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.

...
Sold
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
Sold
Carriage House & Williamsburg on the Lake (2 properties, 420 units)
Carriage House - Elkhart
230 Units
1200 Burr Oak Ct
Elkhart, IN  46517
Type: Conventional
Closed: 8/24/2018

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.

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

Cityscape is a 163-unit apartment community located in the heart of Fort Wayne’s vibrant downtown. Completed in 2017, the community is the largest new urban multifamily development in downtown Fort Wayne.

Property amenities include a large cardio-fitness center, an expansive raised courtyard in the interior of the structure with a unique aqua bench feature (wading pool) and thousands of square feet of open green space. Grilling stations and an outdoor lounge space with firepit are available for residents throughout the year in this one-of-a-kind space at Cityscape Flats. The community also has a penthouse-level club room on the top floor with access to a large deck overlooking Parkview Field and entertainment venue which hosts the minor league baseball team the TinCaps.

The community offers an attractive mix of 5 Studio units, 116 One Bedroom Flats (in three floor plans) and 42 Two Bedroom Flats (in four floor plans). All units have washer/dryer hookips, and kitchens feature granite countertops with brushed nickel accents throughout, frost-free refrigerators, dishwashers and garbage disposals.

The community is in an excellent location conveniently located in the Fort Wayne downtown CBD, with many major employers and two major universities all within minutes of the property.

...
Sold
CityScape Flats
163 Units
1250 Ewing Street
Fort Wayne, IN  46802
Type: Conventional
Closed: 9/20/2019
Sold
CityView on Meridian
166 Units
3801 N. Meridian Street
Indianapolis, IN  46208
Type: Conventional
Closed: 1/27/2017

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.

...
Sold
Club Manor Apartments
96 Units
250 E Northfield Drive
Brownsburg, IN  46112
Type: Conventional
Closed: 7/17/2019
Sold
College Crossing
56 Units
1840 National Avenue
Indianapolis, IN  46227
Type: Conventional
Closed: 1/24/2019
Sold
Cottages of Fall Creek
753 Units
5653 Brendon Way W. Drive
Indianapolis, IN  46226
Closed: 2/15/2018
Sold
Cross Creek
208 Units
5756 Cross Creek Drive
Indianapolis, IN  46254
Closed: 1/9/2017
Sold
Shamrock Portfolio (4 properties, 1,427 units)
Crossings at 5810
220 Units
5810 Sebring Drive
Indianapolis, IN  46254
Type: Conventional
Closed: 5/24/2018
Sold
Double Creek Flats
240 Units
335 Double Creek Drive
Plainfield, IN  46168
Closed: 5/7/2018
Sold
Eastway Court
286 Units
3 Manor Dr.
Greenfield, IN  46140
Type: Conventional
Closed: 7/1/2016

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.

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

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.

...
Sold
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

English Village is a partially renovated 1987 built property in a desirable location that benefits from limited nearby competition. 71 units have been fully upgraded and achieve rent premiums of $100 +/-.

The new owner could continue to upgrade and updated the remaining 137 unit to increase revenue. Located in Warren Township, on the southeast side of Indianapolis, English Village enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants, employment and medical facilities.

English Village offers very attractive Fannie Mae debt already in place which can be assumed. Debt terms include a low 4.57% interest rate, interest only payments until December of 2022 and loan maturity not until November of 2032.

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

...
Sold
English Village
184 Units
545 English Village Drive
Indianapolis, IN  46239
Type: Conventional
Closed: 11/20/2019
Sold
Estates at Eagles Pointe
574 Units
2002 Shaw Avenue
Peru, IN  46970
Closed: 11/30/2016
Sold
Flats at 146
368 Units
15201 Flats Dr
Noblesville, IN  46060
Type: Conventional
Closed: 12/12/2018
Sold
Flats at Fishers Marketplace
306 Units
9588 Ambleside Dr.
Fishers, IN  46038
Closed: 11/30/2017
Sold
Shamrock Portfolio (4 properties, 1,427 units)
Flats at Meridian Hills
153 Units
7135 Warrior Trail
Indianapolis, IN  46260
Closed: 5/24/2018
Sold
Flats at Switch
101 Units
9 Municipal Drive
Fishers, IN  46038
Closed: 4/24/2018
Sold
Fountain Parc
240 Units
4901 Whitton Place
Indianapolis, IN  46220
Closed: 1/11/2018
Sold
Golden Memories
58 Units
855 Southfield Drive
Plainfield, IN  46168
Type: Conventional
Closed: 7/17/2019

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.

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

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.

...
Sold
Harbour Town
104 Units
222 Waterfront Court
Noblesville, IN  46060
Type: Conventional
Closed: 2/13/2019