5.2% T-3 CAP RATE + DEMONSTRATED HIGH DEMAND
Legacy Park is offered at an attractive 5.2% T-3 Cap Rate, 5.8% Year One Cap Rate (without renovations) and a 6.2% Post Reno Forecast Cap Rate (including the cost of upgrades). The demand to live here is evidenced by consistently high occupancy—95%+ since 2022, and low bad debt. The average market rent has jumped 29.5% from April '21 to May '23.
PARTIALLY RENOVATED WITH REMAINING UPSIDE
The current owner has added amenities and partially upgraded all units. Enhancing the unit interiors further and adding more amenities could command an average rent premium of $270. With the proposed rent premiums post renovation, rents will still be under The Arbuckle and Union Green (newer, nearby competing properties). The recently implemented mandatory internet fee will also provide $100K in additional annual revenue.
SUBURBAN ASSET WITH SUPERIOR FEATURES
Legacy Park is tucked away on a low density site with lush landscaping, plenty of green space and great curb appeal. Interiors are well-appointed with 9' ceilings, washer/dryer, granite counters, wine rack and ample closet space. Select units have a fireplace, built-in desk and direct access garage. Adding to the current popular amenities and renovating units will only add to the appeal of Legacy Park.
RAPID GROWTH + HIGH RANKED BROWNSBURG
Legacy Park takes advantage of its stellar location with 63% population growth and an average household income of $133K+ (one-mile radius). Brownsburg continually ranks nationally among the best places to live and is among Indiana's fastest-growing, high-end counties (Hendricks). Residents benefit from close proximity to healthcare, logistics and advanced manufacturing employers.
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.
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 CommunitiesDemand for BTR communities has steadily increased as renters prefer the privacy and larger size of a home, without the burden of homeownership.
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.
2009 BUILT LUXURY SUBURBAN PROPERTY
Prairie Lakes is a trophy suburban community with timeless architecture featuring an eye-catching exterior, superior curb appeal, irrigation throughout, and highly attractive unit layouts that are larger than most nearby properties. Its comprehensive amenity set rivals, and is often superior to, nearby competitors.
$320+ PER UNIT RENT PREMIUM POTENTIAL
While only 12 years old, Prairie Lakes still has a modern look and feel. However, a new owner could elevate the unit finishes and add community amenities to increase rental rates and raise revenue.
HIGH DEMAND - 14.5% YOY INCOME GROWTH
Demonstrating the ability to grow rents organically, revenue at Prairie Lakes has increased 14.5% year-over-year. Over the past 12 months, the property achieved a 14.9% increase on new leases and a 6.5% increase on renewals. The property is in high demand with occupancy consistently in the mid 90’s for many years. Rent Growth at Prairie Lakes is bolstered by Indy’s job growth that has far outpaced its regional peers.
THE BEST OF BOTH FISHERS & NOBLESVILLE
Located in Noblesville and across the street from Fishers, both of which are high-end suburbs of Indianapolis, Prairie Lakes offers its residents the best of both cities. Additionally, Indianapolis, Carmel and Westfield are all within a quick drive, providing tremendous amenities, employment, retail and service opportunities to residents.
HIGHEST GROWTH & INCOME COUNTY
Prairie Lakes is located in Hamilton County, boasting 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.
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 208-unit The Park at Via Teano multifamily community located in Daytona Beach, Florida.
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Fountainhead, a 176-unit, 1972-built apartment community located in the highly sought after far northside.
Acquisition of Fountainhead represents an opportunity for a great basis play with immediate operational upside and renovation potential.