The acquisition of Deercross provides investors with the rare opportunity to acquire 372 units at a 6%+ trailing cap rate and the proven ability to increase rent with light unit upgrades.. Deercross is being sold subject to the assumption of the existing Fannie Mae loan and therefore will not require upfront escrows and has interest only payments until June of 2025.
51 units at Deercross have been lightly renovated and have achieved $60+/- premiums. The new owner has the ability to continue to renovate units and grow revenue.
Deercross is located on the west side of Indianapolis and offers very convenient access to some of the city’s largest employers. Located directly on 38th street, a major east/ west thoroughfare with an average daily traffic count of 45,000, Deercross maintains extremely high leasing traffic.
Cushman & Wakefield, as exclusive advisor, is pleased to present the core-plus investment opportunity to acquire the 700 unit City Center on 7th in Pembroke Pines, Florida. The property features an appealing unit mix with 425 garden style apartment homes and 275 two-bedroom townhomes with a market-leading size of 1,143 square feet. Of the townhomes, 55% have direct-access two car garages while 18% have one car garages. Originally built in two phases in 2014 and 2015, the property has upgraded 320 units – changing Formica countertop in the kitchens and bath to quartz for a $75 monthly premium. Given its two-phase development, the property now has two clubhouses, pools and fitness centers. The recently completed Pines City Center provides residents walkability to 300,000 square feet including Publix and other shopping and dining destinations. Its central Broward location provides residents quick commutes to the major employment centers in South Florida.
Wellington Village Apartments built in 1974 is a 204-unit apartment community located on Indianapolis’ suburban east side. The community is situated on 13.35 acres that has 17 three-story residential buildings, a very large clubhouse and vast greenspace. The property offers an attractive unit mix of 2 and 3 bedroom garden style units. Directly off I-70 and I-465, Warren Harbor enjoys easy and convenient access to downtown Indianapolis, local restaurants and employment.
The property offers opportunities to an investor to increase revenue significantly by adding washer/dryers in each unit, upgrading units with new cabinets, black appliances, countertops, flooring, plumbing/light fixtures and enhancing the amenities..
Wellington Village is being offered free and clear .
Cushman & Wakefield, as exclusive marketing advisor, is pleased to present the opportunity to acquire 100% interest in Marina Del Rey, a 108-unit waterfront value-add opportunity located in Miami Beach, Florida. The property offers over 400 feet on the water with a private boardwalk providing expansive Biscayne Bay views.
None of the units have been upgraded, allowing a new owner tremendous revenue upside with a comprehensive value-add program. Nearby renovated properties are commanding rent premiums providing a future buyer with rent upside of over $350 per unit. For example, the property next door to Marina Del Rey has been renovated with one and two bedrooms rent of $1,650 and $2,300. The current market rents for one and two bedrooms at Marina Del Rey are $1,250 and $1,660 respectively, providing a clear and compelling value add strategy for a new buyer.
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of The RiverFront Lofts, a 168-unit, 2018-built apartment adaptive re-use community located in Terra Haute, IN.
Acquisition of RiverFront Lofts represents an opportunity to own a on-of-a-kind property located directly on the Wabash River. The property offers incredible and unique unit interiors and upscale amenities renters are looking for.
1 UNTAPPED VALUE-ADD AT WELL MAINTAINED PROPERTY Beech Grove Village is currently owned by a local Indianapolis non-profit entity that has kept rents low to fulfill their charitable mission. While the property has been very well cared for and maintained, no unit upgrades nor amenity enhancements have been completed. A new owner can raise rents immediately (even prior to renovations) and then further grown income by completing interior unit upgrades and addition amenities
2 UNDER MARKET RENTS & 100% OCCUPANCY FOR 5+ YEARS With current rental rates that are more than $100 under market, the property has maintained extremely high occupancy for at least the past 5 years. The property also maintains a large waitlist. There are no vacant units available to lease for at least the next 4 months, which has been typical at the property.
3 NO PENDING EVICTIONS IN 2020 – $0 BAD DEBT The current residents at Beech Groove provide an extremely reliable income stream. There were no evictions in 2020 and there are no current evictions pending. All residents are current on their rent and the property currently has $0 in bad debt.
4 LONG-TERM TENANT BASE AND LOW TURNOVER The average tenancy length at Beech Grove Village is over 4 years. The property has experienced extremely low turnover due to great management, a desirable location and under market rents.
5 STRONG SOUTHSIDE SUBMARKET The southside of Indianapolis maintains a strong rental market at 95% occupancy and achieved 5.0% rent growth in 2020. The location allows for extremely easy access to downtown Indianapolis and popular Greenwood, both of which provide vast employment opportunities.