Spyglass is a 120-unit apartment community exceptionally well located on Indianapolis’ far north side. The community was built in 1979 and has been very well maintained. The property has a history of high occupancy.
The community offers an attractive mix of 36 one-bedroom flats, 32 two-bedroom flats, 28 two-bedroom townhomes, and 24 three-bedroom townhomes. The property’s 16.48 acres features many mature trees and ample green space.
Community amenities include a clubhouse/community center with 24-hour fitness center, business center and free tanning; a swimming pool and sundeck; a picnic area; tennis court; and playground. The community offers 50 covered parking spaces for an additional rental.
Unit features vary by unit type but include attractive, spacious floor plans, fully-equipped kitchens, private patios or balconies, washer/dryer hookups (in all units except the one-bedrooms), walk-in closets, in-unit storage and wood-burning fireplaces. Select units have attractive lake views
VALUE-ADD MULTIFAMILY INVESTMENT OPPORTUNITY
Cushman & Wakefield is pleased to offer TATUM PLACE, a 164-unit Class "B" apartment community located east of the southeast corner of Tatum Boulevard and Bell Road on 49th Street in Northeast Phoenix, Arizona. This location offers residents easy access to the State Route 51 and Loop 101 freeways, providing immediate access to employment and "world-class" entertainment, shopping and dining venues in Scottsdale and Northeast Phoenix.
Tatum Place offers residents two swimming pools (one an Olympic style lap pool), sun decks, a brand new fitness center, poolside clubhouse, barbecue grills and picnic area, fire pit, attractive landscaping, gated access and covered parking. Interior amenities include washers/dryers, ceiling fans, contemporary window coverings, wood cabinetry, microwaves, double stainless steel kitchen sinks, 9-foot ceilings, cultured marble vanity countertops, patios/balconies with outside storage. Select units include skylights, vaulted ceilings, accent walls, wood-style flooring, pantries, stainless steel appliances, granite countertops and walk-in closets.
Approximately 25% of the unit interiors have been recently upgraded while most of the property exterior and common areas have been upgraded. However, there is still significant opportunity to add value by completing interior renovations to the remaining "untouched" units while at the same time adding finishing touches to the already renovated units that will allow for even further growth in the market rental rates.