FORMER INCOME RESTRICTED PROPERTY
In February of 2021, Falcon Creek was released from the Low Income Housing Tax Credit program which restricted the income level of 86% 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 $450 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 12 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2026.
HIGHLY SOUGHT AFTER 1999 BUILT VALUE ADD
Offering Washer / Dryer connections in all units, attached garages in select units and spacious floorplans, a comprehensive property and interior unit upgrade will allow a new owner to significantly raise rents. Current rents at Falcon Creek trail the market by an average of $179. The property offers a large clubhouse which, when renovated, can offer ample amenities to residents that are currently missing.
STRONG WESTSIDE INDY SUBMARKET
The westside of Indianapolis offers favorable dynamics with an average submarket occupancy of 95.5% and an impressive 4.3% rent growth in 2020.
NEARBY BY RETAIL
The property is very near many shopping centers and retailers including Aldi, Walmart, Meijer, Fedex, and many others.
CLOSE PROXIMITY TO KEY ECONOMIC DRIVERS
Falcon Creek is less than a 15 minute drive to downtown and near many major employers, millions of square feet of warehousing and the city’s largest logistics hub.
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Linden Square, a 298-unit, 2001 & 2015-built apartment community located in very desirable Town of Avon, a growing Indianapolis suburb.
Linden Square is located in one of Indiana’s hottest fastest growing submarkets. Hendricks County is among the country’s fastest-growing and offers residents an exceptionally high quality of life. Units at Linden Square already offer desirable features including 9, 10 or 12 foot ceilings, in unit laundry and open floorplans. Enhancing these finishes will allow for rent premiums of $130+.