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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