Past Sales

Refine Your Search

1. 90’S BUILT PROPERTY WITH PROVEN VALUE ADD

Built by well-respected Indy developer, JC Hart in 1990, Island Club is well maintained and partially renovated. 40% of the units are upgraded and achieve premiums up to $120/mo. A new owner can continue unit upgrades at the current level or do more extensive renovations to achieve higher premiums.

2 UNIQUE WATERFRONT SETTING

Island offers an exceptionally unique Setting on 25 acre lake - X units are lakefront and most of the units feature water views. In addition to the waterfront lifestyle, residents enjoy a comprehensive amenity package.

3 UNPARALLELED UNIT FEATURES

The unit features at Island Club are unmatched in the market. 100% of the units have washer/dryer connections, dedicated covered parking and fireplaces. Units also have abundant natural light, and most first floor units feature a unique sunken living room.

4 ACCESS TO EMPLOYERS, DOWNTOWN & AMENITIES

Located just off a major east west corridor, residents can quickly drive to nearby employment and be downtown Indy in 15 minutes.

FREE & CLEAR WITH RELIABLE CASH FLOW DAY 1

Historical occupancy at the property has averaged 95% and 2020 Rental Revenue grew by almost 6%. Island Club is offered free and clear.

...
Sold
Island Club
314 Units
7938 Island Club Drive
Indianapolis, IN  46214
Type: Conventional
Closed: 7/15/2021

1 PROVEN VALUE-ADD OPPORTUNITY 24 Units have been upgraded with new appliances, laminate countertops, 6 panel doors, painted cabinets, light fixtures, faucets, and new hardware. Georgetown South is currently achieving up to a $75 premium on these units.

2 RECENT MAJOR CAPITAL PROJECTS COMPLETED Current Owner has completed many large capital projects including replaced all windows and patio doors in 2018, all new pool lines, plaster, copping stone and tile in 2018, minor asphalt mill and paving in 2018, and converted 10 units to Central AC.

3 CLOSE PROXIMITY TO LAFAYETTE’S LARGEST EMPLOYERS The property is located only 10 minutes away from the two largest employers in Lafayette, Caterpillar and Subaru. Also, only .5 miles away from the elementary and high school.

4 STRONG HISTORICAL RENTAL INCOME GROWTH Georgetown South has grown Net Rental Income 6.0% in the Trailing 12 months and 7.5% over the T-3. A new owner has the opportunity to take continue this momentum through continuing to raise occupancy and burn off concessions.

5 MARKET RENTS BELOW COMPETITION Current Market Rents are anywhere from $50 - $150 below current competition. A new owner can raise rents day one to bring property in line with surrounding competition.

...
Sold
Georgetown South
216 Units
1855 Shoshone Dr.
Lafayette, IN  47905
Type: Conventional
Closed: 7/12/2021

1 FULLY RENOVATED LATE 80’S BUILT PROPERTY WITH HIGH IN PLACE YIELD

In 2018/2019, $2.6M / $10k+ per unit was invested in The Wylde. Renovations included unit upgrades, exterior painting, clubhouse and fitness center renovation, hallway upgrades, new signage, addition of washer / dryer hookups in all units and more.

2 MINUTES TO LARGE EMPLOYERS, PLENTIFUL RETAIL & AMENITIES

The Wylde is located less than one mile from some of the area’s best shopping, just 3 miles from popular Eagle Creek Park, and a quick drive to Intech Park (the premier and largest industrial park within Marion county) and 3 of the 4 of other largest logistic centers in Indy. Downtown Indianapolis also less than 10 miles from the property.

3 DESIRABLE UNIT & PROPERTY FEATURES

Situated on a wooded site with large mature trees, all units have been upgraded and offer Washer / Dryer connections, top floor units feature vaulted ceilings and select units have two sided fireplaces and lake views.

4 INCREASING REVENUE TREND AT PROPERTY & SUBMARKET

In 2020, revenue at The Wylde grew by 5.8% vs 2019 proving the property’s resilience and growth potential. The entire submarket has performed very well. The Westside of Indy had the highest rent growth of any Indy submarket in 2020 with an impressive 6.5% annual rent growth.

5 OFFERED FREE & CLEAR

The Wylde is available free and clear and allows a new owner the ability to take advantage of today’s low interest rates and desirable debt terms.

...
Sold
The Wylde
256 Units
6612 Eagle Pointe Drive North
Indianapolis, IN  46254
Closed: 7/7/2021

1 2002 BUILT PROPERTY WITH PROVEN VALUE ADD POTENTIAL

Current owner has completed light upgrades on 120+ units in phases I and II (The Flats – 320 units) and achieves a $60 premium. The new owner can continue with the current upgrade program and further enhance the units to achieve a higher premium of $100+.

2 2016 BUILT LUXURY PHASE PROVES DEMAND FOR HIGH END FINISHES

73 luxury townhomes, all with attached one car or two garages, were built in 2016 as Phase III and lease for 400+ more per unit than the 2002 built flat style units. The townhomes maintain high occupancy proving the demand in the area for luxury finishes.

3 COMPREHENSIVE AMENITY SET

Stone Ridge offers its residents a comprehensive amenity set that, while already in good condition, could be elevated. Amenities include a walking trail around the entire community, large pool with hot tub and adjacent covered outdoor cooking area, fitness center, bark park, basketball court, tennis court and 2 Amazon Hubs.

4 BRICK EXTERIORS & DESIRABLE UNIT FEATURES

The 2002 built phase (The Flats – 320 Units) offers a full brick exterior and desirable unit finishes including open kitchen layouts, washer/ dryer connections and private entrances. The 2016 built phase (The Townhomes – 73 Units) have attached one and two car garages, private entrance and high end luxury finishes.

5 NEAR VAST EMPLOYMENT OPPORTUNITIES

Located immediately adjacent to Ameriplex, a Class A logistics and distribution park with millions of square feet. Additional employment is plentiful near the site.

...
Sold
Stone Ridge
393 Units
7111 Vedder Dr
Indianapolis, IN  46241
Type: Conventional
Closed: 7/1/2021

The acquisition of Deercross provides investors with the rare opportunity to acquire 372 units at a 6%+ trailing cap rate and the proven ability to increase rent with light unit upgrades.. Deercross is being sold subject to the assumption of the existing Fannie Mae loan and therefore will not require upfront escrows and has interest only payments until June of 2025.

51 units at Deercross have been lightly renovated and have achieved $60+/- premiums. The new owner has the ability to continue to renovate units and grow revenue.

Deercross is located on the west side of Indianapolis and offers very convenient access to some of the city’s largest employers. Located directly on 38th street, a major east/ west thoroughfare with an average daily traffic count of 45,000, Deercross maintains extremely high leasing traffic.

...
Sold
Deercross
372 Units
7007 Deer Path Drive
Indianapolis, IN  46254
Type: Conventional
Closed: 6/21/2021

Wellington Village Apartments built in 1974 is a 204-unit apartment community located on Indianapolis’ suburban east side. The community is situated on 13.35 acres that has 17 three-story residential buildings, a very large clubhouse and vast greenspace. The property offers an attractive unit mix of 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 property offers opportunities to an investor to increase revenue significantly by adding washer/dryers in each unit, upgrading units with new cabinets, black appliances, countertops, flooring, plumbing/light fixtures and enhancing the amenities..

Wellington Village is being offered free and clear .

...
Sold
Wellington Village
204 Units
1714 Wellington Avenue
Indianapolis, IN  46219
Type: Conventional
Closed: 6/10/2021

1 UNTAPPED VALUE-ADD AT WELL MAINTAINED PROPERTY Beech Grove Village is currently owned by a local Indianapolis non-profit entity that has kept rents low to fulfill their charitable mission. While the property has been very well cared for and maintained, no unit upgrades nor amenity enhancements have been completed. A new owner can raise rents immediately (even prior to renovations) and then further grown income by completing interior unit upgrades and addition amenities

2 UNDER MARKET RENTS & 100% OCCUPANCY FOR 5+ YEARS With current rental rates that are more than $100 under market, the property has maintained extremely high occupancy for at least the past 5 years. The property also maintains a large waitlist. There are no vacant units available to lease for at least the next 4 months, which has been typical at the property.

3 NO PENDING EVICTIONS IN 2020 – $0 BAD DEBT The current residents at Beech Groove provide an extremely reliable income stream. There were no evictions in 2020 and there are no current evictions pending. All residents are current on their rent and the property currently has $0 in bad debt.

4 LONG-TERM TENANT BASE AND LOW TURNOVER The average tenancy length at Beech Grove Village is over 4 years. The property has experienced extremely low turnover due to great management, a desirable location and under market rents.

5 STRONG SOUTHSIDE SUBMARKET The southside of Indianapolis maintains a strong rental market at 95% occupancy and achieved 5.0% rent growth in 2020. The location allows for extremely easy access to downtown Indianapolis and popular Greenwood, both of which provide vast employment opportunities.

...
Sold
Beech Grove Village
304 Units
4651 Mimi Drive
Indianapolis, IN  46217
Closed: 5/26/2021

The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of Liberty Center, a 238-unit, 2016-built apartment community made up of two distinct buildings - The Grant and The Fillmore. Located in the heart of a landmark town center Liberty Center fuses luxury living, dynamic dining, best-in-class retail and engaging entertainment within an active and connected urban neighborhood.

The acquisition of Liberty Center Apartments (The Grant & The Fillmore) represents an opportunity to own in what is arguably one of the most vibrant mixed-use neighborhoods in the nation. The property offers everything high-income dwellers are looking for - from high-end unit finishes to an upscale restaurant and retail destination.



For access to confidential documents, please register at: libertycenterapts-cw.com



The Liberty Center Apartments attached Net Leased Liberty Center Retail is also being offered for sale as part of a separate offering. For more information about the Liberty Center Retail, visit the site: Here

...
Sold
Liberty Center Apartments
238 Units
7560 Blake St
Cincinnati, OH  45069
Type: Conventional
Closed: 5/19/2021

Barton Farms is a 262 unit apartment community located in Indianapolis’s popular southside suburb, Greenwood. It is offered free and clear and can be purchased individually or as part of a 500+ unit, 2 property portfolio to include Bexley Village - 276 units.

The community was built in two phases: the duplexes in 1998 followed by the garden style in 2002 and has been well maintained by the original owner. All roofs were replaced in 2012. The community offers an attractive mix of flats and popular cottage style/duplex units. All duplex units, which represent 30% of the property, are single story with attached garages and provide a single-family home lifestyle to residents. A full-size washer and dryer are provided in all units.

While Barton Farms is well maintained, a new owner can upgrade unit interiors and elevate the amenities to increase revenue. In addition to rent premiums available by completing additional unit renovations, organic revenue increase is also expected as the current rents trail market by an average of $116+.

Greenwood was voted one of the best places to live in Indiana. The top four employers in Greenwood are FedEx, Amazon Distribution Center, and two large healthcare networks, Franciscan and Community Health, all of which are close to Barton Farms.

...
Sold
Barton Farms
262 Units
1630 Saddle Way
Greenwood, IN  46143
Type: Conventional
Closed: 4/23/2021

Bexley Village is a 276 unit apartment community located in Indianapolis’s popular southside suburb, Greenwood on the corner of Smith Valley Road and Emerson Avenue. It is offered free and clear and can be purchased individually or as part of a 500+ unit, 2 property portfolio to include Barton Farms - 262 units.

The community was built between 1997-1998 and has been well maintained by the original owner. All roofs were replaced in 2019. The community offers an attractive mix of 1 & 2 bedroom units. A full-size washer and dryer is provided in all units.

While Bexley Village is well maintained, a new owner can upgrade unit interiors and elevate the amenities to increase revenue. In addition to rent premiums available by completing additional unit renovations, organic revenue increase is also expected as the current rents trail market by an average of $143+.

Greenwood was voted one of the best places to live in Indiana. The top four employers in Greenwood are FedEx, Amazon Distribution Center, and two large healthcare networks, Franciscan and Community Health, all of which are close to Bexley Village.

...
Sold
Bexley Village
276 Units
700 Bexley Place
Greenwood, IN  46143
Type: Conventional
Closed: 4/23/2021

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.

...
Sold
Cross Creek
208 Units
5756 Cross Creek Drive
Indianapolis, IN  46254
Closed: 3/11/2021

Aura, 125 units on Indy’s west side, is being offered for sale both individually or as part of a 3 property portfolio totaling 849 units. Portfolio buyers will have the opportunity to have an immediate sizable presence in Indy and benefit from economies of scale. However, the purchase of Aura as a stand-alone property is an excellent option and offers the ability to purchase a property with very spacious units. The average unit size at Aura is just over 1,200 square feet and offers a balanced mix of one, two and three bedroom units.

The current owner has renovated approximately 25% of units and proven rent premiums of up to $170/month. Located on the westside of Indy, Aura is very close to a large number of employers and offers quick access to downtown. Aura (and the entire portfolio) is being offered free and clear.

For more information on the other properties available in the portfolio, click below:

M Club Offering Memorandum

Retreat Northwest Offering Memorandum

...
Sold
Aura
125 Units
3035 W. 39th Street
Indianapolis, IN  46228
Closed: 1/27/2021

M Club Apartments, 388 units on Indy’s northeast side, is being offered for sale both individually or as part of a 3 property portfolio totaling 849 units. Portfolio buyers will have the opportunity to have an immediate sizable presence in Indy and benefit from economies of scale. However, the purchase of M Club as a stand-alone property is also an excellent option, with almost 400 units in one location. M Club offers a mix of studios, one bedroom and two bedroom units. The current owner has renovated approximately 20% units and proven rent premiums of up to $150 / month.

Located on the northeast side of Indy, M Club residents enjoy exceptionally easy access to Castleton, Fort Benjamin Harrison, and Downtown Indy is only 20 minutes away. M Club (and the entire portfolio) is being offered free and clear.

For more information on the other properties available in the portfolio, click below:

Retreat Northwest Offering Memorandum

Aura Offering Memorandum

...
Sold
M Club
388 Units
7007 Courthouse Drive
Indianapolis, IN  46226
Closed: 1/27/2021

Retreat Northwest Apartments, 336 units on Indy’s far north side, is being offered for sale both individually or part of a 3 property portfolio totaling 849 units. Portfolio buyers will have the opportunity to have an immediate sizable presence in Indy and benefit from economies of scale. However, the purchase of Retreat Northwest as a stand-alone property is also an excellent option. Built in 1973, Retreat Northwest has a very attractive unit mix with 21% one bedroom units, 32% two bedroom / two bath units, 42% two bedroom townhomes/lofts and 5% three bedroom units.

The current owner has renovated approximately 60 units and proven rent premiums of up to $170 / month. Retreat Northwest also has newer roofs , windows and patio doors replaced in 2013-2014. Located on Indy’s far north side, Retreat Northwest offers its residents access to excellent schools and is conveniently located near employment, retail and services. The property (and the entire portfolio) is being offered free and clear.

For more information on the other properties available in the portfolio, click below:

M Club Offering Memorandum

Aura Offering Memorandum

...
Sold
Retreat Northwest
336 Units
1130 Racquet Club N. Drive
Indianapolis, IN  46260
Closed: 1/27/2021

Verge is a brand new, Best in Class apartment community located in Greenwood, one of Indiana’s vibrant southern suburbs. Boasting the city’s highest rent growth percentage in 2020, the south side provides excellent stability and the expectation of continued positive momentum.

Verge Luxury Flats is hands down the finest community in Greenwood. The units offer the highest end finishes available and include granite countertops, upscale cabinetry with high gauge hardware, tile backsplash, a deep under-mount stainless-steel sink, stainless steel appliances and vinyl plank flooring throughout except in the bedrooms The amenities at Verge exceed any of its peers. The beautiful clubhouse offers a 1,500 SF of dedicated fitness space with full circuit equipment, class on-demand technology and cardio machines. Other amenities include a game room, a beautiful pool with fountains and built-in seating, cabanas, a large hot tub, an outdoor kitchen and seating around a fire feature.

The Verge location, just to the south of high-traffic County Line Road, gives excellent access to everything the south side and has to offer. The community is within minutes of the area’s best dining, entertainment and shopping and numerous major employment centers.

...
Sold
Verge
180 Units
764 Greenwood Springs Drive
Greenwood, IN  46143
Type: Conventional
Closed: 1/8/2021

Creekside South is being offered for sale for the first time ever by the original owner/developer. The property is very well maintained, and substantial capital improvements have been made by the current owner including new roofs, HVAC systems, balconies and more. While well cared for and maintained, Creekside South offers largely original interior finishes. The property is a blank slate in terms of upgrade potential. With ample interior common area space in the clubhouse and open green space throughout the property, additional amenities can easily be added. Current rents at Creekside South trail the surrounding competition by as much as $300 per month. In addition to raising rents and upgrading units, other income can be grown by increasing the water/sewer recovery and providing washer/dryer machines to residents.

Located directly on Stop 11 Road on Indy’s Southside, Creekside South benefits from excellent visibility and ample drive-by traffic. In 2020, the Indianapolis south submarket maintained 95%+ average occupancy and rents grew by 4.7%. Residents of Creekside South enjoy easy access to downtown Indianapolis, Greenwood and plentiful nearby employment.

Creekside South has a long history of maintaining mid 90%'s occupancy. Rental revenue has grown by more than 5% in T-12 vs 2019. The property is being offered for sale on a free and clear basis and will qualify for the most attractive new debt.

...
Sold
Creekside South
190 Units
8055 Crossing Drive
Indianapolis, IN  46227
Type: Conventional
Closed: 12/29/2020

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.

Click below for Virtual Tours:

Model

Prospect A

...
Sold
Union Green
172 Units
SR 267
Brownsburg, IN  46112
Closed: 12/29/2020
Cushman & Wakefield, Inc., as exclusive advisor, is pleased to present The Villas On Fir, a brand new, best-in-class development with 290 residences in the heart Granger, Indiana. This unique opportunity allows new ownership to own a stabilized asset with powerful tenant and market demographics with an unmatched location in greater South Bend, Indiana. The area economy is not only powered by Notre Dame University but also by a health care and manufacturing scene that is one of the top in the nation. A professional, well-educated, renter dominated population fuels the demand for new, highly amenitized apartments in a market with record low vacancies, real rent growth and minimal new construction.

For access to confidential documents, please register at: villasonfir-cw.com
...
Sold
The Villas on Fir
290 Units
6205 N Fir Rd
Granger, IN  46530
Closed: 12/16/2020

Coveted opportunity to purchase a 5 property, 837 unit portfolio from long term owner. The Fort Wayne 5 Portfolio consists of 5 properties all with 95%+ occupancy, washer / dryers in all units and each offering value add potential. With 3 properties located adjacent to one another on the city’s southside, one property on the northside and one on the city’s west side, the portfolio offers diversity in terms of both location and unit type. The 3 southside properties were built in the early 70’s and provide well maintained workforce housing. Northcrest Gardens, built in 1964 is located on the northside is near the city’s finest retail and restaurants. Coventry Court West, the newest property in the portfolio, built in 1984 is adjacent to a high income area to the west of the property where household incomes are $75k annually.

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 5% 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.

The portfolio is being sold free and clear and offers a new owner immediate economy of scale, stable revenue day one with the opportunity further increase revenue through updates and upgrades.

.
...
Sold
Fort Wayne 5
837 Units
Fort Wayne, IN
Type: Conventional
Closed: 11/30/2020