Aliro offers a tremendous value-add investment opportunity because of its economies of scale, proven performance, and upside. Ownership has spent millions in recent capital improvements and has completed 338 in-unit renovations leaving 531 classic units available to be renovated by future ownership.
Harrison Point is an exceptionally well-maintained workforce housing community located on Indianapolis’ suburban east side. While originally constructed in the late ’60s, the property has been significantly renovated and has the look and feel of a much newer community. New exterior vinyl siding, fresh exterior painting, all new roofs and wood decks, updated signage and newer windows provide excellent curb appeal.
The community is situated on 25+ acres with 8 two-story buildings and offers an attractive mix of studios, 1, 2 and 3-bedroom units. All units offer private entries in a popular courtyard style layout. Harrison Point offers its resident a full amenity site with onsite laundry facilities (machines owned by property), fitness center, sparkling pool, soccer field and newly built pavilions.
Harrison Point is located just east of I-465 on Post Road, a major commercial thoroughfare, with convenient access to I-70 and I-69. Numerous large employment centers are just minutes from the property. Residents enjoy a quick commute to downtown Indianapolis and to the popular northside of Indianapolis.
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the Port Royale Apartments, a 553-unit apartment community located along the Intracoastal Waterway in Fort Lauderdale, Florida. This exclusive waterfront investment opportunity spans approximately 22 acres and features a midrise building with 161-units nestled along 380 feet of water frontage along with 392 garden style units graciously spread across 16 acres. The Port Royale Apartments were developed between 1988-1990 and today are part of an HOA which also includes 230 private condominiums in a single 20-story tower, 555 luxury rental units developed in 2017 and a 64-slip private marina. The 22 acre site is entitled for a total of 845 units, thus there remains the opportunity to develop an additional 292 units. To date, roughly 80% of the Property’s units have been renovated achieving average rent increases of $220. Port Royale represents a very unique investment opportunity in which a buyer can implement several complementary investment strategies to achieve outsized returns.
Veranda @ Speedway opened in June 2019 with the highest finishes in the submarket. With only highly sought-after studio and 1 bedroom floorplans and average rents below most competitors in the submarket. The property was fully occupied the day after the last building was completed, proving that the rents are well below market.
The property is within walking distance to a large shopping center providing lots of employment nearby as well as making the property a "walk-to" location for restaurants, bars, grocery, and other retail. The Indianapolis Motor Speedway is less than 2 miles away, which hosts the world’s largest sporting event, Indy 500, every year. The average income in a 1 mile radius is $54k, which is more than 6x the average market rent at Veranda. Also, within a 1 mile radius over 66% of housing is occupied by renters. This is likely due to the lack of housing options and high housing costs near the Indianapolis Motor Speedway.
The property is currently 96% occupied, allowing a new owner to come in and benefit from a high yield day one. The current owners invested over $140k in a completely new parking lot, new roofs, new windows, and painted siding. The units were completely gutted less than one year ago, with all new finishes, appliances, HVAC and plumbing. A new owner would not incur any major capital expenses for the near future.