IRREPLACEABLE URBAN LOCATION

Millikan on Mass II is located within downtown Indianapolis along Mass Ave—the city’s #1 nightlife, dining and entertainment district. Residents are steps from a wide array of the best and most popular amenity options downtown has to offer.

OFFERED BELOW REPLACEMENT COST - $195K/UNIT

The cost to construct Millikan on Mass II in today’s market would cost significantly more than it did in 2015. According to NAHB, building materials prices increased 20.4% year over year and have risen 33% since 2020. With a pricing guidance of $195K per unit, the property is offered well below the replacement cost point.

UPSIDE POTENTIAL WITH UNDER MARKET RENTS

The property is owned by the City of Indianapolis Housing Agency which has struggled with staffing and turning units, even with an extensive waiting list. There is ample operational upside in a very strong market. Current market rents are $300-500 below nearby competing properties. The new owner could immediately raise rents organically on new leases and renewals to increase revenue.

CONVENIENT TO DIVERSE & ABUNDANT EMPLOYMENT

With award-winning employers within walking distance, the property’s location brings ‘Live-Work-Play’ to another level. The diversity of employers downtown (from tech to education and healthcare) offers a high level of stability in resident employment.

NEWER URBAN PRODUCT WITH FIRST FLOOR RETAIL

Built in 2015, the property features high-end finishes and open floor plan living with gorgeous views of Mass Ave and downtown Indy. Three popular eateries—Fat Dan’s, Goodfella’s Pizza and Salt on Mass—are convenient for residents to access on the first floor of the building.

The General Partner Interest for Millikan on Mass I (61 Units) is also be offered. More information can be downloaded from the Document Center after a Confidentiality Agreement as been executed.

ADJACENT TO HIGH GROWTH SUBURB

Northwoods is located immediately west of popular Indy, suburb of Avon. Ranked by Money Magazine as one of the nation’s best places to live, Avon provides all the advantages of Indy with exceptional access to vast employment and extensive recreational opportunities.

100% OCCUPANCY AND UNDER MARKET RENTS

With current occupancy of 100% and a multiyear history of 98%+ occupancy, Northwood has demonstrated incredibly high renter demand. Current rental rates trail the surrounding comparable properties by more than 20%.

RAISE REVENUE IMMEDIATELY

In addition to organic rent growth, a new owner can increase utility bill-back recovery which is currently only at 65%. With a modest rent increase and 85% Water / Sewer recovery annual income will increase by more than $130,000.

PREVIOUSLY RENOVATED

In 2012, Northwoods received a comprehensive renovation including a property gate, new windows, 100% interior unit renovations (new cabinets, stainless steel appliances, flooring, lighting and more) and exterior enchantments.

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

Northwoods 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.

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.

Oak Park is a 163-unit apartment community exceptionally well located on the south side of Indianapolis just north of the desirable suburb of Greenwood. The community was built in 1964 but has been recently updated. In 2016, the property received significant updates and improvements. All windows were replaced and 50%+/- of the roofs were replaced. Common area hallways were renovated with new flooring, painting and lighting. The community’s clubhouse was extensively renovated, and a new fitness center was added. 31 Units have been fully upgraded with all new interior finishes (cabinets, countertops, appliances, flooring and fixtures).

The community offers spacious units with an average unit size of 1,079 square feet. Oak Park has an attractive unit mix with one Studio / Cottage, 50 one-bedroom flats and 112 two-bedroom flats. The property’s 17 acres feature many mature trees and ample green space. Community amenities include a clubhouse/community center with 24-hour fitness center, a swimming pool and sundeck. Unit features include attractive, spacious floor plans, fully-equipped kitchens, private patios or balconies in all units. Select units offer washer / dryer hookups.

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).

Overture Flats was completed in 2017 and includes 262 units comprised of one-, two- and threebedroom luxury apartments with six bright, open floor plans and variety of residentfriendly amenities in this resort-like community.

Overture Flats offers A-class amenities such as a beautifully appointed clubhouse with a full kitchen, lounge, game room and conference room, outdoor living space with fire pit and gas grills, swimming pool with sundeck, 24-hour fitness center, leash-free dog park, garages and responsive on-site management.

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.

5.4% T-3 CAP RATE + ATTRACTIVE EXISTING DEBT

Park 33 is being offered at $33M/$176K per unit, with a 5.4% T-3 and 6.6% cap rate on year 1 forecast. The exceptional existing assumable loan has very favorable terms including a 3.08% interest rate. There is also potential for a $4.8M supplemental loan.

MINIMAL NEARBY COMPETITION

The closest competing properties for Park 33 are located in Elkhart, IN - 12 miles from Park 33. For the past four years, Park 33 has averaged 98% occupancy. According to a housing study completed for the City of Goshen, 4,500 homes are needed by 2030 just to meet the current demand.

UPSCALE 2018-BUILT ASSET

Park 33 offers features attractive exteriors and curb appeal with irrigation throughout, and attached garages (select units). Units are substantial, averaging 1,178 SF and include stainless steel appliances, full-size washer/dryer, and granite countertops. A turf dog park and patio, and fitness center with Peloton bike/subscription are just a few of the appealing amenities.

AMPLE NEARBY EMPLOYMENT

Conveniently located near north central Indiana’s largest job clusters, Park 33 benefits from excellent access to numerous diverse employers nearby, and throughout Elkhart and St. Joseph County.

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.

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.

2001 BUILT ASSET OFFERED AT $199K/UNIT

Pebble Brook Village offers all new roofs, new wood trim (in process) and sought after features that compete extremely well with new construction properties. At $199K/unit, the property is offered well below similar era product that recently traded at $250K/unit.

UPSIDE POTENTIAL WITH PROVEN RENT PREMIUMS

91% of the units are mostly original to the 2001 construction, offering the opportunity to increase revenue by completing a renovation on 214 classic units and adding amenities. The 9% of units that have been renovated are achieving $360+ average rent premiums.

23%+ ORGANIC RENT GROWTH

High rent growth is being achieved at the property with a recent 23% increase on renewals and 28% or $283 average increase on new leases. These rent increases are organic (obtained on non-renovated units).

HIGHEST GROWTH & INCOME COUNTY IN THE STATE

Hamilton County boasts the highest income and growth metrics in the entire state. Noblesville offers limited competition from new construction, a highly acclaimed school district and has experienced rapid population growth of 31% since 2010.

CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD

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

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.

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.

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..