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.
Garden Pointe Apartments was originally built in 1973. The property received a very substantial renovation in 1992. At that time all windows, patio door and roofs were replaced. All units were fully upgraded in 1992 as well. The 1992 renovation included creating open concept kitchen layouts, adding washer / dryer connections to 50% of units (all second-floor units), new cabinetry, appliances, light fixtures and flooring. The current owner purchased Garden Pointe from a “distressed owner” in cooperation with their lender (since their loan was in default). At the time of their purchase the property has substantial physical need. The current owner has spent over $1.7M in the past year completing property renovations to bring all units back on line. One of the fourteen buildings (Building M) was down and has now been completely renovated. All 32 units in building M are now branded the LUX style and have high-end finishes that include quartz countertops, new wood cabinets, black appliances, nickel light and plumbing fixtures, paneled doors, vinyl plank flooring and a new trim package. These 32 units also received new HVAC systems, windows and patio doors.
In addition to the 32 LUX units, there are 12 units throughout the property that were previously down and now have all new interior unit finishes.
The acquisition of Garden Pointe Apartments offers a new owner the opportunity to continue to upgrade units and achieve rent premiums. Current rents trail the market by $25 - $105. The large clubhouse and expansive grounds allow for enhancements to the amenities in addition to upgrading the units.
Garden Pointe is being offered free and clear for an attractive price of $17,000,000 / $55,920 per unit.
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.
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.
The Plymouth Portfolio totals 190 units, consisting of four properties: Webster Apartments (72 units), Pal Apartments (40 units), Skylane Apartments (70 units) and Homestead Apartments (8 units). Located in Plymouth, IN, the properties stretch from the southern edge to the north side of the city but are all located within a 5 minute drive. Residents at the southern most property, Webster, enjoy a quiet landscape while the northern properties (Pal, Homestead, Skylane) are the epitome of convenience – within walking distance to retailers and grocers and easy access to US-30 for commuters.
The Lenox is an exceptionally well-maintained 200-unit apartment community located on the popular northeast side of Indianapolis. Built as a luxury community in 1972, the property consists of nine brick, two-story residential buildings and an office / clubhouse. The large clubhouse contains a community room with fully-equipped kitchen and fireplace, 24-hour fitness center, and a business center with free wi-fi. In addition to the clubhouse, community amenities include a pool with sundeck, playground, laundry facilities in each building, garages and carports, and available extra resident storage.
Lexington Park is a 362-unit apartment community on Indianapolis’ east side.
Built in 1967, the property consists of 35 two-story residential buildings and a clubhouse on approximately 23 acres. The property offers a variety of floor plans - 1 and 2-bedroom flats, 2 bedroom townhomes and one 3-bedroom townhome. All of the townhome units (with the exception of 7 units) have washer/dryer hook-ups.
The location of Lexington Park offers easy access to interstate 70; making it convenient for residents to access I-465, I-74 and I-65 within just minutes of the property. The Indianapolis CBD, with its vibrant downtown cultural and entertainment attractions and a 30,000 student university (IUPUI), is only a 15-20 minute drive from the property via I-70.
Lodge at Trails Edge is a 268-unit luxury apartment community located in the popular Nora/Castleton area on Indianapolis’ affluent far north side. The community was originally built in 1981. In 2001 a building with twenty units was added. Situated on 20 well-landscaped acres, the property has great curb appeal and offers its residents a truly park-like setting and that includes a lake with two fountains, many mature trees, and ample green space. The immensely popular Monon Trail runs along the property’s western edge.
The site includes the clubhouse/office/amenity building, a shop, and 13 residential buildings. Lodge at Trails Edge offers a mix of 136 one-bedroom flats and 132 two-bedroom flats. Features vary by unit type but include attractive floor plans with kitchens with breakfast bar, ample pantry space, a full appliance package, private patios and/or balconies, and oversized closets..
Ninety-six units have fireplaces; sixty-one units have washer/dryer hookups, and seventy-two units overlook the central lake and its two fountains.
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.