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.

HIGH 5.4% CAP RATE WITH UPSIDE

20 East represents the rare opportunity to purchase a property at a 5.5% cap T- 3 Cap Rate on pricing guidance of $13.5M. Half of units have been upgraded (but current owner is not charging premiums) leaving additional value add potential through continued unit upgrades and organic rent growth.

98%+ OCCUPANCY & UNDER MARKET RENT

With a multiyear history of 95%+ occupancy, 20 East has demonstrated incredibly high renter demand. Current rental rates trail the surround comparable properties by more than 20%.

HOUSING UNDER SUPPLY & 1.6% UNEMPLOYMENT

The city of Elkhart has a substantial undersupply of housing. Employment has grown substantially, to an unemployment rate of 1.6% - the lowest in the country, outpacing new housing. A study recent study oncluded that there is a nearly 5,000-unit housing deficit in the city of Elkhart.

WELL MAINTAINED & SINGLE STORY PRODUCT

The entire property is single story and all of the units have a private entry and washer/dryer hookups. 20 East has benefitted from major capital expenditures in the last few years, leaving the new ownership to focus on property upgrades that will increase revenue.

360 UNIT PORTFOLIO: $99K/UNIT & 5% T-3 CAP RATE

20 East can be purchased individually, or as part of a three property, 360-unit portfolio. The Portfolio Pricing Guidance of $35.5M represents an average price per unit of just under $99k per unit and a blended 5.0% Trailing 3 Cap Rate.

3Square is a new construction, first-of-its kind concept in Bloomington with high end modern finishes. This one-of-a-kind property offers only furnished studio units, each with a private bath, dry bar, and access to the property’s luxurious common amenities.

Comprehensive amenity package includes a fitness center, outdoor covered lounge with media, large commercial kitchens individual storage units, a performance stage, multiple sitting and study areas, covered parking, and free laundry for residents.

Fully leased, 3Square’s new concept has shown a proven demand in Bloomington. The current rent at the property is below market and can be increased by $200. Zoning changes in the area prohibit any new competition of this property type.

5 Demand for All Inclusive Package

Residents are drawn to 3Square not only for its ideal location, but for its all-inclusive rental package which includes a private, furnished studio apartment, laundry, all utilities, common kitchen cleaning, and access to all amenities.

The Bloomington campus has seen continued growth with a record number of students enrolled for 2021 and increase of 20% over Fall 2020 The Bloomington market has shown strong historical occupancy and rent growth.

Acquisition of 32 Union represents an opportunity to own one of the best properties in a high-end high-growth location. The property offers everything high-income dwellers are looking for - from a luxurious amenity set and curated design finishes to a sought-after Noblesville location.

2019 BUILT PREMIER SUBURBAN PROPERTY

Built with amenities and interior unit finishes that cater to high income earners, 32 Union offers luxury in each residence and a comprehensive amenity set that rivals, and is often superior, to any of the nearby competitors.

HIGHEST GROWTH & INCOME COUNTY

Hamilton County boasts the highest income and growth metrics in the entire state. Noblesville offers a highly acclaimed school district and has experienced rapid population growth of 191% since 2010.

CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD

Located in Noblesville, a high-end suburb of Indianapolis, 32 Union offers its residents easy access to Indy, Carmel, Fishers and Westfield all within a quick drive, providing tremendous employment, retail and service opportunities.

UNDER MARKET RENTS & 19.7% YOY INCOME GROWTH

Demonstrating the ability to grow rents, revenue at 32 Union has increased 19.7% Year-over-year. The current rental rates also trail the nearby competition by $75 - $500 allowing the new owner to continue to increase revenue.

LIMITED NEARBY NEW CONSTRUCTION

Surrounded largely by high end single family homes and The Sagamore Golf Club, there are only a few new properties being add in this submarket of Noblesville.

946 MLK is located on the campus of IUPUI providing walkability not only to the buildings of the University but also to the incredible perks of living downtown.

1. 5.4% TRAILING CAP RATE & 6%+ T-12 RENT GROWTH

Due to high demand, A/62 has maintained 95%+ occupancy for many years and has consistently grown revenue. Rental rates grew by more than 6% over the past year. This was organic growth and not as a result of unit upgrades. A/62 offers reliable cash flow day one and the whisper price represents a 5.4% Trailing 3 Cap Rate.

2. Clear Path to Unit/Amenity Upgrades & Rent Premiums

While well maintained, units have largely classic finishes allowing the new owner to execute a unit upgrade program.

3. Recent Capital Improvements Completed

Current owner has spent more than $2M and completed major capital improvements including roof and balcony replacement. New owner can now simply focus on revenue generating enhancement such as unit upgrades.

4. Sought After Northside Location - $94k Avg HHI

Located on the Northside of Indianapolis, the average household income is $94,000 in the 2 mile radius. A/62 Residents enjoy convenient access to some of the city’s best retail, restaurants and vast employment nearby.

5. Offered Free & Clear

The ability to purchase A/62 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.

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.

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.

Attractive Cap Rates - 6.2% T-3 & 7.3% Year 1

Aspen Pointe is in excellent physical condition and offers immediate cash flow selling at a 6.2% T-3 and achievable 7.3% Year 1 Cap Rate. Historical occupancy averages 96% over the last four years.

Fully Renovated - $5.1M+ Capital Infusion

The majority of the property infrastructure has been replaced, and all units have been fully upgraded within the last seven years. Items included replacement of HVAC systems, electrical, plumbing, windows, patio doors and balconies.

Limited Nearby Competition

There is only one competing property close to Aspen Pointe. The remainder of the five competing properties are at least two miles away. This quiet property is nestled among mature landscaping and offers a neighborhood feel that rivals its limited competition.

Close to Logistics Hub, Airport & Interstates

Located on Indy’s southwest side, Aspen Pointe is close to Indy’s logistics hub with nearly 98M SF of facilities, Indianapolis Int’l Airport and significant employers such as Amazon, FedEx Hub, UPS Hub, Target Distribution Ctr., Foxconn and Nippon. Interstates I-465 (0.7 Mi.) and I-70 (1.6 Mi.) offer access to additional employment.

Value-Add Potential with Minor Enhancements

With minor enhancements to all units, and adding amenities, Aspen Pointe could be regarded as the top property among its competition.

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.

STRONG PERFORMING | <$140K/UNIT | 6.2% T-3 CAP RATE

Lush landscaping, expansive lakes with fountains, extensive amenities and popular unit layouts attract residents to Astoria Park. The physical occupancy has averaged 94%+ over the last few years and delinquency is very low. The asset is offered at less than $140K per unit with a very attractive 6.2% trailing cap rate.

WELL-MAINTAINED: $12M+ SPENT ON IMPROVEMENTS

More than $12 million has been spent improving the property since 2011. Updated items include 20 roof replacements since 2019, a clubhouse relocation with new fitness center, new outdoor amenities, updated unit interiors, painting, gutters and downspouts, signage, and lighting, in addition to numerous other improvements.

PROVEN RENT PREMIUMS & RESIDUAL YIELD

A $181 average rent premium is being achieved on the 168 units upgraded by the current owner. A full upgrade could be completed on the remaining 302 classic units to match the current upgrades, and more community amenities could be added. Additional yield could be obtained with the suggested enhancements.

HIGH TRAFFIC LOCATION ADJACENT TO EAGLE CREEK

Located directly on a major thoroughfare, Astoria Park benefits from its visibility to nearly 45,000 vehicles per day along 38th Street. Immediately west of the property is Eagle Creek Park and Reservoir, a very popular landmark for nature lovers, with more than 1 million visitors annually.

CENTRAL TO SIGNIFICANT EMPLOYMENT

Ideally located on Indy’s west side, Astoria Park is adjacent to fast-growing and high-income Hendricks County, and proximate to significant high-wage employers. Indy’s logistics hub (98M SF of facilities), northwest side and downtown employment corridors can be accessed quickly from the property.