Auburn Place is a 192-unit apartment community exceptionally well located on the south side of Indianapolis in the desirable suburb of Greenwood.

The community offers an attractive mix of 42 one-bedroom flats, 72 two-bedroom flats, 60 two-bedroom townhomes and 18 three-bedroom townhomes. The property’s 12 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 and playground.

Auburn Place is an extremely well-located community. Because of its proximity to Indianapolis and its excellent school system, Greenwood has experienced consistent population growth for many years. Auburn Place offers its residents close proximity to the south side’s best shopping and dining. Immediately northeast of Auburn Place is Simon’s Greenwood Park Mall, the second largest Indianapolis regional mall, containing 1.2 million SF. The Community Hospital South Campus, containing many additional specialty medical facilities, is just one mile from Auburn Place, and St. Francis Hospital is located just four miles northeast of the property. Traveling Downtown is quite convenient, as the property sits 11 miles directly south of the city’s center.

Aura, 125 units on Indy’s west side, is being offered for sale both individually or as 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 Aura as a stand-alone property is an excellent option and offers the ability to purchase a property with very spacious units. The average unit size at Aura is just over 1,200 square feet and offers a balanced mix of one, two and three bedroom units.

The current owner has renovated approximately 25% of units and proven rent premiums of up to $170/month. Located on the westside of Indy, Aura is very close to a large number of employers and offers quick access to downtown. Aura (and the entire portfolio) is being offered free and clear.

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

M Club Offering Memorandum

Retreat Northwest Offering Memorandum

Unique Property with large single-level floor plans

Aura offers residents a large single-level floor plan layout. One bedrooms offer 1,000 SF+ of spacious living and the average unit size is 1,200 SF+. All units have large patios and balconies, and first floor units have a wrought iron enclosed patio. The full amenity set features a fitness facility, pet park (new equipment) and pool (recently refurbished with new pool equipment and poured new deck around pool).

Near Major Employment and Amenities

Numerous major employment centers are within a 15-minute drive of the property. Aura is also very close to Marian University (1,115 emp.), Butler University (500 emp.), Indianapolis Motor Speedway (400+ emp.), Newfields Art Museum & Nature Park (300+ emp.) and the popular 5,300-acre Eagle Creek Park & Reservoir.

Close Proximity to Downtown Indy

Downtown Indianapolis is a quick 10 mile drive from Aura. Downtown is the main employment center and offers countless opportunities for dining, entertainment, sports, festivals and night life.

6.4% Cap Rate - Year One with Additional Upside

The current owner has spent more than a year cleaning up the rent roll and completing evictions for residents with non-payment. The new owner can achieve a 6.4% cap rate in year one by simply normalizing bad debt to 2%. By upgrading classic units, revenue can be increased by an additional $300K annually. Fully upgraded units will likely command a $200+ Premium.

808 Unit Portfolio Offering

Aura can be purchased individually, or together with Harrison Point (342 units) in Indianapolis, Tuscany Bay (96 units) in Lawrenceburg, and Devonshire Gardens (139 units) and Devonshire Place (106 units) in Evansville for a total portfolio of 808 units, offering instant economies of scale.

HIGHLY DESIRABLE ALL TOWNHOME LAYOUTS WITH GARAGES

100% of the units at Aurora have an attached one car garage and offer a spacious townhome layout with 1,200+ square feet of living space, providing a single family look and feel. All units have a private entrance, front and back yard, private garage, in unit washer/dryer connection, deck, and spacious basement with storage space and daylight window.

HIGH OCCUPANCY, 5.2% T-3 CAP RATE & UNDER MARKET RENTS

With current occupancy of 94%+/- and a multi-year history of high occupancy, Aurora has demonstrated incredibly high renter demand. Current rental rates trail the surrounding comparable properties by more than 20% / $260+ per month. Pricing guidance at $11M represents 5.2% Cap Rate on T-3.

ABILITY TO RAISE REVENUE IMMEDIATELY

In addition to organic rent growth, a new owner can increase rents by completing interior unit upgrades to achieve $200+ monthly premiums.

CLOSE PROXIMITY TO RETAIL & EMPLOYMENT

Residents of Aurora Townhomes enjoy easy access to abundant nearby retail, restaurants and employment. Bath and Body Works is headquartered in the city and other employers include Amazon, Lbrands, Victoria's Secret, JCPenney, Ohio Health and Mount Carmel East Hospital. Reynoldsburg is located in the Columbus MSA, one of the fastest-growing metros in the nation with unprecedented population, GDP and job growth.

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

Aurora 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.

2014-Built Property with Upside Potential

Aurum, built-in 2014, offers the potential to complete a light interior upgrade and increase rents by an average of $130+. Suggested upgrades include countertops, cabinet hardware, fixtures and new stainless steel appliances.

Near Notre Dame and Amenities

Aurum is located less than one mile from the Notre Dame Campus (12,809 students). Approximately 65% of the property’s residents are graduate students. Aurum offers quick access to nearby amenities with a bus stop near the entrance. Shopping, dining and entertainment are just a 0.25 mile walk or drive away.

100% Occupied with Below-Market Rents

Aurum is currently 100% occupied through Summer 2022. The rents are an average of $190 below competing properties. This asset offers an exceptional opportunity to increase rents during the next lease term.

Appealing Unit Layouts and Features

The units at Aurum feature well-designed layouts with spacious living areas, stackable or full size washer/dryer in each unit, walk-in closet and walk-in shower in sought after 2-bedroom floor plans.

Offered Free and Clear

The ability to purchase Aurum free and clear allows new owners to take advantage of current low rates, interest-only periods and maximum leverage which all increase buyer returns.

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.

Build-To-Rent Product by Respected Builder

Avalon Bluff is a build-to-rent (BTR) community developed by Tempest Homes, a well-respected Great Lafayette-based company founded in 2002. Tempest Homes has an A+ Better Business Bureau Accreditation.

High Demand for BTR Communities

Affluent Resident Profile in High Growth Area

Avalon Bluff is primed for a high-level resident profile. Average household incomes within one mile of the community are $113K and are expected to increase by 18% over the next five years. Within a one-mile radius of the site, the population has grown by 50% since 2010.

Near Notable Medical & Education Employment

IU Health Arnett Hospital and Franciscan Health Lafayette East Hospital, among many other medical facilities, as well as Greater Lafayette's largest employer, Purdue University, are all within a 15-minute drive of Avalon Bluff.

Dynamic Greater Lafayette

The Greater Lafayette Area, a diverse community situated between Chicago and Indianapolis, is experiencing incredible growth and robust innovation. With new developments in both education, biotech, and aerospace, the area continues to be a top place to live and work.

Luxury Property in Dynamic Walkable Location

AYR is an exquisite property built in 2020, boasting modern and inviting finishes that appeal to high-income residents seeking a luxurious lifestyle. Its prime location offers a walkable experience, with convenient proximity to retail establishments.

Access Broad Ripple, Keystone & Downtown 

AYR's exceptional location places it just a mile from the bustling center of Broad Ripple, ensuring residents can effortlessly immerse themselves in the vibrant entertainment, dining, and cultural offerings. Additionally, its strategic positioning provides quick access to both Downtown Indy and the upscale Keystone area, granting residents the opportunity to conveniently reach top employment centers as well as indulge in the city's premier shopping and dining destinations.

High-End Amenities & Finishes

The property provides an elevated living experience with luxurious finishes featured in the units, along with a range of high-end amenities. Residents can enjoy the convenience of unique Live Work Units, an expansive fitness center, co-working stations provide a productive and collaborative environment. Additionally, the Aqua Lounge offers a stylish and relaxing space for residents to unwind and socialize.

Proven Demand and Rent Growth

AYR experiences consistently high occupancy rates in the mid-90s, reflecting the strong demand for residents to live in the community. Furthermore, the property achieved rent increases ranging from 12% to 13% for both lease renewals and new leases, indicating the desirability of AYR as a sought-after living destination.

New Construction with Revenue Upside

Completed in 2021, the current owner does not bill back for water and sewer, and provides bulk internet and cable. Additional revenue could be made by billing back for water/sewer and internet/cable.

7.0% Cap Rate with Five-year Tax Abatement/ 5.8% Cap Rate without Tax Abatement

Baldwin Heights offers immediate cash flow selling at a 7.0% cap rate with a five-year tax abatement in place. Without the abatement, the cap rate is 5.75%.

Near Significant Employment

Toyota Motor Manufacturing | Indiana (7,296 employees) is less than five miles from Baldwin Heights. The company is adding an additional 1,400 employees by the end of 2023. Additional employers nearby include Duke Energy (1,400 emp), Vuteq Corp. (654 emp), Deaconess Gibson Hospital (350 emp) and Hansen Corp. (233 emp).

Desirable Unit Features

All units offer full size washer/dryer connections and machines, open layout, modern kitchens and bathrooms, ceiling fans, and a full appliance package. Units are large, averaging 999 square feet.

Limited Competition

There is very little direct competition for Baldwin Heights. Vail Estates is the only other apartment property that is comparable.

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.

IN-PLACE YIELD & 5.5% CAP RATE

Beech Grove offers reliable cash flow with immediate yield. A new owner can simply purchase the property at a high 5.5% T-3 Cap Rate and continue to operate the property well and earn a robust return.

$3.1M+ IN CAPITAL IMPROVEMENTS COMPLETED

The current owner has completed nearly $3.2 million in capital improvements at the property. Updates included modern upgrades to 138 "Platinum" units, all new windows, 35 new sliders, 50% of roofs, landscaping, common hallways, decking, and asphalt, among other items.

REMAINING UPSIDE

The potential for significant revenue increases exists through completing the current "Platinum" unit upgrades. The remaining 14 "Original" and 28 "Gold" units could be upgraded to the "Platinum" level. Additionally, adding washer/dryer connections to the 90 units of the two-bed style could yield additional revenue.

CONVENIENT TO LOUISVILLE & OHIO RIVERFRONT

Vibrant downtown Louisville and its many shopping, dining and entertainment options and employment centers are just a fifteen minute drive from the property. Greater Louisville is a strong apartment market in terms of both rents and occupancies. Downtown Jeffersonville, at the Ohio riverfront, offers numerous amenities including the River Stage—a free concert and event center.

ATTRACTIVE BRICK EXTERIOR

The brick exteriors at Beech Grove are attractive, and are low maintenance.

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.

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.

Bexley Village is a 276 unit apartment community located in Indianapolis’s popular southside suburb, Greenwood on the corner of Smith Valley Road and Emerson Avenue. It is offered free and clear and can be purchased individually or as part of a 500+ unit, 2 property portfolio to include Barton Farms - 262 units.

The community was built between 1997-1998 and has been well maintained by the original owner. All roofs were replaced in 2019. The community offers an attractive mix of 1 & 2 bedroom units. A full-size washer and dryer is provided in all units.

While Bexley Village 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 $143+.

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 Bexley Village.