Autumn Trails, built in 1987, is a 165 unit apartment community located on the suburban east side of Indianapolis The community is situated on 9 acres and has 24 single story residential buildings. The property offers an attractive unit mix of studios, 1 and 2 bedroom units with private entries.
The property has undergone major capital expenditures in the last few years including all new metal roofs, the majority of the siding replaced, many new appliances and cabinets and the parking lot resealed and striped. The lack of immediate capital needs allows the new owner the ability to focus on property upgrades that will increase revenue.
Autumn Trails is located just north of 38th street and immediately east of I-465 off Franklin Road on the city’s suburban east side. The location provides convenient access to dining, shopping and employment.
20 East is a 156-unit apartment community located in Elkhart, Indiana built-in three phases in 1985, 1986 and 1988. The community is situated on 15 acres and has 18 residential buildings, a leasing office and sparkling pool. The property offers an attractive unit mix of 1 and 2 bedroom units with all single-story buildings, private entries and washer/dryer connections in all units.The property presents the ability to easily increase revenue by burning off loss-to-lease as demonstrated by the ability to achieve market rents. 20 East has undergone major capital expenditures in the last few years including all new roofs and windows in the last 2-8 years, new siding in 2018 and a new playground in 2018. The lack of immediate capital needs allows the new owner the ability to focus on property upgrades that will increase revenue. The property is located adjacent to an industrial/manufacturing corridor with many employers and a slew of economic activity.
Brixton Apartments, situated on 9.93 acres, is a 120-unit community conveniently located on the southeast side of Indianapolis. With exceptional location, the property has mature trees and provides a quiet neighborhood setting.
The well-maintained property was built in 1982. The current owner has partially renovated 104 units. New ownership has the ability to increase revenue by continuing with unit upgrades.
Located in Marion County, on the southeast side of Indianapolis, Brixton Apartments enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants and employment.
Offered Free and Clear, the property’s stable financial performance will allow for the most competitive and attractive new debt structure.
The Cushman & Wakefield Florida Multifamily Advisory Group is pleased to present the 407-unit bulk condominium offering in Tzadik Oaks located in Tampa, Florida.
The Bristol is a 211-unit Class A luxury apartment community on Indianapolis’ suburban southwest side. Built in 2004, The Bristol is comprised of twenty-seven mostly brick residential buildings, a clubhouse and a maintenance building. The property is situated on 22+/- well-landscaped acres with two ponds.
Fifty-one units are condominium quality, single story, "patio-style" homes with ground-level private entries and either one or two car attached garages. These units are situated in seventeen buildings with just three units each and a custom home feel. The patio-style homes range in size from 870 to almost 1,400 square feet and are extremely popular, with a very low turnover rate. The remaining one hundred sixty units are attractive garden-style apartments in two-story residential buildings. These units are also spacious, ranging in size from 788 to 1,222 square feet. All garden style units feature private entries and large screened patios or balconies. All units offer full size washer/dryer connections, large closets, and either nine-foot or vaulted ceilings. Many of the units overlook picturesque ponds with fountains. Select units include: electric fireplaces, custom built-ins, walk-in closets and window seats with extra storage compartments.
Nine acres additional land is included in the offering. This parcel has already been planned and permitted for an additional 112 units. The new owner will have the opportunity to develop and build this "Phase II" in a very cost effective manner because the amenities have already been constructed. Streets leading to Phase II are in place, and public utilities are at the site.
Originally constructed as a partial LIHTC property, Pendleton Place Apartments is a 192-unit community in the northern suburb of Indianapolis. The property was built in three phases: Phase I 1999, Phase II 2000 and Phase III 2018. The owner is in the process of removing the income restrictions that are currently in place for 88 units in Phase I and will be completed prior to closing. The new owner will be able to immediately lease all units with no income restrictions.
The aquisition of Pendleton Place represents an opportunity that buyers covet: 1999 / 2000 built product with low in place rents (in Phase I and II).
Located in a high income area with household incomes over $75k, the City of Pendleton offers its residents to oppoortunity to live near high wage jobs, upscale retail and restaurants and has a sought after school system.
Pendleton Place is offered Free & Clear.
Woodbridge is a 450 unit apartment community located in Fort Wayne’s popular northern suburb. The community offers an attractive mix of flats and townhome units with all having washer / dryer connections.
The current owner completed a full renovation on 253 units which included black appliances, new espresso cabinets, granite countertops, LVT flooring, lighting and hardware. They completed a partial renovation on 197 units which included black appliances and LVT flooring. Prior to the renovations, in place rent at Woodridge was $734 / month in mid-2017. Leases since September of 2019 average $826 which is a 12.5% increase. In addition to rent premiums available by completing additional unit renovations to the partially renovated units, organic revenue increase is also expected as the current rents trail market by an average of $70+.
Fort Wayne is the 2nd largest city in the state of Indiana and has an extremely stable multifamily market. Citywide average occupancy is 96.7% and has average 95% since 2015. Rents grew in Fort Wayne more than 6% and unemployment is at only 2.6%. Top three employers in Fort Wayne are two large healthcare networks, Parkview and Lutheran, followed by the Fort Wayne Community Schools all of which are close to Woodridge.
Woodbridge is offered free and clear and can be purchased individually or as part of a 914 unit, 3 property portfolio that includes Cross Creek (208 units) and Beechmill (256 units). A portfolio purchase offers economies of scale.
Beechmill is a 256-unit apartment community exceptionally well located on the south side of Indianapolis. The community was built in 1981 but has been recently updated.
The new owner can build upon recent property upgrades, rent increases and positive momentum to further increase rents both organically and by completing additional property and unit renovations. Current rental rates are $100 below competing upgraded product. In the past 4 years, current ownership has raised rents $129 with only a partial unit upgrade.
The current owner has spent $2.3M in Cap Ex since 2016. All roofs were replaced, clubhouse received a light cosmetic lift and all 256 units were partially renovated: with new black appliances, new Formica countertops, light fixtures and LVT plank flooring in kitchens and baths. The property’s 12 acres feature many mature trees and ample green space.
Beechmill is an extremely well-located community. Because of its proximity to Indianapolis and US-31. Beechmill offers its residents proximity to the south side’s best shopping and dining. Traveling Downtown is quite convenient, as the property sits 11 miles directly south of the city’s center.