WALKABLE TO MEDICAL EMPLOYMENT & AMENITIES
946 MLK is within a 10-minute walk to four hospitals and many other healthcare facilities within downtown's medical district. The IU School of Medicine, 16 Tech, IUPUI, multiple significant employers, museums and parks, and numerous dining and shopping options are also within walking distance.
PERFECT UNIT MIX FOR YOUNG PROFESSIONALS
The property has a unique unit mix perfect for young professionals who want to live, work and play in downtown Indianapolis. One-bed units are suitable for singles or couples while the three-bed units are great for roommates. Within a one-mile radius of 946 MLK, the median age is 29 years and 73% are college-educated.
BOUTIQUE LUXURY COMMUNITY
This small, boutique community offers what young dwellers are looking for with upscale finishes like granite counters, kitchen islands, built-in microwaves, and in unit washer and dryer. Amenities include a spacious state-of-the-art fitness center, business lounge, reserved covered parking and beautiful views of downtown Indy.
OPPORTUNITY TO ELEVATE REVENUE
The new owner could immediately increase revenue by implementing a parking fee. All of the competing properties for 946 MLK charge for parking. The property could be elevated with minor upgrades such as additional fitness equipment, converting the business lounge to a "co-working" space and a few enhancements in unit interiors.
URBAN TWO-PROPERTY PORTFOLIO OPPORTUNITY
946 MLK can be purchased individually, or with The E'laan. Both properties are located in walkable locations in downtown Indianapolis and share staffing. The two properties total 91 units and offer operational efficiencies when purchased together.
Indianapolis, IN 46202
STRONG PERFORMING | <$140K/UNIT | 6.1% T-3 CAP RATE
Lush landscaping, expansive lakes with fountains, extensive amenities and popular unit layouts attract residents to Astoria Park. The physical occupancy has averaged 94%+ over the last few years and delinquency is very low. The asset is offered at less than $140K per unit with a very attractive 6.1% trailing cap rate.
WELL-MAINTAINED: $12M+ SPENT ON IMPROVEMENTS
More than $12 million has been spent improving the property since 2011. Updated items include 20 roof replacements since 2019, a clubhouse relocation with new fitness center, new outdoor amenities, updated unit interiors, painting, gutters and downspouts, signage, and lighting, in addition to numerous other improvements.
PROVEN RENT PREMIUMS & RESIDUAL YIELD
A $178 average rent premium is being achieved on the 167 units upgraded by the current owner. A full upgrade could be completed on the remaining 303 classic units to match the current upgrades, and more community amenities could be added. Additional yield could be obtained with the suggested enhancements.
HIGH TRAFFIC LOCATION ADJACENT TO EAGLE CREEK
Located directly on a major thoroughfare, Astoria Park benefits from its visibility to nearly 45,000 vehicles per day along 38th Street. Immediately west of the property is Eagle Creek Park and Reservoir, a very popular landmark for nature lovers, with more than 1 million visitors annually.
CENTRAL TO SIGNIFICANT EMPLOYMENT
Ideally located on Indy’s west side, Astoria Park is adjacent to fast-growing and high-income Hendricks County, and proximate to significant high-wage employers. Indy’s logistics hub (98M SF of facilities), northwest side and downtown employment corridors can be accessed quickly from the property.
Indianapolis, IN 46214
Build-To-Rent Product by Respected Builder
Avalon Bluff is a build-to-rent (BTR) community developed by Tempest Homes, a well-respected Great Lafayette-based company founded in 2002. Tempest Homes has an A+ Better Business Bureau Accreditation.
High Demand for BTR CommunitiesDemand for BTR communities has steadily increased as renters prefer the privacy and larger size of a home, without the burden of homeownership.
Affluent Resident Profile in High Growth Area
Avalon Bluff is primed for a high-level resident profile. Average household incomes within one mile of the community are $113K and are expected to increase by 18% over the next five years. Within a one-mile radius of the site, the population has grown by 50% since 2010.
Near Notable Medical & Education Employment
IU Health Arnett Hospital and Franciscan Health Lafayette East Hospital, among many other medical facilities, as well as Greater Lafayette's largest employer, Purdue University, are all within a 15-minute drive of Avalon Bluff.
Dynamic Greater Lafayette
The Greater Lafayette Area, a diverse community situated between Chicago and Indianapolis, is experiencing incredible growth and robust innovation. With new developments in both education, biotech, and aerospace, the area continues to be a top place to live and work.
Lafayette, IN 47909
Luxury Property in Dynamic Walkable Location
AYR is an exquisite property built in 2020, boasting modern and inviting finishes that appeal to high-income residents seeking a luxurious lifestyle. Its prime location offers a walkable experience, with convenient proximity to retail establishments.
Access Broad Ripple, Keystone & Downtown
AYR's exceptional location places it just a mile from the bustling center of Broad Ripple, ensuring residents can effortlessly immerse themselves in the vibrant entertainment, dining, and cultural offerings. Additionally, its strategic positioning provides quick access to both Downtown Indy and the upscale Keystone area, granting residents the opportunity to conveniently reach top employment centers as well as indulge in the city's premier shopping and dining destinations.
High-End Amenities & Finishes
The property provides an elevated living experience with luxurious finishes featured in the units, along with a range of high-end amenities. Residents can enjoy the convenience of unique Live Work Units, an expansive fitness center, co-working stations provide a productive and collaborative environment. Additionally, the Aqua Lounge offers a stylish and relaxing space for residents to unwind and socialize.
Proven Demand and Rent Growth
AYR experiences consistently high occupancy rates in the mid-90s, reflecting the strong demand for residents to live in the community. Furthermore, the property achieved rent increases ranging from 12% to 13% for both lease renewals and new leases, indicating the desirability of AYR as a sought-after living destination.
Indianapolis, IN 46220
Proven Value Add Opportunity
15 units have been completely remodeled with the high-end modern finishes. These units achieve premiums of $230-$350. In this location there is ongoing demand for upgraded units offering the opportunity to upgrade the remaining 194 units.
Recent Capital Infusion
Black Hawk has been infused with capital spent mostly on modern unit upgrades which include new cabinets, granite countertops black appliances and luxury vinyl plank flooring. Capital was also spent on roofs, exterior paint, asphalt and hallway updates.
Impressive Property Performance
Black Hawk demonstrates impressive performance with bad debt under 0.5% (T-12) and 30% increase in market rent in 2022 (Jan 2022 - Dec 2022).
Fort Wayne’s Tremendous Growth
Fort Wayne-Allen County is a community on the rise with growing population and diverse employment. Average rents grew by 15.2% from 2021 to 2022 contributing to the impressive 59% rent growth since 2015.
Popular Townhome Units
The Black Hawk unit mix features 67% townhome style units. Having a concentration of these sought after large units gives the property a competitive edge in the market.
Ft. Wayne, IN 46815
PROVEN VALUE-ADD POTENTIAL
The current owner has upgraded 92 units, which are achieving an average monthly rent premium of $194 over classic units. Further revenue growth could be achieved by upgrading the remaining 68 classic units.
OPPORTUNITY FOR FURTHER ENHANCEMENTS
The property has stable management and revenue flow. A new owner could further grow revenue by completing renovations to the building exteriors, hallways, and creating additional amenities for residents.
CONVENIENT ACCESS TO VAST EMPLOYMENT
The property is adjacent to Finish Line's HQ, and a large employment cluster. Other significant employers nearby are Emmett J. Bean Federal Center, Community Hospital North, Adidas Group, Amazon, and Walmart Distribution. I-70 and I-465 are less than three miles away, providing direct access to the downtown CBD and all areas of the city.
HIGH GROWTH EAST SIDE LOCATION
Located on Indy's East side, which has consistently trended upward in several indicators including occupancy and rent growth (56% since 2012). Its substantial job base and strong regional economy are both growing faster than jobs nationwide. Briergate also benefits from a great school district and close proximity to fast-growing and affluent Hancock County.
Briergate can be purchased individually, or as a portfolio with Wellington Village, for a total of 364 units. The properties are less than three miles apart.
Indianapolis, IN 46229
The Carmel Gateway Site offers the rare opportunity to own and develop the next city district in thriving Carmel, Indiana. This search is for the right developer to take the exciting master plan and turn this office park into a town center. The owner will retain ownership of the existing office buildings.
- Turning an Office Park Into a Town Center
- Impressive Carmel Growth
- Highest Incomes in the State
- Unparalelled Quality of Life
Indianapolis, IN 46240
New Construction $200K Build-to-rent Homes
Currently under construction, Circle Point Villas is a new, high end rental home community built by an experienced developer. After rollover of the first leases, additional organic rent growth could be achieved.
High Demand for Home Rentals
There is increasing demand for renters who prefer the privacy and larger size of a home, without the burden of homeownership. Peak home prices coupled with the flexibility of renting and desire for suburban living have boosted the demand for BTR communities.
Trending Demographics Support Rental Rates
Circle Point Villas is primed for a high-level resident profile. Average household incomes within five miles are $66K and is expected to increase by 10% over the next four years. Nearly 52% of residents earn over $50K. Spending 30% of a $66K average gross income for housing equates to rents starting at $1,650.
Maintenance Free Rentals with Flexibility
BTR homes attract millennials, baby boomers and prospective home buyers tired of the house hunt with the flexibility to move when they want, and maintenance free living with professional on-site management. Circle Point Villas offer spacious open layouts, direct access garages, green space, patio and front porch, laundry room with W/D and a full appliance package.
Near Significant Employment
Toyota Motor Manufacturing | Indiana (7,296 employees) is less than five miles from Circle Point Villas. The company is adding an additional 1,400 employees by the end of 2023. Additional employers nearby include Duke Energy (1,400 emp), Vuteq Corp. (654 emp), Deaconess Gibson Hospital (350 emp) and Hansen Corp. (233 emp).
NEW CONSTRUCTION - $135K/UNIT
Currently under construction, Cypress Point is the only Class A multifamily property in Washington, IN.
The closest direct competitor to Cypress Point is Baldwin Heights, located 40+ minutes south in Princeton, IN and was built by the same developer.
5-YEAR 100% TAX ABATEMENT
Located within a newly established economic revitalization area, Cypress Point has a 5-year tax abatement in place that ends in the year 2027. This favorable tax abatement will offer the new owner increased cash flow.
Located adjacent to the new I-69 North American Super Corridor, Cypress Point benefits from:
- 178,000+ Workforce within a 60 minute drive
- 80% of the US population within a one day drive
- Westgate at Crane Technology Park (30 Minute Drive)
- Naval Surface Warfare Center - Crane Division (30 Min. Drive)
- Toyota Motor Manufacturing - 7,296 Employees (45 Min. Drive)
- Direct commute to Indianapolis and Evansville
- Washington, IN is the county seat of Daviess County
Washington, IN 47501
VALUE ADD & REPOSITIONING OPPORTUNITYThere are significant opportunities to create value through management upside and repositioning the property by stabilizing occupancy, renovating units and adding amenities.
LOCATED AT "MAIN & MAIN" INTERSECTION
Des Arboles is located at the significant intersection of New Halls Ferry Road and Lindbergh Boulevard. There are numerous household name retailers and restaurants very close to the property, creating major retail synergy. Traffic Counts on New Halls Ferry Road and Lindbergh boulevard exceed 20,000 vehicles per day.
STRONG EDUCATION & EMPLOYMENT CENTERS
St. Louis boasts a strong network of higher education institutions and eight Fortune 500 companies. The city has benefited from numerous public and private investments, and exciting developments underway or recently completed.
GROWING MARKET FUNDAMENTALS
St. Louis MSA rent growth is up 4.7% year-over-year and occupancy is at historically high levels. St. Louis is currently among the top 10 rent growth markets in the U.S.
Florissant, MO 63033
Strong Property Performance
Eagle Creek provides immediate yield with strong property performance and many years of consistently high occupancy. A new owner can raise revenue by simply continuing to burn off loss to lease. The property has achieved high rent increases of 18% on new leases and 17% on renewal over the past 12 months.
Direct Access to Eagle Creek Park & Reservoir
Eagle Creek is the sole apartment community with access to the renowned Eagle Creek Park and Reservoir. The property is enveloped by mature trees and walking trails and boasts a direct path to a beach. It’s secluded, surrounded by lush landscaping, and provides a peaceful retreat for residents.
Preferred Unit Attributes
Unit sizes at Eagle Creek are large and spacious, averaging 1,092 square feet. Most units have a full size or stackable washer/dryer connection and all units feature an attached carport - both popular amenities among renters. (Connections could be added to the remaining 64 units.)
Flourishing Location Near Ample Employment
Eagle Creek benefits from the affluent demographics of its 1-mile radius, where the average household income is $129,000. The community is situated near Hendricks County, a high-income and high-growth area, and enjoys proximity to various well-paying employers. Additionally, residents can select from three top-rated school systems.
Opportunity to Increase Revenue
Currently, 72 units have been upgraded at the property. The remaining 116 “classic” units could be upgraded to the same level to achieve additional revenue. Upgraded units include new cabinets, granite countertops, black appliances, new lighting & plumbing fixtures in kitchen & baths, and LVT flooring in some units.
Indianapolis, IN 46234
$88,000 PER UNIT | 6.4% T-1 AND 6.2% T-3 CAP RATE
Harrison Point is in great physical condition and offers immediate cash flow selling at a 6.4% T-1/6.2% T-3 Cap Rate. A capital infusion of $4.6M+ has been completed since 2011. Much of the property infrastructure has been upgraded or replaced and windows were replaced within the last 13 years.
DEMONSTRATED REVENUE GROWTH POTENTIAL
High demand to live at Harrison Point is demonstrated by 30.4% rent growth on most recent 100 leases signed. From September to December 2022, renewal rents have increased 21% and new lease rents have increased by 37.7%, on average.
ABILITY TO RENOVATE AND ACHIEVE PREMIUMS
From 2013-2019, 28 unit interiors were upgraded with new cabinets, appliances, lighting and plumbing fixtures. The current revenue management has pushed rents significantly due to high occupancy and demand. The remaining 314 classic units could be upgraded. A new owner could also continue to operate the property as is and enjoy organic rent growth.
HIGH OCCUPANCY | LOW BAD DEBT AND TURNOVER | STRONG COLLECTIONS
Current occupancy is 97% at Harrison Point with a 97% five year average. Historical and current bad debt are low, and the property has had less than 10 evictions in 2022. Harrison Point enjoys low turnover with the majority of residents having living on site for at least two years.
VIBRANT EASTSIDE SUBMARKET
Located next to fast-growing Hancock County, the East side is showing upward trends in several indicators including occupancy and rent growth. Its substantial job base and strong regional economy are both growing faster than jobs nationwide. Industrial development is booming with 10.6 million SF under construction in the submarket.
808-UNIT PORTFOLIO OFFERING
Harrison Point can be purchased individually, or together with Aura (125 units) in Indianapolis, Tuscany Bay (96 units) in Lawrenceburg, and Devonshire Gardens (139 units) and Devonshire Place (106 units) in Evansville for a total portfolio of 808 units, offering instant economies of scale.
Indianapolis, IN 46236
HIGH DEMAND BUILD-TO-RENT DEVELOPMENT
Honor Meadows is a build-to-rent (BTR) community thoughtfully designed with popular interiors and architectural details. The experienced Central Indiana developer, Bridgenorth Homes, uses true craftsmen to build their homes. Renters who prefer privacy, larger homes, suburban locations, and the flexibility of renting have boosted the demand for BTR communities.
POPULAR COMMUNITY ELEMENTS
The planned community will offer nine green common area spaces and a large park with gazebo and fire pit with seating. Home interiors will incorporate a direct access one-car garage, covered front porch, fenced back yard, washer/dryer, walk-in closets, and kitchen pantry, among other popular features.
RAPID EXPANSION OF LEBANON
Lebanon is located within Boone County, Indiana’s 2nd fastest-growing county. Industrial facilities, developments and employment in downtown Lebanon and along the I-65 corridor are growing at a fast pace. This growth includes the recently announced LEAP Lebanon Innovation District, a 7,000-acre mixed-use campus with Eli Lilly as a major tenant (less than two miles from Honor Meadows).
QUICK ACCESS TO NOTABLE AREAS
Lebanon’s rapid growth can be attributed to its location along I-65 with quick access to key areas such as Whitestown, Zionsville, Westfield, Lafayette, downtown Indianapolis and the Indianapolis International Airport.
Lebanon, IN 46052
5.2% T-3 CAP RATE + DEMONSTRATED HIGH DEMAND
Legacy Park is offered at an attractive 5.2% T-3 Cap Rate, 5.8% Year One Cap Rate (without renovations) and a 6.2% Post Reno Forecast Cap Rate (including the cost of upgrades). The demand to live here is evidenced by consistently high occupancy—95%+ since 2022, and low bad debt. The average market rent has jumped 29.5% from April '21 to May '23.
PARTIALLY RENOVATED WITH REMAINING UPSIDE
The current owner has added amenities and partially upgraded all units. Enhancing the unit interiors further and adding more amenities could command an average rent premium of $270. With the proposed rent premiums post renovation, rents will still be under The Arbuckle and Union Green (newer, nearby competing properties). The recently implemented mandatory internet fee will also provide $100K in additional annual revenue.
SUBURBAN ASSET WITH SUPERIOR FEATURES
Legacy Park is tucked away on a low density site with lush landscaping, plenty of green space and great curb appeal. Interiors are well-appointed with 9' ceilings, washer/dryer, granite counters, wine rack and ample closet space. Select units have a fireplace, built-in desk and direct access garage. Adding to the current popular amenities and renovating units will only add to the appeal of Legacy Park.
RAPID GROWTH + HIGH RANKED BROWNSBURG
Legacy Park takes advantage of its stellar location with 63% population growth and an average household income of $133K+ (one-mile radius). Brownsburg continually ranks nationally among the best places to live and is among Indiana's fastest-growing, high-end counties (Hendricks). Residents benefit from close proximity to healthcare, logistics and advanced manufacturing employers.
Brownsburg, IN 46112
5.4% T-3 CAP RATE + ATTRACTIVE EXISTING DEBT
Park 33 is being offered at $33M/$176K per unit, with a 5.4% T-3 and 6.6% cap rate on year 1 forecast. The exceptional existing assumable loan has very favorable terms including a 3.08% interest rate. There is also potential for a $4.8M supplemental loan.
MINIMAL NEARBY COMPETITION
The closest competing properties for Park 33 are located in Elkhart, IN - 12 miles from Park 33. For the past four years, Park 33 has averaged 98% occupancy. According to a housing study completed for the City of Goshen, 4,500 homes are needed by 2030 just to meet the current demand.
UPSCALE 2018-BUILT ASSET
Park 33 offers features attractive exteriors and curb appeal with irrigation throughout, and attached garages (select units). Units are substantial, averaging 1,178 SF and include stainless steel appliances, full-size washer/dryer, and granite countertops. A turf dog park and patio, and fitness center with Peloton bike/subscription are just a few of the appealing amenities.
AMPLE NEARBY EMPLOYMENT
Conveniently located near north central Indiana’s largest job clusters, Park 33 benefits from excellent access to numerous diverse employers nearby, and throughout Elkhart and St. Joseph County.
Goshen, IN 46526
2009 BUILT LUXURY SUBURBAN PROPERTY
Prairie Lakes is a trophy suburban community with timeless architecture featuring an eye-catching exterior, superior curb appeal, irrigation throughout, and highly attractive unit layouts that are larger than most nearby properties. Its comprehensive amenity set rivals, and is often superior to, nearby competitors.
$320+ PER UNIT RENT PREMIUM POTENTIAL
While only 12 years old, Prairie Lakes still has a modern look and feel. However, a new owner could elevate the unit finishes and add community amenities to increase rental rates and raise revenue.
HIGH DEMAND - 14.5% YOY INCOME GROWTH
Demonstrating the ability to grow rents organically, revenue at Prairie Lakes has increased 14.5% year-over-year. Over the past 12 months, the property achieved a 14.9% increase on new leases and a 6.5% increase on renewals. The property is in high demand with occupancy consistently in the mid 90’s for many years. Rent Growth at Prairie Lakes is bolstered by Indy’s job growth that has far outpaced its regional peers.
THE BEST OF BOTH FISHERS & NOBLESVILLE
Located in Noblesville and across the street from Fishers, both of which are high-end suburbs of Indianapolis, Prairie Lakes offers its residents the best of both cities. Additionally, Indianapolis, Carmel and Westfield are all within a quick drive, providing tremendous amenities, employment, retail and service opportunities to residents.
HIGHEST GROWTH & INCOME COUNTY
Prairie Lakes is located in Hamilton County, boasting the highest income and growth metrics in the entire state. Noblesville offers a highly acclaimed school district and has experienced rapid population growth of 191% since 2010.
Noblesville, IN 46060
LONG TERM OUT OF STATE OWNER | HUGE UPSIDE
Located out of state, the seller has owned and self-managed Quail Run for more than 25 years as their sole property in Columbus. A new owner will bring a fresh perspective and vision, and can increase rents both organically and through completion of property enhancements.
OFFERED AT $102K PER UNIT | 6.2% T-3 CAP RATE
The asset is offered at a low basis of $102K per unit with a very attractive 6.2% trailing cap rate. Without completing any renovations, the year one cap rate is 7.0%.
IMMEDIATE OPERATIONAL UPSIDE
Quail Run’s current rents are up to 15%+ under market and the owner isn’t currently charging back for water, sewer or trash. A new owner can raise rents immediately and begin charging utility reimbursement on new leases and renewals. Trailing expenses are also higher than industry standards and can be reduced by strong management.
PRIME RENOVATION POTENTIAL
Quail Run is a desirable low density property with mature landscaping, and is well positioned for comprehensive property enhancements. All windows, roofs and siding have been replaced and are still in good condition, so a new owner can focus on unit and amenity upgrades, with a potential $130+ avg. rent premium. An inconsistent renovation has been completed on 107 units; 102 units were partially renovated and 5 units were fully renovated.
EXCEPTIONAL COLUMBUS LOCATION
Home of the global power tech innovator Cummins, Columbus is #1 in the U.S. for industrial engineers and is a top manufacturing hub. Indianapolis and Louisville are easily accessible from Interstate 65, just west of Columbus. Well-known as an architectural mecca and one of the best cities in the world for public art installations, thousands of visitors flock to Columbus each year.
432-UNIT PORTFOLIO OPPORTUNITY
Quail Run can be purchased alone, or as a portfolio with Fountainhead—176 units on the north side of Indianapolis. The acquisition of both properties totals 432 Units.
Columbus, IN 47201
WALKABLE TO NOTABLE EMPLOYMENT & AMENITIES
The E'laan is walkable to numerous notable employers including Salesforce and Cummins. Endless amenities, entertainment, museums, parks, dining and shopping are all within walking distance.
PERFECT UNIT MIX FOR YOUNG PROFESSIONALS
The property has a unique unit mix perfect for young professionals who want to live, work and play in downtown Indianapolis. Studios and One-bed units are suitable for singles or couples while the two-bed units are great for roommates. Within a one-mile radius of The E'laan, the median age is 29 years and 73% are college-educated.
BOUTIQUE LUXURY COMMUNITY
This small, boutique community offers what young dwellers are looking for with modern upscale finishes like quartz counters, kitchen islands, stainless steel appliances including built-in microwaves, and full size, in unit washer and dryer. Gorgeous views of downtown Indy can be seen from the green rooftop which features a pool, grilling station, fire pit and dog park. Other amenities include a spacious state-of-the-art fitness center with protein bar, lounge with coffee bar, and reserved covered parking.
URBAN TWO-PROPERTY PORTFOLIO OPPORTUNITY
The E'laan can be purchased individually, or with 946 MLK. Both properties are located in walkable locations in downtown Indianapolis and share staffing. The two properties total 91 units and offer operational efficiencies when purchased together.
Indianapolis, IN 46204
High-End Finishes and Features
The Jacob will offer residents a luxurious living experience with high-end finishes throughout and an open floor plan. The community also provides an elevated amenity set to meet residents’ demands for comfort and convenience. .
Only $163K/Unit for New Construction
Acquiring The Jacob offers the rare opportunity to own a brand new property offered well-below replacement cost at just $163k per unit in a growing and vibrant location on Indy’s southside.
Proximity to Downtown
The Jacob is just 15 min south of downtown Indianapolis, making it easily accessible to the heart of the city. This proximity provides residents with convenient access to all the amenities and attractions of Indianapolis, including top-notch dining, shopping, entertainment, and cultural experiences.
High Income and Growing Location
The Jacob enjoys a prime location in a high-income area where the average household earns between $100,000 to $120,000. In addition, the south side is experiencing remarkable growth and boasts an array of shopping and dining options, including the highly sought-after Greenwood Park Mall.
Southport Revitalization Area
Southport, Indiana’s revitalization area is an exciting plan that aims to enhance the town’s economic growth and community vibrancy. The project includes plans for mixed-use spaces that feature retail, commercial, and residential properties, as well as public spaces for community gatherings and events.
Impressive Southside Fundamentals
In 2022, the Indianapolis south submarket boasted a strong occupancy rate of 95.9%, with a year-over-year rent growth of 13.8% and an average rent of $1,072.
indianapolis, IN 46227
PROVEN VALUE-ADD POTENTIAL
The current owner has upgraded 15 units with new cabinets and countertops, stainless steel appliances, lighting and plumbing fixtures, hardware, LVT flooring and gray paint scheme. These units are achieving an excellent rent premium of +$180, on average.
$2M IN CAP-EX SPENT WITH REMAINING UPSIDE
Completed updates included a clubhouse refresh, new soccer court, newly painted building exteriors, complete asphalt overlay, and 15 unit interiors. Additional revenue could be gained by upgrading the remaining 189 "Classic" units, adding washer/dryer connections and machines, adding a fitness facility, and replacing property and building signage.
HIGHLY DESIRABLE UNIT FEATURES
Consisting of only two- and three-bedroom floorplans with large units, averaging 1,231 square feet, makes Wellington Village's popular among renters. Every unit features a patio or balcony, dining room, plenty of closet space and a large storage closet that allows for an easy addition of washer/dryer connections.
CONVENIENT ACCESS TO VAST EMPLOYMENT
The property is a short drive to a large employment cluster, Finish Line Headquarters, Emmett J. Bean Federal Center, Community Hospital North, Adidas Group, Amazon, and Walmart Distribution. I-70 and I-465 are less than two miles away, providing direct access to Indy's CBD and all areas of the city.
HIGH GROWTH EAST SIDE LOCATION
Located on Indy's East side, which has consistently trended upward in several indicators including occupancy and rent growth (56% since 2012). Its substantial job base and strong regional economy are both growing faster than jobs nationwide. Wellington Village also benefits from a great school district and close proximity to fast-growing and affluent Hancock County.
Wellington Village can be purchased individually, or as a portfolio with Briergate, for a total of 364 units. The properties are less than three miles apart.
Indianapolis, IN 46219
5.9% Trailing Cap Rate & Strong Performance
Woodbridge and Woodland Creek have continued to significantly increase rents. The average increase of new leases over the previous lease is 23% at Woodbridge and 17% at Woodland Creek. Both properties are very well maintained, highly amenitized, and have sustained high occupancy over the past few years averaging mid 90s occupancy since 2021.
Proven Upside Potential
The current owner has renovated 105 “Elite” level units with new cabinets, countertops, appliances, lighting and plumbing fixtures, and some LVP flooring. An additional 224 units received “Premiere” level upgrades consisting of new appliances, lighting and plumbing fixtures, and some LVP flooring. A new owner can continue to renovate the 587 classic units and benefit from an average premium of $270.
Economies of Scale and Diversity of Product
Woodland Creek, built in 1987, has large renovated units with in-unit laundry, while Woodbridge, built in 1981, has mostly classic units with laundry facilities in each building but no connections. Both properties offer a neighborhood feel with mature trees and shared access to various amenities.
Proximity to Amenities and Employment
Woodland Creek and Woodbridge in Kentwood, MI are close to employment, retail, and dining options, including the popular Woodland Mall, less than 2 miles away. Kentwood has a diverse economy with abundant job opportunities and is just 15 minutes from downtown Grand Rapids—the area’s employment hub—with numerous cultural and entertainment options.
The Growth of Grand Rapids
Grand Rapids’ multifamily market is robust with an 7.7% average rent growth in 2022. Over 95% historical occupancy since 2020 is driven by the thriving economy, and job growth. Grand Rapids has a relatively low cost of living, making it an affordable and attractive option for renters. The city has a bustling downtown, many restaurants, shops, and entertainment options, and several museums, art galleries, and music venues, making it a vibrant cultural hub. Numerous lakes and parks in Grand Rapids offer outdoor activities making it ideal for living.
Kentwood, MI 49512