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).
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