5.4% T-3 CAP RATE + ATTRACTIVE EXISTING DEBT
Park 33 is being offered at $33M/$176K per unit, with a 5.4% T-3 and 6.6% cap rate on year 1 forecast. The exceptional existing assumable loan has very favorable terms including a 3.08% interest rate. There is also potential for a $4.8M supplemental loan.
MINIMAL NEARBY COMPETITION
The closest competing properties for Park 33 are located in Elkhart, IN - 12 miles from Park 33. For the past four years, Park 33 has averaged 98% occupancy. According to a housing study completed for the City of Goshen, 4,500 homes are needed by 2030 just to meet the current demand.
UPSCALE 2018-BUILT ASSET
Park 33 offers features attractive exteriors and curb appeal with irrigation throughout, and attached garages (select units). Units are substantial, averaging 1,178 SF and include stainless steel appliances, full-size washer/dryer, and granite countertops. A turf dog park and patio, and fitness center with Peloton bike/subscription are just a few of the appealing amenities.
AMPLE NEARBY EMPLOYMENT
Conveniently located near north central Indiana’s largest job clusters, Park 33 benefits from excellent access to numerous diverse employers nearby, and throughout Elkhart and St. Joseph County.
Build-To-Rent Product by Respected Builder
Avalon Bluff is a build-to-rent (BTR) community developed by Tempest Homes, a well-respected Great Lafayette-based company founded in 2002. Tempest Homes has an A+ Better Business Bureau Accreditation.
High Demand for BTR CommunitiesDemand for BTR communities has steadily increased as renters prefer the privacy and larger size of a home, without the burden of homeownership.
Affluent Resident Profile in High Growth Area
Avalon Bluff is primed for a high-level resident profile. Average household incomes within one mile of the community are $113K and are expected to increase by 18% over the next five years. Within a one-mile radius of the site, the population has grown by 50% since 2010.
Near Notable Medical & Education Employment
IU Health Arnett Hospital and Franciscan Health Lafayette East Hospital, among many other medical facilities, as well as Greater Lafayette's largest employer, Purdue University, are all within a 15-minute drive of Avalon Bluff.
Dynamic Greater Lafayette
The Greater Lafayette Area, a diverse community situated between Chicago and Indianapolis, is experiencing incredible growth and robust innovation. With new developments in both education, biotech, and aerospace, the area continues to be a top place to live and work.
2009 BUILT LUXURY SUBURBAN PROPERTY
Prairie Lakes is a trophy suburban community with timeless architecture featuring an eye-catching exterior, superior curb appeal, irrigation throughout, and highly attractive unit layouts that are larger than most nearby properties. Its comprehensive amenity set rivals, and is often superior to, nearby competitors.
$320+ PER UNIT RENT PREMIUM POTENTIAL
While only 12 years old, Prairie Lakes still has a modern look and feel. However, a new owner could elevate the unit finishes and add community amenities to increase rental rates and raise revenue.
HIGH DEMAND - 14.5% YOY INCOME GROWTH
Demonstrating the ability to grow rents organically, revenue at Prairie Lakes has increased 14.5% year-over-year. Over the past 12 months, the property achieved a 14.9% increase on new leases and a 6.5% increase on renewals. The property is in high demand with occupancy consistently in the mid 90’s for many years. Rent Growth at Prairie Lakes is bolstered by Indy’s job growth that has far outpaced its regional peers.
THE BEST OF BOTH FISHERS & NOBLESVILLE
Located in Noblesville and across the street from Fishers, both of which are high-end suburbs of Indianapolis, Prairie Lakes offers its residents the best of both cities. Additionally, Indianapolis, Carmel and Westfield are all within a quick drive, providing tremendous amenities, employment, retail and service opportunities to residents.
HIGHEST GROWTH & INCOME COUNTY
Prairie Lakes is located in Hamilton County, boasting the highest income and growth metrics in the entire state. Noblesville offers a highly acclaimed school district and has experienced rapid population growth of 191% since 2010.
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 208-unit The Park at Via Teano multifamily community located in Daytona Beach, Florida.
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Fountainhead, a 176-unit, 1972-built apartment community located in the highly sought after far northside.
Acquisition of Fountainhead represents an opportunity for a great basis play with immediate operational upside and renovation potential.
5.9% Trailing Cap Rate & Strong Performance
Woodbridge and Woodland Creek have continued to significantly increase rents. The average increase of new leases over the previous lease is 23% at Woodbridge and 17% at Woodland Creek. Both properties are very well maintained, highly amenitized, and have sustained high occupancy over the past few years averaging mid 90s occupancy since 2021.
Proven Upside Potential
The current owner has renovated 105 “Elite” level units with new cabinets, countertops, appliances, lighting and plumbing fixtures, and some LVP flooring. An additional 224 units received “Premiere” level upgrades consisting of new appliances, lighting and plumbing fixtures, and some LVP flooring. A new owner can continue to renovate the 587 classic units and benefit from an average premium of $270.
Economies of Scale and Diversity of Product
Woodland Creek, built in 1987, has large renovated units with in-unit laundry, while Woodbridge, built in 1981, has mostly classic units with laundry facilities in each building but no connections. Both properties offer a neighborhood feel with mature trees and shared access to various amenities.
Proximity to Amenities and Employment
Woodland Creek and Woodbridge in Kentwood, MI are close to employment, retail, and dining options, including the popular Woodland Mall, less than 2 miles away. Kentwood has a diverse economy with abundant job opportunities and is just 15 minutes from downtown Grand Rapids—the area’s employment hub—with numerous cultural and entertainment options.
The Growth of Grand Rapids
Grand Rapids’ multifamily market is robust with an 7.7% average rent growth in 2022. Over 95% historical occupancy since 2020 is driven by the thriving economy, and job growth. Grand Rapids has a relatively low cost of living, making it an affordable and attractive option for renters. The city has a bustling downtown, many restaurants, shops, and entertainment options, and several museums, art galleries, and music venues, making it a vibrant cultural hub. Numerous lakes and parks in Grand Rapids offer outdoor activities making it ideal for living.