Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire Station 21 (the “Property”) - a Class A, 90-apartment home, luxury low rise residential community located in Hialeah, Florida. The property is available to be acquired upon receiving its certificate of occupancy which is slated for Q1-Q2 2023.

Ownership will guarantee new first time leases with average rents of $1,900 for the 36 one bedroom units, $2,200 for the 9 smaller sized two bedrooms and $2,300 for the 45 larger sized two bedroom units if they are engaged to lease the units on behalf of a new owner.

The property is strategically located adjacent to the Hialeah Metrorail Station. The Hialeah Metrorail Station operates from 5am to midnight and provides an 18 minute commute to Downtown Miami; 5 minutes to the Tri-Rail/Metrorail Transfer Station and 17 minutes to the Miami International Airport Station.

Station 21 apartments is being offered for the first time by its developers, Prestige Builders, and presents a rare opportunity to acquire a new construction, Miami-Dade apartment garden community in a centralized location with exceptional connectivity and accessibility.

5.9% T-3 CAP RATE / $140K PER UNIT

Buffalo Creek is being offered free and clear by the long-term owner (15+ years) at an attractive price of $140k per unit. The property is well-performing with an average historical occupancy of 97.5% (last four years). T-3 Cap Rate is 5.9% and Year One Cap Rate (without upgrades) is 6.5%.

PROVEN VALUE-ADD POTENTIAL

The current owner has upgraded 72 units, which are achieving an average monthly rent premium of $131. Further rent growth could be achieved by upgrading 236 classic units and improving upon the 72 units already upgraded. Nearby properties have completed upgrades and are achieving higher rents. A new owner could also continue to operate the property as is without upgrades and achieve organic rent growth.

UNIQUE PROPERTY WITH EXTENSIVE AMENITIES

Ideally situated within an upscale mixed-use planned development, Buffalo Creek was built by J.C. Hart, a well-respected Indianapolis developer. The low-density property offers lush landscaping with five scenic lakes, attractive exterior architecture, beautifully designed units and an extensive list of amenities including a state-of-the-art fitness center, sports courts, dog park, putting green and outdoor social spaces.

EXCELLENT HIGH-GROWTH AREA

The property is adjacent to the city of Greenwood (Johnson County), a sought-after south suburb of Indianapolis enjoying 23% population growth since 2010. Average rents for the south side increased 13.8% year-over-year. The area is also known for well-performing schools and proximity to downtown Indianapolis, offering additional employment opportunities for residents.

HIGH TRAFFIC LOCATION NEAR AREA'S BEST AMENITIES

The property entrance is visible from high-traffic County Line Road (23,386 AADT). Residents benefit from proximity to major employer Community Hospital South, and two dense corridors (Meridian Street/SR-135 and US-31) filled with the south side’s best shopping, dining and entertainment options including the popular Greenwood Park Mall, containing 1.2M SF and more than 150 retailers.

NEW WALKABLE PRODUCT - 4.7% T-3 CAP RATE

Wesmont is a 2021-built modernistic urban community adjacent to the Monon Trail and connected to downtown. Residents can easily walk to top amenities including Bottleworks District, Mass. Ave. cultural district, coffee shops, restaurants, breweries, distilleries and more. Met with high demand, the property leased up in less than one year and is now 97% occupied and offered at a 4.7% T-3 Cap Rate.

UPSCALE & MODERN WITH UNDER MARKET RENTS

With a resort-style pool, outdoor gathering spaces, indoor lounge, fitness center, pet wash, and adjoining large soccer park/green space, PROVIDER Coffee, Tinker Street, and Hotel Tango Distillery, residents have all they need. Current Market Rates are $210+, on average, below nearby competing properties.

LUXURY UNIT INTERIORS

Unit interiors feel spacious with open concept living, 9’ ceilings and walk-in closets. Luxurious finishes include granite counters, stainless appliances, kitchen island and in-unit washer and dryer.

POPULAR, RAPIDLY EXPANDING NEIGHBORHOOD

The property is situated near expanding and historic northside neighborhoods where homes are affluent and sell for exponentially more than the MSA as a whole. New adjacent amenities include a COhatch coworking center with North High Brewery, and a splash park and playground at the O’Bannon soccer park.

FAVORABLE 10-YEAR TAX ABATEMENT

Wesmont has 10-year tax abatement in place that ends in the year 2030 offering the new owner increased cash flow. 38 Units must be leased to residents earning 60%-80% or less of Area Median Income (19 at 60% and 19 at 80%). Current Market Rents are, on average, $295+ below the Max Allowable Rents.

ATTRACTIVE EXISTING DEBT

Wesmont is being sold subject to the assumption of an attractive existing Freddie Mac loan with a 4.20% interest rate and 62% LTV and 10 years of fixed rate term.

5.5% CAP RATE + 13% INCREASE ON LEASE TRADEOUT

WestPark is offered at a high 5.5% trailing cap rate and is a well-performing property. With organic rent growth of 13.3% on new leases in Q2 2022, 60% renewal rate year-over-year and historically high occupancy, the property is poised for a robust ROI.

$20K/UNIT RENO COMPLETED ON ALL UNITS

A $20K per unit renovation has been completed on all units. Upgrades included all new soft close modern cabinetry, granite counters, stainless steel appliances, undermount deep basin kitchen sink with spray faucet, LVT plank flooring, all new light fixtures, and two-tone paint scheme.

VIBRANT WEST SIDE EMPLOYMENT

Ideally located on the west side of Indianapolis, WestPark is visible along high-traffic 10th Street just north of the Indianapolis Int'l Airport and adjacent to fast-growing and prosperous Hendricks County. Residents can quickly access abundant major employment including prime logistics facilities and IU Health West Hospital.

POPULAR TOWNHOME LAYOUTS

The townhomes at Westpark are spacious at 1,125-1,380 square feet and feature ample closet space, private entries, washer/dryer connections, separate dining room and a patio or balcony in most units. The three-bed layouts include a bonus room on the first floor.

UPSCALE CLUBHOUSE & ATTRACTIVE AMENITIES

The two-story clubhouse recently underwent a full modern renovation with an upscale design and includes a large fitness center, kitchenette with island, and lounge with fireplace. Just outside the clubhouse is a swimming pool with expansive deck, playground and Amazon hub.

5.8% TRAILING CAP RATE + 100% OCCUPIED

Melrose Place is being offered at a high 5.8% trailing cap rate and is currently 100% occupied. The property is well-positioned for increased revenue by raising rents on new leases.

RENOVATED TURN KEY PROPERTY

A new owner can step in and operate the property as is with several improvements completed including all new HVAC units, water heaters, landscaping and balconies. All units have new modern cabinetry, quartz countertops, black appliances, plumbing and light fixtures, LVT flooring, two-tone paint scheme and in unit washer/dryer.

$2B LILLY INVESTMENT BRINGING 500 NEW JOBS

A transformational development is taking place with the largest investment to date in Lebanon. The LEAP Lebanon Innovation and Research District, a planned 7,000+ acre high-tech business park, has acquired its first tenant. Eli Lilly plans to invest $2.1 Billion to build two new manufacturing sites and bring up to 500 new jobs to the city.

GREAT LOCATION IN LEBANON (BOONE COUNTY)

The property is within walking distance to dining and shopping options in downtown Lebanon, and is close to major employers including Subaru, Skjodt-Barrett Foods, Festool (HQ) and Hachette Book Group. Lebanon is the county seat of Boone County—the fastest-growing county, and one of the most affluent, in Indiana.

CONVENIENT ACCESS TO INDIANAPOLIS & LAFAYETTE

Located in central Indiana, Lebanon is convenient to abundant employment and amenities in Indianapolis (±11 miles southeast) and Lafayette (Home of Purdue University, ±33 miles northwest). Both cities are accessible from Interstate 65, just one mile west of Melrose Place.

CLEAR VALUE-ADD POTENTIAL

The Sycamores is perfectly positioned for supplemental upgrades. A new owner could increase revenue by fully upgrading all units, adding washer/dryer connections, building additional units, renting storage units and extra carports, and re-purposing the tennis courts.

CAPITAL INFUSION

The current owner has completed over $1.6 Million in improvements. These include light upgrades to 105 unit interiors, 22 new roofs, new bark park, new playground, updated clubhouse, two new BBQ areas, and upgrades to the pool area.

UPSCALE, GROWING SOUTH SIDE SUBURB

Residents enjoy quick access to Downtown Indianapolis’ diverse employment options and well-performing schools. Less than two miles south is the city of Greenwood, a sought-after south suburb with a fast-growing population and high average household incomes.

PROXIMITY TO AREA'S BEST AMENITIES

The property has excellent visibility along the high-traffic Stop 11 Road. Residents benefit from quick access to US-31, Madison Avenue and SR-135—dense corridors filled with shopping, dining and entertainment options.

EXCELLENT FLOOR PLANS

The Sycamores offers spacious, open floor plans with desirable layouts in one, two and three bedroom unit styles.