808-UNIT PORTFOLIO

Devonshire Gardens (139 units) and Devonshire Place (106 units) must be purchased together. They can also be purchased with Harrison Point (342 units) and Aura (125 units) in Indianapolis, and Tuscany Bay (96 units) in Lawrenceburg for a total portfolio of 808 units, offering instant economies of scale.

WELL MAINTAINED PROPERTIES WITH DESIRABLE FEATURES

The majority of windows and patio doors were replaced from 2012-2015 at both properties. The exteriors are mostly brick and have mature landscaping with a neighborhood feel. Both properties have very desirable, large townhome units.

VALUE-ADD OPPORTUNITY

A total of 100 units have already been upgraded and are achieving premiums of $70-$100+. Upgrading the remaining 145 units, as well as building exteriors would achieve additional revenue. Average rents are also below competing properties.

EXCELLENT LOCATION

Both properties are close together and are walkable to adjacent grocery stores and abundant retail on Green River Road. Deaconness Gateway Hospital and Ascension St. Vincent Evansville Hospital are a short drive. Interstate 69 is just two miles south of the properties.

Unique Property with large single-level floor plans

Aura offers residents a large single-level floor plan layout. One bedrooms offer 1,000 SF+ of spacious living and the average unit size is 1,200 SF+. All units have large patios and balconies, and first floor units have a wrought iron enclosed patio. The full amenity set features a fitness facility, pet park (new equipment) and pool (recently refurbished with new pool equipment and poured new deck around pool).

Near Major Employment and Amenities

Numerous major employment centers are within a 15-minute drive of the property. Aura is also very close to Marian University (1,115 emp.), Butler University (500 emp.), Indianapolis Motor Speedway (400+ emp.), Newfields Art Museum & Nature Park (300+ emp.) and the popular 5,300-acre Eagle Creek Park & Reservoir.

Close Proximity to Downtown Indy

Downtown Indianapolis is a quick 10 mile drive from Aura. Downtown is the main employment center and offers countless opportunities for dining, entertainment, sports, festivals and night life.

6.4% Cap Rate - Year One with Additional Upside

The current owner has spent more than a year cleaning up the rent roll and completing evictions for residents with non-payment. The new owner can achieve a 6.4% cap rate in year one by simply normalizing bad debt to 2%. By upgrading classic units, revenue can be increased by an additional $300K annually. Fully upgraded units will likely command a $200+ Premium.

808 Unit Portfolio Offering

Aura can be purchased individually, or together with Harrison Point (342 units) in Indianapolis, Tuscany Bay (96 units) in Lawrenceburg, and Devonshire Gardens (139 units) and Devonshire Place (106 units) in Evansville for a total portfolio of 808 units, offering instant economies of scale.

1999 Built Property at $130k per Unit

Built in 1999, Tuscany Bay is newer than the majority of the comps, offers larger floorplans, more extensive amenities and W/D hookups in all units. Offered at $130k per Tuscany Bay is well below replacement cost and is located in a high income area with average household income of $95k+ in the one mile radius.

5.8% T-3 Actual Cap Rate & 13.2% Organic Rent Growth

Offering excellent cash flow immediately, Tuscany Bay is offered at a 5.8% T-3 Cap Rate and over a 6.5% Cap Yr 1. On the most recent 20+ leases, the property has achieved a $181/ month average increase in rent. This was achieved organically and not a result of unit upgrades.

Opportunity to Continue Upgrades & Increase Revenue

The current owner has upgraded the clubhouse and renovated 40% of the units. The remaining classic units can be upgraded to achieve additional premiums. A new owner can also provide washer/dryer machines and microwaves to charge a $40 premium and increase the Water/sewer bill back.

Easy Access to Cincinnati & Nearby Major Employers

The location of Tuscany Bay allows for easy access to all that Cincinnati has to offer. With downtown just under 30 min away, residents can access abundant employment, dining, shopping and entertainment options. The property is also conveniently located near major employers.

Purchase Individually or in 808 Unit Portfolio

Tuscany Bay can be purchased with Harrison Point (342 units) & Aura (125 units) in Indianapolis, IN as well as Devonshire Gardens (139 units) & Devonshire Place (106 units) in Evansville, IN, for a total portfolio of 808 units, offering economies of scale. The properties may also be purchased individually.

Acquisition of 32 Union represents an opportunity to own one of the best properties in a high-end high-growth location. The property offers everything high-income dwellers are looking for - from a luxurious amenity set and curated design finishes to a sought-after Noblesville location.

2019 BUILT PREMIER SUBURBAN PROPERTY

Built with amenities and interior unit finishes that cater to high income earners, 32 Union offers luxury in each residence and a comprehensive amenity set that rivals, and is often superior, to any of the nearby competitors.

HIGHEST GROWTH & INCOME COUNTY

Hamilton County boasts 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.

CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD

Located in Noblesville, a high-end suburb of Indianapolis, 32 Union offers its residents easy access to Indy, Carmel, Fishers and Westfield all within a quick drive, providing tremendous employment, retail and service opportunities.

UNDER MARKET RENTS & 19.7% YOY INCOME GROWTH

Demonstrating the ability to grow rents, revenue at 32 Union has increased 19.7% Year-over-year. The current rental rates also trail the nearby competition by $75 - $500 allowing the new owner to continue to increase revenue.

LIMITED NEARBY NEW CONSTRUCTION

Surrounded largely by high end single family homes and The Sagamore Golf Club, there are only a few new properties being add in this submarket of Noblesville.

Attractive Cap Rates - 6.2% T-3 & 7.3% Year 1

Aspen Pointe is in excellent physical condition and offers immediate cash flow selling at a 6.2% T-3 and achievable 7.3% Year 1 Cap Rate. Historical occupancy averages 96% over the last four years.

Fully Renovated - $5.1M+ Capital Infusion

The majority of the property infrastructure has been replaced, and all units have been fully upgraded within the last seven years. Items included replacement of HVAC systems, electrical, plumbing, windows, patio doors and balconies.

Limited Nearby Competition

There is only one competing property close to Aspen Pointe. The remainder of the five competing properties are at least two miles away. This quiet property is nestled among mature landscaping and offers a neighborhood feel that rivals its limited competition.

Close to Logistics Hub, Airport & Interstates

Located on Indy’s southwest side, Aspen Pointe is close to Indy’s logistics hub with nearly 98M SF of facilities, Indianapolis Int’l Airport and significant employers such as Amazon, FedEx Hub, UPS Hub, Target Distribution Ctr., Foxconn and Nippon. Interstates I-465 (0.7 Mi.) and I-70 (1.6 Mi.) offer access to additional employment.

Value-Add Potential with Minor Enhancements

With minor enhancements to all units, and adding amenities, Aspen Pointe could be regarded as the top property among its competition.

The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 180-unit Grove at Temple Terrace community located in Temple Terrace, Florida.

FULLY UPGRADED LIVING EXPERIENCE

River West Flats has been infused with $2.4M in capital and is now fully renovated. The renovation included 100% unit upgrades, all new windows, breaker boxes, complete elevator replacement, all new amenities, common spaces and more.

IUPUI DRIVES INNOVATION

IUPUI (1.5 miles away) boasts an enrollment of 27,000+ students. 74% of the students are in-state residents with 92% of students living off campus.

OPPORTUNITY FOR NEW UNITS & AMENITIES

The acquisition of River West Flats offers the opportunity to add new amenities and additional units. New amenities will aid in competing with downtown new construction properties nearby. Additional units could be add as developable parcels included in the sale and are located in an Opportunity Zone.

5.2%+ GOING-IN CAP RATE

River West Flats offers a strong in-place return and immediate cash flow. The opportunity to own close to the urban core with a going-in cap rate of over 5%is increasingly rare.

ADJACENT TO NOTABLE EMPLOYMENT

Located adjacent to a huge concentration of hospitals (Riley, Eskenazi and University IU Heath) and just 1/2 mile southwest of 16 Tech, a 50-acre innovation district, River West Flats offers residents easy access to employment, retail and services.

FAST ACCESS TO DOWNTOWN & AMENITIES

River West Flats location allows quick access to downtown, which offers vast employment, restaurants and entertainment.

*** The adjacent Candlewood Suites Hotel is also available for sale from the same owner ***