Fedex, and many others.
CLOSE PROXIMITY TO KEY ECONOMIC DRIVERS
Falcon Creek is less than a 15 minute drive to downtown and near many major employers, millions of square feet of warehousing and the city’s largest logistics hub.
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Linden Square, a 298-unit, 2001 & 2015-built apartment community located in very desirable Town of Avon, a growing Indianapolis suburb.
Linden Square is located in one of Indiana’s hottest fastest growing submarkets. Hendricks County is among the country’s fastest-growing and offers residents an exceptionally high quality of life. Units at Linden Square already offer desirable features including 9, 10 or 12 foot ceilings, in unit laundry and open floorplans. Enhancing these finishes will allow for rent premiums of $130+.
1 FREE & CLEAR – 5% TRAILING 12 CAP
Suncrest can be purchased free and clear for a 5% cap rate on T-12. In 2020, rental revenue grew by more than 8% at Suncrest and the property maintained 95%+ occupancy. For many years the property has maintained both high occupancy and collections and provides reliable cash flow day one.
2 FULLY RENOVATED PROPERTY
While originally constructed in 1986, Suncrest was fully renovated in 2015/16. The property’s unit finishes rival those of new construction properties but yet offer at a lower overall rental rate..
3 FURTHER RENT GROWTH VIA VALUE ADD
$50 rent bumps are achievable via washer/ dryer hookups in the 32 remaining units (no laundry contract in place) and creating additional property amenities.
4 LESS THAN 7 MILES FROM DOWNTOWN
Suncrest residents can be downtown Indy in a quick 15 minute or less drive. Employment and entertainment options are plentiful downtown and are very easy to access from the property..
5 WEST SIDE EMPLOYER & AMENITY CONNECTIVITY
The convenient location on Washington Street, a major Indianapolis east-west thoroughfare, offers residents a short drive to Indy’s largest job centers and amenities on the west side..
Cobblestone Crossings can be purchased with the Garden Quarter Portfolio (498 units) a total portfolio of 946 units offering immediate presence and economies of scale. The properties may also be purchased individually. For information about the Garden Quarter Portfolio visit: LINK
The Mark at Fishers District, a 260-unit, 2020-built apartment community located in the heart of vibrant and growing Fishers.
The property offers everything high-income dwellers are looking for; walkability to Fishers’ best dining and retail, the most luxurious and comprehensive amenity set, high-end unit finishes, and convenience to employment.
For access to confidential documents, please register at: MarkatFishersDistrict-CW.com
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Main Street Village, a 400-unit, 2001/2003-built apartment community located in Granger, IN, a high-end area of South Bend.
The acquisition of Main Street Village offers buyers the opportunity to purchase a 2000’s built property in one of the most affluent populations in northern Indiana. The current owner has demonstrated the ability to increase rents through unit upgrades and the current rents are below the nearby competition. With more than 200 units still available to upgrade, a new owner has the ability to continue to increase revenue. Main Street caters well to the high-income population and offers a comprehensive amenity set and a variety of high-end unit finishes. The property is available free and clear.
For access to confidential documents, please register at: mainstreetvillage-cw.com
LOCAL LONG-TERM OWNER
Garden Quarter Portfolio is being sold by local long term owner who has self-managed the property during their entire ownership.
6%+ ACTUAL TRAILING CAP RATE
With 95%+ trailing 12 months occupancy and proven rent growth, The Garden Quarter Portfolio provides immediate yield & cash flow. Revenue can be further grown through property enhancements and strong management.
NEAR EMPLOYMENT & GROWTH
The south side of Terre Haute, where 3 of the 4 properties are located, is known as the most affluent area in the city. The average household income within a one mile radius of these properties is over $95,000.
WELL MAINTAINED & DESIRABLE FEATURES
All 4 properties have been well maintained and have unique desirable features that draw in and retain good residents.
IMMEDIATE ECONOMIES OF SCALE
Garden Quarter Portfolio can be purchased with the Cobblestone Crossings 448 units – a total portfolio of 946 units offering immediate presence and economies of scale. The properties may also be purchased individually. For information about the Cobblestone Crossing visit: LINK
Ventry is a 180-unit apartment community located in southwest Fort Wayne. Completed in 2020, the community is the most luxurious suburban multifamily development in the submarket.
The property is in an infill location, surrounded by restaurants and walkable to a Kroger. On the other side of the interstate is large hospital and many medical offices, providing strong and stable employment for the area. There are no proposed multifamily developments in the submarket and there is no land to be development in a comparable location.
Fort Wayne has substantially grown over the previous few years, boosting of 4.2% rent growth in 2020 and maintaining an above average occupancy of 97%. The city has many exciting developments to attract new employers and to continue to drive growth.
Notch at Norta is a brand new, Class A apartment community located in Indiana’s most vibrant market. The northside is among the country’s fastest-growing and wealthiest areas and offers residents an exceptionally high quality of life.
The community offers an attractive mix of studios, 1 and 2-bedroom units and all with a full-size washer/dryer. The units include high-end finishes such as quartz countertops, wood cabinets with high gage drawer pulls, a flat glass range top, a deep under-mount stainless-steel sink, energy-efficient appliances and vinyl plank flooring.
The amenities at Notch at Nora 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 direct access to The Monon trail, a sparkling swimming pool, a fire pit, a grilling station, and a 24-hour package room.
Notch at Nora’s specific location, just to the south of high-traffic 86th Street, gives excellent access to everything the northside and high-end Keystone area have to offer. The community is within minutes of the area’s finest entertainment and shopping and numerous major employment centers.
1 FORMER INCOME RESTRICTED PROPERTY In February of 2021, Pine Glen was released from the Low Income Housing Tax Credit program which restricted the income level of 71% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $300 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 39 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2031.
2 VALUE-ADD OPPORTUNITY While well maintained, Pine Glen provides a clear path to complete unit upgrades and achieve rent premiums. With the installation of new LVT flooring, black appliances, laminate countertops, cabinet hardware, and upgraded plumbing and light fixtures, rent can be raised an average $150 per month..
3 GUT REHAB COMPLETED IN 2005 Pine Glen received a MAJOR multi-million dollar renovation in 2005 and provides a look and feel of a property built in the 2000’s. In 2005, all windows, patio doors and roofs were replaced. 100% of the units received new kitchen and bathroom cabinets and countertops, new appliances, flooring, plumbing fixtures and light fixtures..
4 STRONG SOUTHSIDE SUBMARKET The far southside of Indianapolis boasts a very strong rental market with 95% occupancy and achieved an impressive 5.0% rent growth in 2020,, and an average rent of $880..
5 CLOSE PROXIMITY TO STRONG EMPLOYMENT Pine Glen is a 10 minute drive to Downtown Indianapolis with all of the city’s largest employers. University of Indianapolis, which employs more than 600 faculty, is a 5 minute drive from the property..
1. 90’S BUILT PROPERTY WITH PROVEN VALUE ADD
Built by well-respected Indy developer, JC Hart in 1990, Island Club is well maintained and partially renovated. 40% of the units are upgraded and achieve premiums up to $120/mo. A new owner can continue unit upgrades at the current level or do more extensive renovations to achieve higher premiums.
2 UNIQUE WATERFRONT SETTING
Island offers an exceptionally unique Setting on 25 acre lake - X units are lakefront and most of the units feature water views. In addition to the waterfront lifestyle, residents enjoy a comprehensive amenity package.
3 UNPARALLELED UNIT FEATURES
The unit features at Island Club are unmatched in the market. 100% of the units have washer/dryer connections, dedicated covered parking and fireplaces. Units also have abundant natural light, and most first floor units feature a unique sunken living room.
4 ACCESS TO EMPLOYERS, DOWNTOWN & AMENITIES
Located just off a major east west corridor, residents can quickly drive to nearby employment and be downtown Indy in 15 minutes.
FREE & CLEAR WITH RELIABLE CASH FLOW DAY 1
Historical occupancy at the property has averaged 95% and 2020 Rental Revenue grew by almost 6%. Island Club is offered free and clear.
1 PROVEN VALUE-ADD OPPORTUNITY 24 Units have been upgraded with new appliances, laminate countertops, 6 panel doors, painted cabinets, light fixtures, faucets, and new hardware. Georgetown South is currently achieving up to a $75 premium on these units.
2 RECENT MAJOR CAPITAL PROJECTS COMPLETED Current Owner has completed many large capital projects including replaced all windows and patio doors in 2018, all new pool lines, plaster, copping stone and tile in 2018, minor asphalt mill and paving in 2018, and converted 10 units to Central AC.
3 CLOSE PROXIMITY TO LAFAYETTE’S LARGEST EMPLOYERS The property is located only 10 minutes away from the two largest employers in Lafayette, Caterpillar and Subaru. Also, only .5 miles away from the elementary and high school.
4 STRONG HISTORICAL RENTAL INCOME GROWTH Georgetown South has grown Net Rental Income 6.0% in the Trailing 12 months and 7.5% over the T-3. A new owner has the opportunity to take continue this momentum through continuing to raise occupancy and burn off concessions.
5 MARKET RENTS BELOW COMPETITION Current Market Rents are anywhere from $50 - $150 below current competition. A new owner can raise rents day one to bring property in line with surrounding competition.
1 FULLY RENOVATED LATE 80’S BUILT PROPERTY WITH HIGH IN PLACE YIELD
In 2018/2019, $2.6M / $10k+ per unit was invested in The Wylde. Renovations included unit upgrades, exterior painting, clubhouse and fitness center renovation, hallway upgrades, new signage, addition of washer / dryer hookups in all units and more.
2 MINUTES TO LARGE EMPLOYERS, PLENTIFUL RETAIL & AMENITIES
The Wylde is located less than one mile from some of the area’s best shopping, just 3 miles from popular Eagle Creek Park, and a quick drive to Intech Park (the premier and largest industrial park within Marion county) and 3 of the 4 of other largest logistic centers in Indy. Downtown Indianapolis also less than 10 miles from the property.
3 DESIRABLE UNIT & PROPERTY FEATURES
Situated on a wooded site with large mature trees, all units have been upgraded and offer Washer / Dryer connections, top floor units feature vaulted ceilings and select units have two sided fireplaces and lake views.
4 INCREASING REVENUE TREND AT PROPERTY & SUBMARKET
In 2020, revenue at The Wylde grew by 5.8% vs 2019 proving the property’s resilience and growth potential. The entire submarket has performed very well. The Westside of Indy had the highest rent growth of any Indy submarket in 2020 with an impressive 6.5% annual rent growth.
5 OFFERED FREE & CLEAR
The Wylde is available free and clear and allows a new owner the ability to take advantage of today’s low interest rates and desirable debt terms.
1 2002 BUILT PROPERTY WITH PROVEN VALUE ADD POTENTIAL
Current owner has completed light upgrades on 120+ units in phases I and II (The Flats – 320 units) and achieves a $60 premium. The new owner can continue with the current upgrade program and further enhance the units to achieve a higher premium of $100+.
2 2016 BUILT LUXURY PHASE PROVES DEMAND FOR HIGH END FINISHES
73 luxury townhomes, all with attached one car or two garages, were built in 2016 as Phase III and lease for 400+ more per unit than the 2002 built flat style units. The townhomes maintain high occupancy proving the demand in the area for luxury finishes.
3 COMPREHENSIVE AMENITY SET
Stone Ridge offers its residents a comprehensive amenity set that, while already in good condition, could be elevated. Amenities include a walking trail around the entire community, large pool with hot tub and adjacent covered outdoor cooking area, fitness center, bark park, basketball court, tennis court and 2 Amazon Hubs.
4 BRICK EXTERIORS & DESIRABLE UNIT FEATURES
The 2002 built phase (The Flats – 320 Units) offers a full brick exterior and desirable unit finishes including open kitchen layouts, washer/ dryer connections and private entrances. The 2016 built phase (The Townhomes – 73 Units) have attached one and two car garages, private entrance and high end luxury finishes.
5 NEAR VAST EMPLOYMENT OPPORTUNITIES
Located immediately adjacent to Ameriplex, a Class A logistics and distribution park with millions of square feet. Additional employment is plentiful near the site.
The acquisition of Deercross provides investors with the rare opportunity to acquire 372 units at a 6%+ trailing cap rate and the proven ability to increase rent with light unit upgrades.. Deercross is being sold subject to the assumption of the existing Fannie Mae loan and therefore will not require upfront escrows and has interest only payments until June of 2025.
51 units at Deercross have been lightly renovated and have achieved $60+/- premiums. The new owner has the ability to continue to renovate units and grow revenue.
Deercross is located on the west side of Indianapolis and offers very convenient access to some of the city’s largest employers. Located directly on 38th street, a major east/ west thoroughfare with an average daily traffic count of 45,000, Deercross maintains extremely high leasing traffic.
Wellington Village Apartments built in 1974 is a 204-unit apartment community located on Indianapolis’ suburban east side. The community is situated on 13.35 acres that has 17 three-story residential buildings, a very large clubhouse and vast greenspace. The property offers an attractive unit mix of 2 and 3 bedroom garden style units. Directly off I-70 and I-465, Warren Harbor enjoys easy and convenient access to downtown Indianapolis, local restaurants and employment.
The property offers opportunities to an investor to increase revenue significantly by adding washer/dryers in each unit, upgrading units with new cabinets, black appliances, countertops, flooring, plumbing/light fixtures and enhancing the amenities..
Wellington Village is being offered free and clear .
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
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of The RiverFront Lofts, a 168-unit, 2018-built apartment adaptive re-use community located in Terra Haute, IN.
Acquisition of RiverFront Lofts represents an opportunity to own a on-of-a-kind property located directly on the Wabash River. The property offers incredible and unique unit interiors and upscale amenities renters are looking for.
1 UNTAPPED VALUE-ADD AT WELL MAINTAINED PROPERTY Beech Grove Village is currently owned by a local Indianapolis non-profit entity that has kept rents low to fulfill their charitable mission. While the property has been very well cared for and maintained, no unit upgrades nor amenity enhancements have been completed. A new owner can raise rents immediately (even prior to renovations) and then further grown income by completing interior unit upgrades and addition amenities
2 UNDER MARKET RENTS & 100% OCCUPANCY FOR 5+ YEARS With current rental rates that are more than $100 under market, the property has maintained extremely high occupancy for at least the past 5 years. The property also maintains a large waitlist. There are no vacant units available to lease for at least the next 4 months, which has been typical at the property.
3 NO PENDING EVICTIONS IN 2020 – $0 BAD DEBT The current residents at Beech Groove provide an extremely reliable income stream. There were no evictions in 2020 and there are no current evictions pending. All residents are current on their rent and the property currently has $0 in bad debt.
4 LONG-TERM TENANT BASE AND LOW TURNOVER The average tenancy length at Beech Grove Village is over 4 years. The property has experienced extremely low turnover due to great management, a desirable location and under market rents.
5 STRONG SOUTHSIDE SUBMARKET The southside of Indianapolis maintains a strong rental market at 95% occupancy and achieved 5.0% rent growth in 2020. The location allows for extremely easy access to downtown Indianapolis and popular Greenwood, both of which provide vast employment opportunities.
The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of Liberty Center, a 238-unit, 2016-built apartment community made up of two distinct buildings - The Grant and The Fillmore. Located in the heart of a landmark town center Liberty Center fuses luxury living, dynamic dining, best-in-class retail and engaging entertainment within an active and connected urban neighborhood.
The acquisition of Liberty Center Apartments (The Grant & The Fillmore) represents an opportunity to own in what is arguably one of the most vibrant mixed-use neighborhoods in the nation. The property offers everything high-income dwellers are looking for - from high-end unit finishes to an upscale restaurant and retail destination.
The Liberty Center Apartments attached Net Leased Liberty Center Retail is also being offered for sale as part of a separate offering. For more information about the Liberty Center Retail, visit the site: Here
Barton Farms is a 262 unit apartment community located in Indianapolis’s popular southside suburb, Greenwood. It is offered free and clear and can be purchased individually or as part of a 500+ unit, 2 property portfolio to include Bexley Village - 276 units.
The community was built in two phases: the duplexes in 1998 followed by the garden style in 2002 and has been well maintained by the original owner. All roofs were replaced in 2012. The community offers an attractive mix of flats and popular cottage style/duplex units. All duplex units, which represent 30% of the property, are single story with attached garages and provide a single-family home lifestyle to residents. A full-size washer and dryer are provided in all units.
While Barton Farms is well maintained, a new owner can upgrade unit interiors and elevate the amenities to increase revenue. In addition to rent premiums available by completing additional unit renovations, organic revenue increase is also expected as the current rents trail market by an average of $116+.
Greenwood was voted one of the best places to live in Indiana. The top four employers in Greenwood are FedEx, Amazon Distribution Center, and two large healthcare networks, Franciscan and Community Health, all of which are close to Barton Farms.