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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.

Under LOI
20 East
156 Units
2125 Toledo Road
Elkhart, IN  46516
Posted: 9/11/2019

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of the 130-unit Aspen Chase apartment community located in Indianapolis, IN. This asset is strategically-located on the northwest side of Indianapolis giving residents convenient access to employers, the Indianapolis International Airport and booming downtown Indianapolis. Built in 1981, Aspen Chase offers an outstanding opportunity to invest in value add potential close to amenities and employers.

Aspen Chase is a 1980’s built, 130-unit, well-located apartment community on the northwest side of Indianapolis. The northwest rental submarket has been strong, with an average submarket occupancy rate of 93% and rent growth of 3.6% in 2018. The property’s occupancy is also strong, with current occupancy at 93.1%.

The community offers an attractive mix of one and two-bedroom flats and two and 3 bedroom townhomes. Constructed in 1981 by the respected developer the Gene B. Glick, the community consists of fourteen two-story apartment buildings situated on 10.05 wooded acres. In addition to its quiet, wooded setting, community amenities include a swimming pool with sun deck, two on-site laundry centers and available covered parking. Units feature attractive floor plans ranging in size from 700 to 1,200 square feet. Unit features vary by floor plan but include patios or balconies, walk-in closets, wood-burning fireplaces and outside storage closets. All townhome units include washer/dryer hookups.

Aspen Chase at Eagle Creek
130 Units
5340 Acorn Lane
Indianapolis, IN  46254
Posted: 9/5/2019

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.

Autumn Trails
165 Units
7981 Red Mill Drive
Indianapolis, IN  46226
Posted: 11/6/2019

Echo Park Bloomington is a premier luxury community located on the south side of booming Bloomington, IN. The thoughtful high-end modern design of this class A new construction property creates a living environment above all other competition. The luxurious living experience caters perfectly to the high income young professional residents.

Bloomington is best known for the highly-rated, 45,000+ enrollment Indiana University, but this city has more to offer than just the typical college town in the way of high paying employment opportunities, international cuisine, music venues, retail boutiques, lakes, wineries and the Hoosier National Forest.

Echo Park is currently 97% occupied and has an excellent lease trajectory into the future. Its stabilization and high occupancy allow for the best permanent new financing terms available.

Under Contract
Echo Park - Bloomington
154 Units
2780 S Walnut Street Pike
Bloomington, IN  47401
Posted: 7/29/2019

Emerson Village Apartments, situated on 23 acres, is a 352-unit community conveniently located on the southeast side of Indianapolis. With exceptional visibility directly on a major north south thoroughfare, the property has mature trees, two lakes and provides a quiet neighborhood setting.

The well-maintained property was built in two phases, Phase I 1987 and Phase II 1988 with approximately thirty percent of the units currently upgraded allowing the new ownership the ability to further increase revenue by continuing the unit upgrades.

Located in Franklin Township, on the southeast side of Indianapolis, Emerson Village 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.

Under Contract
Emerson Village
352 Units
5140 Emerson Village Drive
Indianapolis, IN  46237
Type: Conventional
Posted: 9/30/2019

Kingston Square is a 523-unit work force housing apartment community located on Indianapolis’ suburban east side. Originally developed as a co-op, it was converted to traditional for-rent apartments when the current owner purchased the property in 2013. The residents have benefited from this conversion as the current owner has completed $7.3 million+ in renovations, including a 24hr fitness center, interior unit upgrades and much more.

The community is situated on 24 acres with 29 two-story buildings. It offers an attractive mix of studios, 1-and 2-bedroom units, along with 2- and 3-bedroom townhomes. All the townhome units have washer/dryer hook ups. The units feature baseboard heating with electric sleeve air-conditioning unit, fully-equipped kitchens including new dishwashers and laminate flooring, upgraded bathroom vanities and plumbing fixtures, and a balcony/patio.

Kingston Square is located immediately west of I-465 off Shadeland Avenue, a major commercial thoroughfare, with convenient access to I-70 and I-69. The daily average traffic count on Shadeland is approximately 20,788 cars and I-465 is over 181,000 cars. Residents enjoy a quick commute to downtown Indianapolis and to the popular northside of Indianapolis.

Under LOI
Kingston Square
523 Units
7171 Twin Oaks Drive
Indianapolis, IN  46226
Posted: 11/21/2019

Summit at Keystone is located in one of the city’s most desirable "Live Work Play" neighborhoods, the far northside. While originally constructed in the late ’60s, the property has been significantly renovated and has the look and feel of a much newer community. New exterior HardiePlank siding, all new windows and roofs, a new stand-alone fitness center and renovated clubhouse provide both excellent curb appeal and high-end amenities that rival new construction. Proving the ability to increase rents, 269 units have been upgraded and achieve monthly premiums of $95 - $225. The new owner can continue unit upgrades on the remaining 186 units and further increase revenue.

Existing Fannie Mae debt is to be assumed and offers attractive terms with a 4.6% interest rate, interest-only until March of 2020 and a loan maturity not until March of 2029.

Summit at Keystone
455 Units
6630 Glenbrook Drive
Indianapolis, IN  46220
Type: Conventional
Posted: 1/9/2020

Warren Harbor Apartments built in 1971 is a 240-unit apartment community located on Indianapolis’ suburban east side. The community is situated on 26.1 acres that has 10 residential buildings, a very large clubhouse with an indoor pool, and vast greenspace. The property offers an attractive unit mix of 1, 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 current owner purchased the property in 2015 when the property was highly distressed and underperforming. During their ownership they have fully renovated 111 units and partially renovated 84 units. They also cured a number of major physical issues at the property including creating proper drainage, installation of new asphalt and new roofs. There is one building that remains down that contains 24 units which are gutted and not rentable.

The acquisition of Warren Harbour offers the new owner the opportunity the continue to stabilize the community and increase revenue by bringing all units online, continuing unit upgrades and enhancing the amenities.

Under Contract
Warren Harbor
240 Units
2125 Yorkshire Court
Indianapolis, IN  46229
Posted: 7/29/2019