1 FORMER INCOME RESTRICTED PROPERTY In February of 2021, Pine Glen was released from the Low Income Housing Tax Credit program which restricted the income level of 71% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $300 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 39 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2031.
2 VALUE-ADD OPPORTUNITY While well maintained, Pine Glen provides a clear path to complete unit upgrades and achieve rent premiums. With the installation of new LVT flooring, black appliances, laminate countertops, cabinet hardware, and upgraded plumbing and light fixtures, rent can be raised an average $150 per month..
3 GUT REHAB COMPLETED IN 2005 Pine Glen received a MAJOR multi-million dollar renovation in 2005 and provides a look and feel of a property built in the 2000’s. In 2005, all windows, patio doors and roofs were replaced. 100% of the units received new kitchen and bathroom cabinets and countertops, new appliances, flooring, plumbing fixtures and light fixtures..
4 STRONG SOUTHSIDE SUBMARKET The far southside of Indianapolis boasts a very strong rental market with 95% occupancy and achieved an impressive 5.0% rent growth in 2020,, and an average rent of $880..
5 CLOSE PROXIMITY TO STRONG EMPLOYMENT Pine Glen is a 10 minute drive to Downtown Indianapolis with all of the city’s largest employers. University of Indianapolis, which employs more than 600 faculty, is a 5 minute drive from the property..
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1. 90’S BUILT PROPERTY WITH PROVEN VALUE ADD
Built by well-respected Indy developer, JC Hart in 1990, Island Club is well maintained and partially renovated. 40% of the units are upgraded and achieve premiums up to $120/mo. A new owner can continue unit upgrades at the current level or do more extensive renovations to achieve higher premiums.
2 UNIQUE WATERFRONT SETTING
Island offers an exceptionally unique Setting on 25 acre lake - X units are lakefront and most of the units feature water views. In addition to the waterfront lifestyle, residents enjoy a comprehensive amenity package.
3 UNPARALLELED UNIT FEATURES
The unit features at Island Club are unmatched in the market. 100% of the units have washer/dryer connections, dedicated covered parking and fireplaces. Units also have abundant natural light, and most first floor units feature a unique sunken living room.
4 ACCESS TO EMPLOYERS, DOWNTOWN & AMENITIES
Located just off a major east west corridor, residents can quickly drive to nearby employment and be downtown Indy in 15 minutes.
FREE & CLEAR WITH RELIABLE CASH FLOW DAY 1
Historical occupancy at the property has averaged 95% and 2020 Rental Revenue grew by almost 6%. Island Club is offered free and clear.
1 PROVEN VALUE-ADD OPPORTUNITY 24 Units have been upgraded with new appliances, laminate countertops, 6 panel doors, painted cabinets, light fixtures, faucets, and new hardware. Georgetown South is currently achieving up to a $75 premium on these units.
2 RECENT MAJOR CAPITAL PROJECTS COMPLETED Current Owner has completed many large capital projects including replaced all windows and patio doors in 2018, all new pool lines, plaster, copping stone and tile in 2018, minor asphalt mill and paving in 2018, and converted 10 units to Central AC.
3 CLOSE PROXIMITY TO LAFAYETTE’S LARGEST EMPLOYERS The property is located only 10 minutes away from the two largest employers in Lafayette, Caterpillar and Subaru. Also, only .5 miles away from the elementary and high school.
4 STRONG HISTORICAL RENTAL INCOME GROWTH Georgetown South has grown Net Rental Income 6.0% in the Trailing 12 months and 7.5% over the T-3. A new owner has the opportunity to take continue this momentum through continuing to raise occupancy and burn off concessions.
5 MARKET RENTS BELOW COMPETITION Current Market Rents are anywhere from $50 - $150 below current competition. A new owner can raise rents day one to bring property in line with surrounding competition.