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.
Elkhart, IN 46516
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.
Indianapolis, IN 46254
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.
Indianapolis, IN 46226
Beechmill is a 256-unit apartment community exceptionally well located on the south side of Indianapolis. The community was built in 1981 but has been recently updated.
The new owner can build upon recent property upgrades, rent increases and positive momentum to further increase rents both organically and by completing additional property and unit renovations. Current rental rates are $100 below competing upgraded product. In the past 4 years, current ownership has raised rents $129 with only a partial unit upgrade.
The current owner has spent $2.3M in Cap Ex since 2016. All roofs were replaced, clubhouse received a light cosmetic lift and all 256 units were partially renovated: with new black appliances, new Formica countertops, light fixtures and LVT plank flooring in kitchens and baths. The property’s 12 acres feature many mature trees and ample green space.
Beechmill is an extremely well-located community. Because of its proximity to Indianapolis and US-31. Beechmill offers its residents proximity to the south side’s best shopping and dining. Traveling Downtown is quite convenient, as the property sits 11 miles directly south of the city’s center.
Indianapolis, IN 46227
Brixton Apartments, situated on 9.93 acres, is a 120-unit community conveniently located on the southeast side of Indianapolis. With exceptional location, the property has mature trees and provides a quiet neighborhood setting.
The well-maintained property was built in 1982. The current owner has partially renovated 104 units. New ownership has the ability to increase revenue by continuing with unit upgrades.
Located in Marion County, on the southeast side of Indianapolis, Brixton Apartments 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.
Beech Grove, IN 46107
The acquisition of Cross Creek provides investors with the rare opportunity to acquire 1990 built property with 6% cap rate year one WITHOUT additional renovations. Offered free and clear and primed for the best new debt terms available such as interest only and high leverage which will allows for an immediate double-digit yield.
The current owner skillfully renovated 100% of the units in 2016 with installation of new kitchen and bath cabinets, countertops, appliances, lighting and plumbing fixtures. The clubhouse was also upgraded in 2016 and provides a high end, open and modern atmosphere ideal for leasing.
Cross Creek arrives to market with over 96% trailing 3 months average occupancy and T-12 occupancy of 94%. In addition to strong occupancy, the property has achieved 4.6% organic rental income growth T-3 vs T-12. Recent leases prove the ability to quickly increase revenue easily by simply burning off the $61k annualized Loss to Lease.
Cross Creek is offered free and clear and can be purchased individually or as part of a 914 unit, 3 property portfolio that includes Beechmill (256 units) and Woodbridge – Ft Wayne (450 units). A portfolio purchase offers economies of scale.
Download an Executive Summary below. Full Offering Memorandum is coming soon.
Indianapolis, IN 46254
Elkhart, IN 46514
Harrison Point is an exceptionally well-maintained workforce housing community located on Indianapolis’ suburban east side. 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 vinyl siding, fresh exterior painting, all new roofs and wood decks, updated signage and newer windows provide excellent curb appeal.
The community is situated on 25+ acres with 8 two-story buildings and offers an attractive mix of studios, 1, 2 and 3-bedroom units. All units offer private entries in a popular courtyard style layout. Harrison Point offers its resident a full amenity site with onsite laundry facilities (machines owned by property), fitness center, sparkling pool, soccer field and newly built pavilions.
Harrison Point is located just east of I-465 on Post Road, a major commercial thoroughfare, with convenient access to I-70 and I-69. Numerous large employment centers are just minutes from the property. Residents enjoy a quick commute to downtown Indianapolis and to the popular northside of Indianapolis.
Indianapolis, IN 46236
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.
Indianapolis, IN 46226
Mariners Village is a 244-unit apartment community located on Indianapolis’ suburban west side just outside of Indianapolis’ interstate loop. The property sits on a tranquil 60-acre springfed lake which offers scenic views from the property’s pool, deck, and from a number of units. Built in 1978, the community consists of fourteen residential buildings and a clubhouse, situated on almost 16 acres.
Mariners Village offers a variety of unit types, including 40 studio units in two floor plans (20 with popular lofts); 102 one-bedroom units (34 with lofts), and 102 two-bedroom units (34 with lofts). Unit features vary by type but include generous floor plans, private patios or balconies, kitchen pantries and large closets.
Community amenities include the clubhouse with community room, fitness center and saunas; the swimming pool with a large deck overlooking the lake, a jogging/walking path, dog park, picnic areas, laundry facilities on the first and second floor of every hall, and available covered parking.
Indianapolis, IN 46214
Notch at Norta is a brand new, Class A apartment community located in Indiana’s most vibrant market. The northside is among the country’s fastest-growing and wealthiest areas and offers residents an exceptionally high quality of life.
The community offers an attractive mix of studios, 1 and 2-bedroom units and all with a full-size washer/dryer. The units include high-end finishes such as quartz countertops, wood cabinets with high gage drawer pulls, a flat glass range top, a deep under-mount stainless-steel sink, energy-efficient appliances and vinyl plank flooring.
The amenities at Notch at Nora are equal to or exceed any of its peers. A beautiful clubhouse offers a 24-hour fitness center as well as the leasing and management office. Other amenities include direct access to The Monon trail, a sparkling swimming pool, a fire pit, a grilling station, and a 24-hour package room.
Notch at Nora’s specific location, just to the south of high-traffic 86th Street, gives excellent access to everything the northside and high-end Keystone area have to offer. The community is within minutes of the area’s finest entertainment and shopping and numerous major employment centers.
Indianapolis, IN 46240
Park 33 is a 188-unit brand new Class A luxury apartment community built in 2018 and located in Goshen, Indiana. The community is situated on 14 acres and has 16 residential buildings, a leasing office and a 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 community offers an attractive mix of, 2 and 3-bedroom units and all with a full-size washer/dryer and half with direct garage access. The units include high-end finishes such as granite countertops, wood cabinets with high gauge drawer pulls, a flat glass-top range, a deep under-mount stainless-steel sink, energy-efficient appliances and vinyl plank flooring.
The amenities at Park 33 are equal to or exceed any of its peers. A beautiful clubhouse offers a 24-hour fitness center as well as the leasing and management office. Other amenities include a sparkling swimming pool, a fire pit, a grilling station, a bark park and a 24-hour package room.
The property 's location provides easy access to many employers and an abundance of economic activity.
Goshen, IN 46526
Originally constructed as a partial LIHTC property, Pendleton Place Apartments is a 192-unit community in the northern suburb of Indianapolis. The property was built in three phases: Phase I 1999, Phase II 2000 and Phase III 2018. The owner is in the process of removing the income restrictions that are currently in place for 88 units in Phase I and will be completed prior to closing. The new owner will be able to immediately lease all units with no income restrictions.
The aquisition of Pendleton Place represents an opportunity that buyers covet: 1999 / 2000 built product with low in place rents (in Phase I and II).
Located in a high income area with household incomes over $75k, the City of Pendleton offers its residents to oppoortunity to live near high wage jobs, upscale retail and restaurants and has a sought after school system.
Pendleton Place is offered Free & Clear.
Pendleton, IN 46064
Silvertree is a 892-bed | 332-unit portfolio of 7 properties built in 1984-19952 and located in Muncie, Indiana. This offering represents an opportunity to buy 7 nearby/adjacent properties with a large presence in the market, and it offers economies of scale at 6.3% T-12 (even with 83% occupancy) and 7.3% year one forecast cap rate.
The communities are situated close to each other and near the campus of Ball State University which has steady enrollment of approximately 22,000 and employs about 3,500 people.
All units have washer/dryers in the units. The properties offer an attractive unit mix with a variety of unit styles to fit any resident's needs. Some units were upgraded in 2010 and include high-end finishes such as granite countertops, new wood cabinets, energy-efficient appliances and vinyl plank flooring.
The amenities at Silvertree are centralized at the Silvetree location and include a clubhouse with a 24-hour fitness center as well as the leasing and management office. Other amenities include a sparkling swimming pool, sand volleyball court, basketball court and tanning bed.
Muncie, IN 47304
The Sycamores Apartments is a well maintained 210 unit community that has been owned and operated by the seller since 1992. The community is situated on 22 acres and located on Indianapolis’ southeast side. The property has mature trees and vast greenspace.
The property offers an attractive unit mix of one, two and three bedroom garden-style units with open floorplans and private entrances. The Sycamores offers untapped value add and upgrade potential by completing unit updated, adding washer/dryer hookups to all unit styles, allowing pets, converting a laundry building to a pet spa and adding a bark park.
The property is located just north of Stop 11 Road and just east of US-31 (the main north-south road in Indianapolis) on the city’s south side. The location provides The Sycamores a quiet atmosphere while being convenient to dining, entertainment and major employment centers.
Indianapolis, IN 46227
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Union Green, a 172-unit, 2019-built apartment community located in high growth and affluent Brownsburg, IN.
Union Green is a brand new, Class A mixed-use apartment community located in one of Indiana’s hottest and most affluent submarkets. Hendricks County is among the country’s fastest-growing and offers residents an exceptionally high quality of life. Union Green is part of a recent $80M+ development corridor in downtown Brownsburg including residential, office (+co-working) and retail in a newly minted walkable, urban setting. Amenities at Union Green are best in class, with no equal among the submarket competition.
Rush on Main (Chicago-Inspired Eatery) occupies the approximately 3,908sf of the +/-14,000sf of retail. With a high level of interest from the retail community, lease-up of the remaining space is imminent.
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Brownsburg, IN 46112
Indianapolis, IN 46224
Woodbridge is a 450 unit apartment community located in Fort Wayne’s popular northern suburb. The community offers an attractive mix of flats and townhome units with all having washer / dryer connections.
The current owner completed a full renovation on 253 units which included black appliances, new espresso cabinets, granite countertops, LVT flooring, lighting and hardware. They completed a partial renovation on 197 units which included black appliances and LVT flooring. Prior to the renovations, in place rent at Woodridge was $734 / month in mid-2017. Leases since September of 2019 average $826 which is a 12.5% increase. In addition to rent premiums available by completing additional unit renovations to the partially renovated units, organic revenue increase is also expected as the current rents trail market by an average of $70+.
Fort Wayne is the 2nd largest city in the state of Indiana and has an extremely stable multifamily market. Citywide average occupancy is 96.7% and has average 95% since 2015. Rents grew in Fort Wayne more than 6% and unemployment is at only 2.6%. Top three employers in Fort Wayne are two large healthcare networks, Parkview and Lutheran, followed by the Fort Wayne Community Schools all of which are close to Woodridge.
Woodbridge is offered free and clear and can be purchased individually or as part of a 914 unit, 3 property portfolio that includes Cross Creek (208 units) and Beechmill (256 units). A portfolio purchase offers economies of scale.
Fort Wayne, IN 46825