2001 BUILT ASSET OFFERED AT $199K/UNIT
Pebble Brook Village offers all new roofs, new wood trim (in process) and sought after features that compete extremely well with new construction properties. At $199K/unit, the property is offered well below similar era product that recently traded at $250K/unit.
UPSIDE POTENTIAL WITH PROVEN RENT PREMIUMS
91% of the units are mostly original to the 2001 construction, offering the opportunity to increase revenue by completing a renovation on 214 classic units and adding amenities. The 9% of units that have been renovated are achieving $360+ average rent premiums.
23%+ ORGANIC RENT GROWTH
High rent growth is being achieved at the property with a recent 23% increase on renewals and 28% or $283 average increase on new leases. These rent increases are organic (obtained on non-renovated units).
HIGHEST GROWTH & INCOME COUNTY IN THE STATE
Hamilton County boasts the highest income and growth metrics in the entire state. Noblesville offers limited competition from new construction, a highly acclaimed school district and has experienced rapid population growth of 31% since 2010.
CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD
Located in Noblesville, a high-end suburb of Indianapolis, Pebble Brook Village offers its residents easy access to Indy, Carmel, Fishers and Westfield all within a quick drive, providing tremendous employment, retail and service opportunities.
IRREPLACEABLE URBAN LOCATION
Millikan on Mass II is located within downtown Indianapolis along Mass Ave—the city’s #1 nightlife, dining and entertainment district. Residents are steps from a wide array of the best and most popular amenity options downtown has to offer.
OFFERED BELOW REPLACEMENT COST - $195K/UNIT
The cost to construct Millikan on Mass II in today’s market would cost significantly more than it did in 2015. According to NAHB, building materials prices increased 20.4% year over year and have risen 33% since 2020. With a pricing guidance of $195K per unit, the property is offered well below the replacement cost point.
UPSIDE POTENTIAL WITH UNDER MARKET RENTS
The property is owned by the City of Indianapolis Housing Agency which has struggled with staffing and turning units, even with an extensive waiting list. There is ample operational upside in a very strong market. Current market rents are $300-500 below nearby competing properties. The new owner could immediately raise rents organically on new leases and renewals to increase revenue.
CONVENIENT TO DIVERSE & ABUNDANT EMPLOYMENT
With award-winning employers within walking distance, the property’s location brings ‘Live-Work-Play’ to another level. The diversity of employers downtown (from tech to education and healthcare) offers a high level of stability in resident employment.
NEWER URBAN PRODUCT WITH FIRST FLOOR RETAIL
Built in 2015, the property features high-end finishes and open floor plan living with gorgeous views of Mass Ave and downtown Indy. Three popular eateries—Fat Dan’s, Goodfella’s Pizza and Salt on Mass—are convenient for residents to access on the first floor of the building.
The General Partner Interest for Millikan on Mass I (61 Units) is also be offered. More information can be downloaded from the Document Center after a Confidentiality Agreement as been executed.
Partially Renovated with Remaining Upside
Close to Amenities & New NGA Campus
Strong Employment Centers
Growing Market Fundamentals
Average rents in St. Louis increased by 8.9% from 2021 to 2022 with average occupancy at a historic high level 92.3%