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.

The property is located just off Interstate 35E and minutes from Como Park, home to the Como Zoo and Conservatory, with convenient access to both Downtown St. Paul (2.5 miles) and Downtown Minneapolis (11 miles).

The property is currently 100% occupied, sees low turnover, has strong, consistent cash flow, and provides a lucrative value-add opportunity for the next investor to complete a light unit-interior renovation and other common area/exterior renovations.

1220 Sylvan Street is available on an “as-is” basis and is being offered without a formal asking price. Upon receipt of a signed Confidentiality Agreement, investors will be provided with access to due diligence materials via The Multifamily System website. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a “Call for Offers”.

Auction Dates: November 14th - 16th, 2022

Tour Dates: Contact CW team November 14th - 16th, 2022

Lender Owned Property Being Sold at Auction

Rudman On The Park is being offered for sale as a distressed property directly from the lender.

Value add from converting vacant office space to multifamily and and leasing the vacant retail space

The property has 27,000 SF of office space on levels two and three that can be converted to apartments. Below market rents in place with $200-$300/month increase potential. There is also 10,272 SF of retail space that is currently vacant and available for lease.

Momentum In The City

St. Louis City is in the midst of a renaissance that is reigniting the growth and vibrancy of the urban core. Over the past 24 months, more than $300 million in development was completed in Downtown alone. The community is benefiting from public and private investment with over $5 billion being invested since 2000.

1989-Built Renovated Community

The current owner has spent $2.2M improving the property. Upgrades included 205 unit interiors, fitness center expansion and refresh, addition of restrooms outside near the pool area, and exterior paint on six buildings.

Remaining Upside

A new owner could operate the property as is and enjoy organic rent growth, or gain additional premiums of $136-$243 by completing a light upgrade on all units, and adding valet trash, an Amazon hub and an outdoor kitchen in the pool area.

Excellent North Side Location

The property offers convenient access to I-465 and major thoroughfares in addition to the vast employment and amenity options of Broad Ripple Village, Keystone at the Crossing, Castleton, Fort Ben and Downtown Indianapolis.

Newest Property in Submarket

Trails at Lakeside is one of the newest properties in the Broad Ripple area, and offers superior amenities, great curb appeal and a quiet atmosphere.

Strong Property Performance

Organic rent growth at the property is high at 17.5% on new leases and 12.2% on renewals. Occupancy has consistently remained above 95% for multiple years and the property has low bad debt.

Portfolio Opportunity

Trails at Lakeside can be purchased individually, or as a portfolio with Lodge at Trails Edge, The Rail at 1380 and Salem Courthouse for a total of 1,016 units, offering immediate presence and economies of scale.

2001 BUILT ASSET OFFERED AT $199K/UNIT

Pebble Brook Village offers all new roofs, new wood trim (in process) and sought after features that compete extremely well with new construction properties. At $199K/unit, the property is offered well below similar era product that recently traded at $250K/unit.

UPSIDE POTENTIAL WITH PROVEN RENT PREMIUMS

91% of the units are mostly original to the 2001 construction, offering the opportunity to increase revenue by completing a renovation on 214 classic units and adding amenities. The 9% of units that have been renovated are achieving $360+ average rent premiums.

23%+ ORGANIC RENT GROWTH

High rent growth is being achieved at the property with a recent 23% increase on renewals and 28% or $283 average increase on new leases. These rent increases are organic (obtained on non-renovated units).

HIGHEST GROWTH & INCOME COUNTY IN THE STATE

Hamilton County boasts the highest income and growth metrics in the entire state. Noblesville offers limited competition from new construction, a highly acclaimed school district and has experienced rapid population growth of 31% since 2010.

CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD

Located in Noblesville, a high-end suburb of Indianapolis, Pebble Brook Village offers its residents easy access to Indy, Carmel, Fishers and Westfield all within a quick drive, providing tremendous employment, retail and service opportunities.

IRREPLACEABLE URBAN LOCATION

Millikan on Mass II is located within downtown Indianapolis along Mass Ave—the city’s #1 nightlife, dining and entertainment district. Residents are steps from a wide array of the best and most popular amenity options downtown has to offer.

OFFERED BELOW REPLACEMENT COST - $195K/UNIT

The cost to construct Millikan on Mass II in today’s market would cost significantly more than it did in 2015. According to NAHB, building materials prices increased 20.4% year over year and have risen 33% since 2020. With a pricing guidance of $195K per unit, the property is offered well below the replacement cost point.

UPSIDE POTENTIAL WITH UNDER MARKET RENTS

The property is owned by the City of Indianapolis Housing Agency which has struggled with staffing and turning units, even with an extensive waiting list. There is ample operational upside in a very strong market. Current market rents are $300-500 below nearby competing properties. The new owner could immediately raise rents organically on new leases and renewals to increase revenue.

CONVENIENT TO DIVERSE & ABUNDANT EMPLOYMENT

With award-winning employers within walking distance, the property’s location brings ‘Live-Work-Play’ to another level. The diversity of employers downtown (from tech to education and healthcare) offers a high level of stability in resident employment.

NEWER URBAN PRODUCT WITH FIRST FLOOR RETAIL

Built in 2015, the property features high-end finishes and open floor plan living with gorgeous views of Mass Ave and downtown Indy. Three popular eateries—Fat Dan’s, Goodfella’s Pizza and Salt on Mass—are convenient for residents to access on the first floor of the building.

The General Partner Interest for Millikan on Mass I (61 Units) is also be offered. More information can be downloaded from the Document Center after a Confidentiality Agreement as been executed.