Cushman & Wakefield, as exclusive advisor, is pleased to present the opportunity to acquire BLUME (the “Property”) – a boutique, Class-AAA, 100-apartment high-rise community located adjacent to downtown Coral Gables and its famed Miracle Mile. Developed in 2019 and owned by 37 Gables Property LLC, an affiliate of Greystone, the Property has large floorplans - almost 900 square feet - with a mix of lofts, one-, and two-bedroom units, along with 6,191 square feet of ground floor retail.
The Property provides an exceptional location with proximity to jobs, dining, and nightlife within downtown Coral Gables. Within a one-mile radius of the Property there is 8.9 million square feet of office space. Blume is offering is a generational opportunity to acquire a new construction, Miami-Dade luxury high-rise apartment community with a unique boutique feel, only moments from the center of its most affluent and economically robust city.
Truly Outstanding “Main & Main” Location in Fishers / Hamilton County, the Wealthiest and Fastest Growing County in Indiana. Located at 116th St & Allisonville Rd, Sanctuary has excellent visibility and is walkable to numerous retail and employment centers and restaurants.
Partially Renovated & Meticulously Maintained
This asset is extremely well maintained with over $4.6M of capital spent on unit and property upgrades. Most units have received light upgrades including flooring, lighting and crown molding.
Flawless Performance & High Growth
The steady 97% T-12 occupancy demonstrates the location and the product are in high demand. Rent growth is extremely strong with year-over-year organic rent increases are 10%.
Timeless Architecture & Sought After Features
The Sanctuary at Fishers is a 1995-built asset with excellent amenities, classic architecture and luxurious sought-after unit features including 9' ceilings, breakfast bars, in-unit washer/dryers and attached garages.
Huge Upside & REnts Below Competition
The Sanctuary at Fishers offers excellent upgrade potential. Through unit renovations, an average forecast rent premium of $290 can be achieved. These rents are still $200-$1,200 below the brand new product in the market.
PROVEN ABILITY TO ACHIEVE PREMIUMS
A rent premium is being achieved on 14 recently upgraded units ($190+ avg.) and 70 units upgraded between 2010-2015 ($100+ avg.). A new owner could significantly increase revenue by completing the recent renovation program on the remaining 107 classic units and 15 hallways.
IN-DEMAND ONE AND TWO BED UNIT STYLES
English Village is a 1987 built property offering one and two bedroom units styles, which are in high demand. These unit types allow for attractive overall rent pricing.
ELEVATE EXISTING AMENITY SET
The new owner has the ability to easily elevate the existing amenities with minor changes. Suggestions include adding a bark park, package center, new signage and updating the existing playground.
WELL-MAINTAINED WITH RECENT CAPITAL IMPROVEMENTS
Various improvements have recently been completed to this well-maintained property. The clubhouse/office was upgraded with new flooring, paint scheme and furniture. Hallways received a new paint scheme and carpet, and 12 unit interiors were fully renovated.
CONNECTIVITY TO DOWNTOWN INDIANAPOLIS
The property's location on the near east side offers quick access to downtown Indianapolis' employment, entertainment and retail/dining options. Downtown is home to three Fortune 500 companies, 154,500+ employees with 1,000+ new jobs added in 2021.