Oakbrook Park Apartments, located on the desirable north side of Indianapolis, offers buyers the opportunity to purchase a stable, partially renovated property in a solid B location with the demonstrated ability to renovate units and achieve rent premiums.
The property was originally built in 1978 and has received numerous renovations and updates over the years. In 2010 / 2011, a previous owner completed over $1.3M in property renovations/upgrades. These renovations included the replacement of all windows, common area hallway upgrades, full property exterior painting, replacement of 4 roofs, addition of a new fitness facility, yoga studio and business center, clubhouse renovation, installation of a bark park and sand volleyball court, new landscaping and property signage and the updating of 153 apartment units (87 partially renovated and 66 fully renovated units).
The current owner has continued to invest in the property and spent over $1.5M since 2015 in capital improvements. A major project completed by the current owner was the conversion of a previous commercial building. This building was fully renovated and converted into 12 additional apartments. These 12 units have brand new finishes and feel like new construction product. These “new” units are highly sought after and demonstrate the demand for units with higher end finishes and higher rents. Further proving the case for continued unit upgrades, the previous owner fully renovated 66 units in 2011+/- and these units still lease for $50 - $125 more.
Oakbrook Park is being sold free and clear or with the potential to assume the existing debt (assumption NOT required).
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire together or separately two core, suburban infill, garden apartment assets in Miami, Florida – Doral View and Town Fontainebleau Lakes. Both properties are each 360-units in 3-story garden design, which has become an increasingly rare and thinly traded building type due to available land. Completed in 2014 and 2016, Doral View and Town Fontainebleau Lakes were developed with the highest design standards. Both properties feature a mix of one-, two- and three-bedroom residences with expansive, state-of-the-art amenities and finish levels. Further, the properties have unmatched visibility with their location along the Dolphin Expressway and its 122,000 cars daily. This highway adjacent location has driven strong, qualified renter traffic seeking excellent connectivity to nearby major employment centers including Doral, Blue Lagoon, Florida International University (FIU), and downtown Miami.
Cushman & Wakefield, as exclusive advisor, is please to present the opportunity to acquire Avana Cypress Creek, a 220 unit multifamily asset located in Broward County. The property was delivered in 2009 at the start of the current development cycle. The property represents a first generation value-add opportunity with a continuation of a light renovation program enhancing unit interiors. Current ownership has started renovating the units and is achieving average premiums of $70. With well-designed floorplans and direct-access garages in 36% of the units, Avana Cypress Creek is poised to better compete with the newer assets which were recently delivered in the market. The current upgrades include vinyl-plank flooring, backsplash, Nest thermostats and other in-unit upgrades. The property is located adjacent to Florida’s Turnpike, providing excellent exposure and connectivity to South Florida’s largest employment centers of Cypress Creek, Sunrise, Plantation and Boca Raton.
Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Footprints on the Bay (the "Property") a 96-unit garden-style apartment community located in Monterey, California. Situated in a highly sought after coastal market, Footprints on the Bay is Monterey’s second largest multifamily property and provides residents convenient access to the region’s diverse employers such as the Naval Post Graduate School, Community Hospital of Monterey Peninsula, Cal State Monterey Bay, Dole Fresh Vegetables Company and Pebble Beach Resorts.
Footprints on the Bay was built in 1972 and is situated on 4.32 acres of mature, landscaped grounds. The well-amenitized property has a favorable unit mix of 8 Studios, 44 one-bedroom units and 44 two-bedroom units. Footprints on the Bay has the added benefit of an existing condo map. 116 former apartment units have been sold off as condos. Although current ownership has diligently maintained the asset, no units at Footprints on the Bay have undergone a modern renovation program. With the opportunity to invest in an asset repositioning, an investor can execute on a market proven value-add strategy and unlock the tremendous upside potential of Footprints on the Bay.