The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of 501 Estates, a 270-unit apartment community in Durham, North Carolina. 501 Estates is in a premier pocket of Durham that is bolstered by robust submarket fundamentals and a stellar tenant base. Southwest Durham’s effective rents have increased 38% since 2018 and are anticipated to grow an additional 16% through 2026. Average HHI is over $125K, 76% of the population is white collar, and 66% have graduated with a bachelor’s degree or higher. Ideally situated near Durham-Chapel Hill Blvd, the asset has streamlined access to the plethora of retail options that line the throughfare as well as 65,000 Eds & Meds jobs stemming from Duke University (6 minutes) and UNC Chapel Hill (14 minutes), two tier I educational institutions with esteemed healthcare systems. Additionally, a location less than 10 minutes from I-40 and I-85 provides residents a direct connection to the 500K+ Triangle Market jobs that are within a 30-minute commute. Built in 2001, 501 Estates offers a picturesque setting with mature foliage set on 30+ unique, park-like acres and a top-of-the-market amenity set including a brand new 3,000 SF free standing gym. The asset is distinctive from Class A and B product in the submarket as townhome (2-car garage) and cottage (1-car garage) style units comprise nearly 35% of the unit mix. New ownership has the opportunity to leverage an extremely unique, core plus value-add asset in a sought-after location of the Research Triangle. Proximate comparable assets demonstrate $200+ headroom that can be closed through completion of a proven renovation program and mark-to-market leasing.
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501 Estates
270 Units
240 Ivy Meadow Lane
Durham, NC  27701
Type:  Multifamily
Closed: 12/4/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Myrtle Landing, a 144-unit townhome community located in the rapidly-growing city of Wilmington, NC. Situated on a sprawling 50-acre site with tranquil pond views, the low-density (2.84 Units/AC) asset features high-end coastal-inspired design, expansive floorplans and an unrivaled amenity package including a full chip-and-putt, brand-new pickle ball court, multiple ponds and community gardens. Homes in the submarket are selling in the millions, allowing Myrtle Landing to act as an excellent rental alternative for the growing number of residents priced out of home ownership. The region has seen considerable population growth in recent years while new supply has lagged, allowing consistent rent growth and steady occupancy. Myrtle Landing’s long-term desirability is bolstered by its increasingly affluent micro-location ($150K+ Avg. HHI On-Site) and seamless access to the city’s top amenities and employers via adjacent Highway-421. Nearby rent comps including Grand View and Cottages at Riverlights provide up to $1,000 in headroom, highlighting incoming ownership’s outstanding opportunity to acquire one of the market’s highest-quality assets, offering a clear path to grow rents significantly through a mark-to-market leasing strategy.
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Myrtle Landing
144 Units
7220 Myrtle Grove Road
Wilmington, NC  28409
Type:  Multifamily
Closed: 12/1/2023

Best Product in Vibrant Walkable Location

Promenade at Founders Square stands out as the premier offering in its vicinity, boasting top-tier finishes and luxurious amenities that elevate the living experience. The vibrant location adds to the appeal, with convenient on-site retail options and adjacency to the popular Founders Square Park.

6.4% Cap Rate with Impressive Demand

The property is being offered at a compelling 6.4% cap rate. Furthermore, the property showcases remarkable demand as it is currently 100% leased with a waitlist of prospective tenants. This signifies a high level of interest and a positive market outlook for the property.

Northwest Indiana Employment & Amenities

The Northwest Indiana region is rich with abundant employment opportunities. Residents of Promenade at Founders Square enjoy convenient access to the job market in the Chicago area as well as the employment opportunities available in northwest Indiana.

Benefits From Illinois and City Exodus

Nationally there is a migration toward the suburbs. Locally Northwestern Indiana is benefiting from a boom of new residents as people look to escape Chicago in favor of small town charms, taxes and environment.

Proximity to Chicago

Promenade at Founder's Square boasts a prime location, a mere 45-minute drive from the lively city of Chicago. Residents can effortlessly enjoy the abundant amenities, entertainment offerings, and employment opportunities that Chicago provides, all while avoiding the exorbitant costs and inconveniences of city living.

Potential to Develop 60 Additional Units

The acquisition of land adjacent to Promenade at Founder's Square presents a promising opportunity for the development of 60 additional units. Two additional parcels of land are currently available for purchase at a price of $550K. Importantly, the site is already properly zoned and prepared, streamlining the development process.

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Promenade at Founders Square
304 Units
2540 Promenade Way
Portage, IN  46368
Closed: 11/30/2023

LONG TERM OUT OF STATE OWNER | HUGE UPSIDE

Located out of state, the seller has owned and self-managed Quail Run for more than 25 years as their sole property in Columbus. A new owner will bring a fresh perspective and vision, and can increase rents both organically and through completion of property enhancements.

OFFERED AT $102K PER UNIT | 6.2% T-3 CAP RATE

The asset is offered at a low basis of $102K per unit with a very attractive 6.2% trailing cap rate. Without completing any renovations, the year one cap rate is 7.0%.

IMMEDIATE OPERATIONAL UPSIDE

Quail Run’s current rents are up to 15%+ under market and the owner isn’t currently charging back for water, sewer or trash. A new owner can raise rents immediately and begin charging utility reimbursement on new leases and renewals. Trailing expenses are also higher than industry standards and can be reduced by strong management.

PRIME RENOVATION POTENTIAL

Quail Run is a desirable low density property with mature landscaping, and is well positioned for comprehensive property enhancements. All windows, roofs and siding have been replaced and are still in good condition, so a new owner can focus on unit and amenity upgrades, with a potential $130+ avg. rent premium. An inconsistent renovation has been completed on 107 units; 102 units were partially renovated and 5 units were fully renovated.

EXCEPTIONAL COLUMBUS LOCATION

Home of the global power tech innovator Cummins, Columbus is #1 in the U.S. for industrial engineers and is a top manufacturing hub. Indianapolis and Louisville are easily accessible from Interstate 65, just west of Columbus. Well-known as an architectural mecca and one of the best cities in the world for public art installations, thousands of visitors flock to Columbus each year.

432-UNIT PORTFOLIO OPPORTUNITY

Quail Run can be purchased alone, or as a portfolio with Fountainhead—176 units on the north side of Indianapolis. The acquisition of both properties totals 432 Units.

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Quail Run - Columbus
256 Units
1182 Quail Run Drive
Columbus, IN  47201
Type:  Multifamily
Closed: 11/30/2023

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Presley Uptown, a 230-unit community located in the heart of Charlotte’s CBD. Built in 2016, the Class-A asset is situated at the crossroads of the city’s most sought-after neighborhoods, providing outstanding access to Charlotte’s top lifestyle amenities and walkability to more than 135k jobs in the CBD. The premier location also offers immediate access to The Pearl, Charlotte’s new medical innovation district bringing 5,500 new jobs and 3,500 new medical students just next door. Presley Uptown’s accretive assumable debt offers positive leverage day one with a 3.25% rate and 6 years IO remaining.

Furthermore, mid-rise competitors in the submarket offer up to $600 in headroom, ideally positioning Presley Uptown to capture significant rent gains while remaining at a discount to newly delivered high-rise supply ($3.25/SF). Incoming ownership will have the outstanding opportunity close the substantial rent delta to competitors by building upon the property’s existing value-add scope and completing an enhanced, high-end renovation program. Presley Uptown represents a rare opportunity to invest in one of Charlotte’s best-located assets, offering immediate upside and exceptional long-term growth fundamentals, propelled by the neighboring delivery of Charlotte’s first 4-Year Medical School and Innovation District.

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Presley Uptown
230 Units
900 East Stonewall Street
Charlotte, NC  28204
Type:  Multifamily
Closed: 11/16/2023
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Elston Point
44 Units
374 Elston Rd
Lafayette, IN  47909
Closed: 11/8/2023
Sold
Oaks of Eagle Creek
632 Units
5483 Holly Springs Drive
Indianapolis, IN  46254
Type:  Multifamily
Closed: 11/7/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of The Regency at Johns Creek Walk, a 193-unit institutional multifamily asset in the thriving city of Johns Creek. This rare opportunity is ideally positioned in Johns Creek—Georgia’s wealthiest city with the highest multifamily barriers to entry in the MSA. In addition to strong demographics ($183K average household income within 1 mile of the asset), Johns Creek boasts one of Georgia’s best school districts (9/10 average assigned school rating). The Medley, Johns Creek’s new town center development (opening 2025), will feature 200K+ SF of retail and entertainment and 110K+ SF of office spanning across 43 acres and is within 0.5 miles of The Regency at Johns Creek Walk. The property showcases a well-considered and low-density site with a combination of conventional units and townhomes. This asset is perfectly positioned to achieve accelerated rent growth through unit upgrades. Furthermore, The Regency at Johns Creek Walk has experienced an average of 10% on new lease trade outs.
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Regency at Johns Creek Walk
193 Units
11134 Medlock Bridge Road
Johns Creek, GA  30097
Type:  Multifamily
Closed: 11/6/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 352-unit The Parc at 1875 apartment community located in College Park, Clayton County, Georgia. This asset is situated in the high-demand Airport/South Atlanta industrial submarket. The property boasts strong occupancy and organic rent growth, with almost 100% classic units ready for next-level upgrades. Built in 1988, The Parc at 1875 offers an outstanding opportunity to acquire a cash-flowing asset with value-add upside far below replacement cost.
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The Parc at 1875
352 Units
1875 E. Pleasant Hill Road
College Park, GA  30349
Type:  Multifamily
Closed: 11/6/2023
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Flats at Fishers Marketplace
306 Units
9588 Ambleside Dr.
Fishers, IN  46038
Closed: 11/1/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Ansley at Town Center, a 358-unit apartment community located in the affluent submarket of Evans, Columbia County, Georgia. Built in 2009 and 2012, Ansley at Town Center offers an opportunity to invest in a unique asset that combines scale, a desirable townhome & garden style hybrid, open-concept floor plans, and proven value-add. New ownership can continue a recent injection of $3.3M+ in property improvement to provide quality product for the Columbia County market with unmatched access to jobs, retail, top incomes, and best-in-market school district. Augusta’s booming economy is supported by robust market fundamentals and recent job announcements that include Solvay Specialty Polymers, the $2B renovation of Fort Gordon, and new Savannah River Nuclear Solutions construction with 2,500+ trade workers expected.
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Ansley at Town Center
358 Units
1000 Alder Way
Evans, GA  30809
Type:  Multifamily
Closed: 10/30/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Fidelis Grand Central, 317-units located within a Johnson Master-Planned Community in Conroe, Texas. Situated at the heart of the rapidly-expanding northern corridor of the Houston MSA, and only minutes away from I-45, residents enjoy outstanding access to over 180,000 jobs in the immediate area, as well as an abundance of lifestyle amenities. Built in 2022, Fidelis Grant Central represents an outstanding opportunity to invest in a newly built asset in an impressive submarket, primed to benefit from immediate income growth through a mark-to-market strategy.
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Fidelis Grand Central
317 Units
171 Town Park
Conroe, TX  77304
Closed: 10/27/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of Spanish Mission, the 150-unit apartment community located in Valdosta, Lowndes County, Georgia . This asset is located in the thriving and desirable North Valdosta submarket, bolstered by population growth, high income households and home prices, and ease of access to major employers (South Georgia Medical, Valdosta State University, and Moody's Air Force Base) along with top retail. Built in 1973, Spanish Mission offers an outstanding opportunity to invest in a well-maintained property with $1.5M+ spent on interior and exterior capital expenditures in a growing Valdosta economy.
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Spanish Mission
150 Units
422 Connell Road
Valdosta, GA  31602
Type:  Multifamily
Closed: 10/26/2023

STRONG PERFORMING | <$140K/UNIT | 6.2% T-3 CAP RATE

Lush landscaping, expansive lakes with fountains, extensive amenities and popular unit layouts attract residents to Astoria Park. The physical occupancy has averaged 94%+ over the last few years and delinquency is very low. The asset is offered at less than $140K per unit with a very attractive 6.2% trailing cap rate.

WELL-MAINTAINED: $12M+ SPENT ON IMPROVEMENTS

More than $12 million has been spent improving the property since 2011. Updated items include 20 roof replacements since 2019, a clubhouse relocation with new fitness center, new outdoor amenities, updated unit interiors, painting, gutters and downspouts, signage, and lighting, in addition to numerous other improvements.

PROVEN RENT PREMIUMS & RESIDUAL YIELD

A $181 average rent premium is being achieved on the 168 units upgraded by the current owner. A full upgrade could be completed on the remaining 302 classic units to match the current upgrades, and more community amenities could be added. Additional yield could be obtained with the suggested enhancements.

HIGH TRAFFIC LOCATION ADJACENT TO EAGLE CREEK

Located directly on a major thoroughfare, Astoria Park benefits from its visibility to nearly 45,000 vehicles per day along 38th Street. Immediately west of the property is Eagle Creek Park and Reservoir, a very popular landmark for nature lovers, with more than 1 million visitors annually.

CENTRAL TO SIGNIFICANT EMPLOYMENT

Ideally located on Indy’s west side, Astoria Park is adjacent to fast-growing and high-income Hendricks County, and proximate to significant high-wage employers. Indy’s logistics hub (98M SF of facilities), northwest side and downtown employment corridors can be accessed quickly from the property.

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Astoria Park
470 Units
3640 Beluga Lane
Indianapolis, IN  46214
Closed: 10/24/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to offer the exclusive listing of Alexan Summerhill, an expertly designed multifamily community situated in the heart of the thriving Summerhill master development plan. Alexan Summerhill boasts direct access to some of Atlanta’s most desirable adaptive reuse retail spaces on Georgia Avenue, as well as the Publix delivering in Summer 2023, the submarket’s first grocery store. Summerhill has experienced rapid growth with home values increasing by 114% since 2017 and household incomes increasing by 40% since 2010. Alexan Summerhill’s unbeatable location, combined with the exceptional product quality by renowned national developer, Trammell Crow Residential, make it a highly sustainable asset. Summerhill’s ongoing evolution, including the expansion of Memorial Drive, Downtown’s high-rise rental pressure, and momentum of the Southside BeltLine, set the stage for Alexan Summerhill’s prosperity. Furthermore, the property benefits from limited direct supply and the new “Summerhill Station”, which will feature a 50K SF Publix as part of the $1B+ master development plan with 1M+ SF of office space spanning 83-acres.
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Alexan Summerhill
315 Units
720 Hank Aaron Drive SE
Atlanta, GA  30315
Type:  Multifamily
Closed: 10/19/2023
Cushman & Wakefield is pleased to present for sale, English Street Apartments (the “Property”), a 34-unit value-add multifamily opportunity in the Dayton’s Bluff neighborhood of St. Paul, Minnesota’s state capital.

The Property is centrally located off Interstate 94 on the east side of the Mississippi River in the southeast part of the city just minutes from Downtown St. Paul. The Property has access to major freeways, plenty of shops, restaurants, parks, and local businesses nearby as well as major employment centers in both Downtown St. Paul and Downtown Minneapolis.

English Street Apartments have been well-maintained, can be acquired at a significant discount to replacement cost, and offer an investor the opportunity to implement a value-add program. In addition, future ownership has the option to enter the 4d Affordable Housing Incentive Program which offers rental owners one-time administrative grant assistance as well as 10-year qualification to the “4d” property tax classification for rental units preserved for low/moderate-income households for that same period. This 4d, or “low income rental” classification (“LIRC”) provides for up to a 40% reduction in those 4d units’ assessed rate assessed to the portion of units committed to 4d preservation.

For loan quotes, contact a Greystone Team Member:

Kyle Jemtrud
Managing Director | Greystone
561.601.4500
kyle.jemtrud@greyco.com

Wilson Molitor
Relationship Manager | Greystone
920.740.4434
wilson.molitor@greyco.com

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English Street Apartments
34 Units
458 English Street
St. Paul, MN  55106
Type:  Multifamily
Closed: 10/12/2023

The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 203-unit Cortland Mooresville apartment community located in Mooresville, North Carolina, a highly sought-after suburb of Charlotte located along Lake Norman. Mooresville is characterized by a high quality of life, blue-chip demographics ($140K Avg HHI), and Charlotte’s best schools. The tranquil location is highly accessible to top employers via I-77, including Lowes Corporate HQ (6,000 jobs) and Lake Norman Regional Hospital (900 jobs) within 10 minutes, as well as CBD Charlotte (130,000 jobs) within 30 minutes. Walkability to an array of high-quality retail including Harris Teeter, Starbucks, and a local brewery combined with proximity to Lake Norman further highlight the location’s desirability.

Built in 2017, Cortland Mooresville represents the opportunity to invest in a highly amenitized, core plus asset with recent leases achieving 10% growth over average in place rents, and a clear $300 rent runway to newly delivered assets in the submarket.

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Cortland Mooresville
203 Units
151 Capital Avenue
Mooresville, NC  28117
Type:  Multifamily
Closed: 10/11/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 32-unit Commodore apartment community located in McDonough, Henry County, Georgia. This asset is situated in rapidly expanding southeast suburban Atlanta proximate to the I-75 industrial corridor. Built in 1970, Commodore comes to market with recent capital improvements, and offers an outstanding opportunity to invest in a promising submarket with robust rent growth and a growing population.
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Commodore
32 Units
13 Brannan Street
McDonough, GA  30253
Closed: 10/10/2023

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 640-unit Seven Lakes at Carrollwood multifamily community located in Tampa, Florida.

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Seven Lakes at Carrollwood
640 Units
3303 N. Lakeview Drive
Tampa, FL  33618
Closed: 10/10/2023
Cushman & Wakefield is pleased to present for sale, 2424 4th Street NE, a 12-unit multifamily property located in the trendy Northeast Minneapolis Neighborhood.

The property offers direct access to an eclectic mix of hip bars and eateries, breweries, and coffee shops as well as recreational amenities at the Mississippi riverfront and Boom Island with close proximity to Target Field, Target Center, U.S. Bank Stadium, the Theater District, and the Central Business District.

Current ownership has completed extensive renovations of both exterior and interior elements over the last several years. All units are “best-in-class” and feature new cabinets, granite countertops, subway tile backsplash, LVT flooring as well as full bathroom remodels that include new tubs, tile, vanity, toilets, and lighting.

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2424 4th Street NE
12 Units
2424 4th Street NE
Minneapolis, MN  55418
Type:  Multifamily
Closed: 10/9/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 157-unit, 482-bed, CEV Upstate student housing apartment community located in Spartanburg, SC. Situated along the commerce-rich Interstate 85 corridor, Spartanburg is the east anchor of the prolific Upstate region, globally recognized for its massive BMW plant (11,000 employed) and burgeoning high-tech economy. Since the start of 2021, Spartanburg County has announced over $4B in capital investments, resulting in 6,000 new jobs for the area. The off-campus housing complex lies directly next to the University of South Carolina Upstate in an area of East Spartanburg that supports over 70k jobs within a 20-minute drive, impressive projected rent growth of 19% through 2028, skyrocketing home values, and a strong white-collar workforce (50%). Built in 2008, CEV Upstate arrives to market with a top-notch amenity package and ideally positioned for a Class-A value-add campaign to bridge the gap between submarket competitors and command average premiums of $90+/bed ($270/unit).
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CEV Upstate
157 Units | 482 Beds
101 Campus Suites Drive
Spartanburg, SC  29303
Closed: 10/5/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is pleased to present the exclusive listing of the 280-unit Northeast Atlanta Value-Add 3 apartment portfolio, which can be acquired together or individually. Located in Clarkston, DeKalb County, Georgia, Kristopher Woods, Northern Pines, and 1000 Smith Street are situated in a thriving multifamily market in Northeast suburban Atlanta and proximate to multiple job drivers via the I-285 perimeter. Built between 1968 and 1973, this offering arrives to market displaying attractive fundamentals including steady occupancy levels, and is a portfolio punctuated with organic rent growth for continued appreciation.
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Northeast Atlanta Value-Add 3 Portfolio (3 properties, 280 units)
Northern Pines
48 Units
774 Northern Avenue
Clarkston, GA  30021
Closed: 10/5/2023
The Cushman & Wakefield Sunbelt Multifamily Advisory Group is excited to present the exclusive listing of Alta Bridges, a brand new 250-unit multifamily asset ideally positioned in Atlanta’s dynamic I-75 South Corridor. The asset’s strategic location provides access to many of Atlanta’s top job nodes and is set to directly benefit from the growth of the I-75 South Corridor. The immediate area has seen 8.6M SF of industrial space delivered in the past 2 years and 5.1M SF of industrial space is currently under construction or planned, bringing a large influx of quality jobs to the area. This institutional quality asset features a thoughtful site plan, high quality features, unmatched amenities, and rare direct access to the historic downtown McDonough. Alta Bridges has proven significant demand by signing 20+ leases per month while offering zero concessions.
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Alta Bridges
250 Units
205 Bridges Road
McDonough, GA  30253
Type:  Multifamily
Closed: 9/29/2023

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.

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Legacy Park
250 Units
6905 Legacy Park Drive
Brownsburg, IN  46112
Type:  Multifamily
Closed: 9/29/2023