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Arbors at Evansville North/South are adjacent multifamily properties situated on 22 acres. The two communities combined have 271 units of both garden and townhome style residences. To achieve economies of scale and other cost sharing benefits, the current owner, a California-based private equity group, began running the properties together in the summer of 2016.

Arbors North is offered at $31,000 per unit / $4,600,000

Built in 1972, the majority of the units at Arbors North have original interior finishes and offer the new owner the opportunity to complete updates and achieve higher occupancy inline with the submarket, at 93%. Currently, Arbors North receives a 75% Assessed Value deduction which lowers the property real estate tax bill. In exchange for this deduction, the owner agrees that 75% of the units are leased by residents earning 80% or less of the area median income and at least 25% of the units are leased by resident earning 50% or less of the area median income. Up to 25% of the units may be leased with no income restrictions. The new owner of Arbors at Evansville can maintain the assessed value deduction and income restrictions or may opt out of the program and have no income restrictions.

Arbors South is offered at $33,000 per unit / $4,000,000

While originally constructed in 1963, In 2012/2013 Arbors South was fully renovated with new roofs, new windows, complete unit upgrades (including new cabinets, flooring, appliances, light fixtures, etc.), and additional common area upgrades. The portfolio is being offered free and clear, however Arbors South does have attractive assumable debt (Freddie Mac Loan, $3M+/- Balance, 4.56% interest rate, due in June of 2026)

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Arbors at Evansville (2 properties, 271 units)
Arbors at Evansville North
150 Units
1320 Lee Court
Evansville, IN  47714
Posted: 6/25/2019

Arbors at Evansville North/South are adjacent multifamily properties situated on 22 acres. The two communities combined have 271 units of both garden and townhome style residences. To achieve economies of scale and other cost sharing benefits, the current owner, a California-based private equity group, began running the properties together in the summer of 2016.

Arbors North is offered at $31,000 per unit / $4,600,000

Built in 1972, the majority of the units at Arbors North have original interior finishes and offer the new owner the opportunity to complete updates and achieve higher occupancy inline with the submarket, at 93%. Currently, Arbors North receives a 75% Assessed Value deduction which lowers the property real estate tax bill. In exchange for this deduction, the owner agrees that 75% of the units are leased by residents earning 80% or less of the area median income and at least 25% of the units are leased by resident earning 50% or less of the area median income. Up to 25% of the units may be leased with no income restrictions. The new owner of Arbors at Evansville can maintain the assessed value deduction and income restrictions or may opt out of the program and have no income restrictions.

Arbors South is offered at $33,000 per unit / $4,000,000

While originally constructed in 1963, In 2012/2013 Arbors South was fully renovated with new roofs, new windows, complete unit upgrades (including new cabinets, flooring, appliances, light fixtures, etc.), and additional common area upgrades. The portfolio is being offered free and clear, however Arbors South does have attractive assumable debt (Freddie Mac Loan, $3M+/- Balance, 4.56% interest rate, due in June of 2026)

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Arbors at Evansville (2 properties, 271 units)
Arbors at Evansville South (Stonebrook)
121 Units
3600 Covert
Evansville, IN  47714
Posted: 6/25/2019

Brentwood consists of six buildings totaling of 120 units. The community is currently being marketed to residents 55 years and older but is not deed restricted to maintain that strategy. There are three styles of buildings on the property. There is an elevator in one building (four story building), there is a single story buildings for less mobile residents and four two story buildings. Each building has secured / intercom entryways or individual access. The property is situated on 4.67 acres and offers a tranquil setting surrounded by mature trees. The current owner is a not-for-profit that specializes in new construction and subsidized senior housing. When they purchased Brentwood, as an older, existing property, it was outside their expertise.

Brentwood is ideally located on the northeast side of Fort Wayne near the intersection of Coliseum Blvd and State Blvd with visibility from Coliseum Blvd. This location offers excellent access to public transportation, restaurants and medical facilities. There is added shopping just south of the property and within ten minutes of Glenbrook Square, Fort Wayne’s largest retail center and a regional shopping node in northeast Indiana.

Brentwood is offered at ±$36,000 per unit / $4,300,000

Brentwood’s first building was constructed in 1967 with the last phase built in 1988. Some units have undergone renovations with new fixtures, appliances, flooring and bathrooms. Each building has laundry facilities while some floorplans offer washer dryer hookups. There are opportunities to enhance revenue to add value. Some of those opportunities include completing unit upgrades, enhancing the property’s curb appeal through additional landscaping and upgrading the leasing office.

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Under Contract
Brentwood Seniors
120 Units
2510 Farnsworth Drive
Fort Wayne, IN  46805
Type: Senior
Posted: 3/27/2019

Brookview Apartments is an attractive 220 unit community that has been well maintained by the original owner and is located on 25.66 acres on Indianapolis’ east side. Built in 1975, the property has mature trees, vast greenspace and a large stocked lake.

The property offers an attractive unit mix of 1 and 2 bedroom garden style units and 2 or 3 bedroom townhomes with beautiful open floorplans. There remains upgrade potential by adding washer / dryer hookups and machines, a bark park, a grilling station by the pool and creating a walking path around the lake.

Brookview is located one street north of busy Washington Street (US 40) and just east of Interstate -465 (Indianapolis’ interstate beltway) on the city’s suburban east side. The location provides the community with a quiet atmosphere while being exceptionally convenient to dining, shopping and major employment centers.

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Brookview
220 Units
1151 Aqua Vista Dr
Indianapolis, IN  46229
Type: Conventional
Posted: 5/31/2019

Cityscape is a 163-unit apartment community located in the heart of Fort Wayne’s vibrant downtown. Completed in 2017, the community is the largest new urban multifamily development in downtown Fort Wayne.

Property amenities include a large cardio-fitness center, an expansive raised courtyard in the interior of the structure with a unique aqua bench feature (wading pool) and thousands of square feet of open green space. Grilling stations and an outdoor lounge space with firepit are available for residents throughout the year in this one-of-a-kind space at Cityscape Flats. The community also has a penthouse-level club room on the top floor with access to a large deck overlooking Parkview Field and entertainment venue which hosts the minor league baseball team the TinCaps.

The community offers an attractive mix of 5 Studio units, 116 One Bedroom Flats (in three floor plans) and 42 Two Bedroom Flats (in four floor plans). All units have washer/dryer hookips, and kitchens feature granite countertops with brushed nickel accents throughout, frost-free refrigerators, dishwashers and garbage disposals.

The community is in an excellent location conveniently located in the Fort Wayne downtown CBD, with many major employers and two major universities all within minutes of the property.

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Under LOI
CityScape Flats
163 Units
1250 Ewing Street
Fort Wayne, IN  46802
Type: Conventional
Posted: 4/12/2019

The Downtown Indy Portfolio consists of 3 properties totaling 100 units built by Bloomington, Indiana based developer Cedarview. Two of the three buildings (632 MLK and 946 MLK) are located on the campus of IUPUI providing walkability not only to the buildings of the University but also to the incredible perks of living downtown.

The third property, The Delaware, is located within the historic neighborhoods of Fall Creek Place and Herron-Morton providing proximity to downtown with all the benefits of a more residential setting. These very popular neighborhoods are experiencing a boom in new single-family home construction/renovation with prices that can exceed $1 million.

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Under LOI
Downtown Indy Portfolio
Offers Due:  Friday, August 23, 2019
100 Units
632 Doctor MLK JR St
Indianapolis, IN
Type: Conventional
Posted: 7/19/2019

English Village is a partially renovated 1987 built property in a desirable location that benefits from limited nearby competition. 71 units have been fully upgraded and achieve rent premiums of $100 +/-.

The new owner could continue to upgrade and updated the remaining 137 unit to increase revenue. Located in Warren Township, on the southeast side of Indianapolis, English Village enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants, employment and medical facilities.

English Village offers very attractive Fannie Mae debt already in place which can be assumed. Debt terms include a low 4.57% interest rate, interest only payments until December of 2022 and loan maturity not until November of 2032.

English Village can be purchased individually or as part of a 600 unit, 3 property portfolio to include Pheasant Run – 184 Units and Echo Ridge 208 Units. All three properties are located on the south eastside of Indianapolis and a portfolio purchases offers economies of scale.

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Under Contract
English Village
184 Units
545 English Village Drive
Indianapolis, IN  46239
Type: Conventional
Posted: 3/14/2019

Harbour Pointe is a 336-unit apartment community located on Indianapolis’ popular northeast side.  The community was built in two phases in 1969 and 1970 and has been owned and well maintained by the current owner (a family company) since 1990.  Recent capital improvements performed by the seller include, repainting and carpeting of all hallways in 2016, $100,000 spent on landscaping in 2016, and paving and seal coating work in parking areas and drives.

Harbour Pointe’s amenities include a large swimming pool and multi-level sundeck, a full fitness center and a sand volleyball court.  Eighty-seven covered parking spaces are available for rental.  Just across the street from the property is the Fall Creek Greenway, a very popular 8 mile walking, jogging and biking trail which connects northeast Indianapolis and downtown.

Harbour Pointe has a history of very high occupancy (over 98% for the last five years) and often has a waiting list.  The property offers opportunities to an investor to increase revenue significantly through upgrades of unit interiors, the bill back of water, sewer and trash; converting two of the three models to rental units and enhancement of the current amenity package.

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Under Contract
Harbour Pointe
336 Units
4400 E. Fall Creek Parkway North Drive
Indianapolis, IN  46205
Type: Conventional
Posted: 4/2/2019

Courtyard Apartments consists of 129 units located in Anderson, IN and was built in 1956. The property is currently owned by a private capital group out of Chicago. The current owner has infused more than $300,000 in capital improvements including various roof and window replacements and reviving down units.. With roughly 15 units currently offline, there is ample opportunity to continue improving the property and growing occupancy. Courtyard Apartments is located near Anderson’s most sought after west side neighborhoods. The near west side of Anderson is scheduled to benefit from multiple economic development initiatives, primarily centered around revitalization of the adjacent retail properties.

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The Courtyard
129 Units
2725 W 16th Street
Anderson, IN  46011
Type: Conventional
Posted: 3/28/2019

The acquisition of The E’laan provides an investor the opportunity to purchase a brand new, Class A apartment property in the hottest neighborhood (Market East) in booming downtown Indianapolis. Also, the investment offers the opportunity to acquire fully entitled land to build a second phase to the E’laan with up to 70 more units.

The E’laan is a brand-new (first occupancy May 2018) luxury community that appeals to the professionals looking for a high-end urban living experience. The property has a boutique hotel feel with a first-floor lobby that offers seating, WIFI and a Starbucks coffee machine. The 5-story building with a roof-top sundeck has great views of downtown Indianapolis. The roof-top deck offers seating for 20 surrounded by a beautiful green roof. The one and two-bedroom units are exceptionally large for an urban community offering an average size of over 1,100 square feet. There are four floors of apartments built on a concrete podium first floor parking structure. There are 14 garage parking spaces and 16 surface spaces.

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Under LOI
The E'laan
24 Units
515 E Market Street
Indianapolis, IN  46204
Type: Conventional
Posted: 6/4/2019

The Abbey Lane is comprised of 100 one and two bedroom apartment units ranging in size from 839 sf to 1,398 sf. The property offers residents a serene setting amongst a mature wooded area and naturally meandering Coffee Creek. With amenities like a dog park, fitness center, pool, tennis court and playground, Abbey Lane is an idea place for a wide variety of residents.

Over the past 12 months, the property has undergone significant capital projects ($850,000+) including cosmetic interior upgrades to a select number of units, replacement of windows in 33 units, refreshed interior hallways as well as a minor clubhouse renovation and other deferred maintenance items (rebuilding of balconies, bridge reinforcement, etc.). The property is positioned well for the new ownership to purchase a stable, partially renovated property in an attractive location with ample opportunity to create upside.

Minutes from I-94 (to the north) and I-80 (to the south), Abbey Lane is ideally located in the heart of Indiana’s Northwest most affluent county (Porter). Access to Chicago is less than an hour’s drive or a 50-minute commute via the South Shore Line (train).

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Under LOI
Abbey Lane
100 Units
120 Abbey Lane
Chesterton, IN  46304
Type: Conventional
Posted: 5/8/2019