The property is located just off Interstate 35E and minutes from Como Park, home to the Como Zoo and Conservatory, with convenient access to both Downtown St. Paul (2.5 miles) and Downtown Minneapolis (11 miles).
The property is currently 100% occupied, sees low turnover, has strong, consistent cash flow, and provides a lucrative value-add opportunity for the next investor to complete a light unit-interior renovation and other common area/exterior renovations.
1220 Sylvan Street is available on an “as-is” basis and is being offered without a formal asking price. Upon receipt of a signed Confidentiality Agreement, investors will be provided with access to due diligence materials via The Multifamily System website. Once investors have had an opportunity to review the offering materials and tour the property, Cushman & Wakefield will schedule a “Call for Offers”.
St. Paul, MN 55117
Bentonville, AR 72712
Myrtle Beach, SC 29759
1989-Built Renovated Community
The current owner has spent $2.2M improving the property. Upgrades included 205 unit interiors, fitness center expansion and refresh, addition of restrooms outside near the pool area, and exterior paint on six buildings.
A new owner could operate the property as is and enjoy organic rent growth, or gain additional premiums of $136-$243 by completing a light upgrade on all units, and adding valet trash, an Amazon hub and an outdoor kitchen in the pool area.
Excellent North Side Location
The property offers convenient access to I-465 and major thoroughfares in addition to the vast employment and amenity options of Broad Ripple Village, Keystone at the Crossing, Castleton, Fort Ben and Downtown Indianapolis.
Newest Property in Submarket
Trails at Lakeside is one of the newest properties in the Broad Ripple area, and offers superior amenities, great curb appeal and a quiet atmosphere.
Strong Property Performance
Organic rent growth at the property is high at 17.5% on new leases and 12.2% on renewals. Occupancy has consistently remained above 95% for multiple years and the property has low bad debt.
Trails at Lakeside can be purchased individually, or as a portfolio with Lodge at Trails Edge, The Rail at 1380 and Salem Courthouse for a total of 1,016 units, offering immediate presence and economies of scale.
Indianapolis, IN 46220
Acworth, GA 30102
2001 BUILT ASSET OFFERED AT $199K/UNIT
Pebble Brook Village offers all new roofs, new wood trim (in process) and sought after features that compete extremely well with new construction properties. At $199K/unit, the property is offered well below similar era product that recently traded at $250K/unit.
UPSIDE POTENTIAL WITH PROVEN RENT PREMIUMS
91% of the units are mostly original to the 2001 construction, offering the opportunity to increase revenue by completing a renovation on 214 classic units and adding amenities. The 9% of units that have been renovated are achieving $360+ average rent premiums.
23%+ ORGANIC RENT GROWTH
High rent growth is being achieved at the property with a recent 23% increase on renewals and 28% or $283 average increase on new leases. These rent increases are organic (obtained on non-renovated units).
HIGHEST GROWTH & INCOME COUNTY IN THE STATE
Hamilton County boasts the highest income and growth metrics in the entire state. Noblesville offers limited competition from new construction, a highly acclaimed school district and has experienced rapid population growth of 31% since 2010.
CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD
Located in Noblesville, a high-end suburb of Indianapolis, Pebble Brook Village offers its residents easy access to Indy, Carmel, Fishers and Westfield all within a quick drive, providing tremendous employment, retail and service opportunities.
Noblesville, IN 46060
Fridley, MN 55432
Boiling Springs, SC 29316
Miami Gardens, FL 33056
Myrtle Beach, SC 29577
IRREPLACEABLE URBAN LOCATION
Millikan on Mass II is located within downtown Indianapolis along Mass Ave—the city’s #1 nightlife, dining and entertainment district. Residents are steps from a wide array of the best and most popular amenity options downtown has to offer.
OFFERED BELOW REPLACEMENT COST - $195K/UNIT
The cost to construct Millikan on Mass II in today’s market would cost significantly more than it did in 2015. According to NAHB, building materials prices increased 20.4% year over year and have risen 33% since 2020. With a pricing guidance of $195K per unit, the property is offered well below the replacement cost point.
UPSIDE POTENTIAL WITH UNDER MARKET RENTS
The property is owned by the City of Indianapolis Housing Agency which has struggled with staffing and turning units, even with an extensive waiting list. There is ample operational upside in a very strong market. Current market rents are $300-500 below nearby competing properties. The new owner could immediately raise rents organically on new leases and renewals to increase revenue.
CONVENIENT TO DIVERSE & ABUNDANT EMPLOYMENT
With award-winning employers within walking distance, the property’s location brings ‘Live-Work-Play’ to another level. The diversity of employers downtown (from tech to education and healthcare) offers a high level of stability in resident employment.
NEWER URBAN PRODUCT WITH FIRST FLOOR RETAIL
Built in 2015, the property features high-end finishes and open floor plan living with gorgeous views of Mass Ave and downtown Indy. Three popular eateries—Fat Dan’s, Goodfella’s Pizza and Salt on Mass—are convenient for residents to access on the first floor of the building.
The General Partner Interest for Millikan on Mass I (61 Units) is also be offered. More information can be downloaded from the Document Center after a Confidentiality Agreement as been executed.
Indianapolis, IN 46204
Coconut Creek, FL 33073
Metairie, LA 70002
Pearl, MS 39208
Santa Rosa Beach, FL 32459
Shreveport, LA 71105
Greensboro, NC 27408
Mobile, AL 36609
Columbia, SC 29210
North Charleston, SC 29420
Myrtle Beach, SC 29579
Greenville, SC 29615
Spartanburg, SC 29301
Norcross, GA 30071