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FULLY UPGRADED WITH LUXURY FINISHES & AMENITIES

The current owner has spent $5.5M on property upgrades including all new roofs and HardiePlank siding, luxury amenities and top-of-the-line unit finishes. 100% of the units have new designer cabinetry, granite countertops, stainless steel appliances, LVT flooring and come complete with all in one washer/dryer unit.

IN-PLACE CASH FLOW & HUGE UPSIDE

With 95%+ historical occupancy, the property offers excellent cash flow immediately. A new owner can continue to grow revenue easily by simply burning off the current $750k annual loss to lease. The current market rent still trails the competing properties by $25 - $74 and is achievable on new leases.

GREAT ATTRIBUTES

The Jameson was thoughtfully constructed with excellent layouts, 70% of units with the popular 2 bed/2 bath style, and 14% of units with a unique single-story cottage.

ADJACENT TO NOTABLE HEALTHCARE EMPLOYMENT

Located adjacent to St. Vincent Hospital (13,000+ emp) and less than 4 miles from Hamilton County, Indiana’s highest income area, The Jameson offers residents easy access to employment, retail, services and excellent schools. St. Vincent Hospital will be undergoing a $325M expansion, which will lead to the creation of many new jobs in the property’s immediate vicinity.

CONVENIENT & SOUTH AFTER NORTHSIDE INDY

Conveniently located near an abundance of big box and boutique shopping and a wide variety of dining options. Travel just north of the property on the heavily concentrated 86th Street for Trader Joe's, Costco & Fresh Thyme. Luxury shopping & dining at Keystone at the Crossing is just five miles away.

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The Jameson
258 Units
1808 Century Way
Indianapolis, IN  46260
Closed: 6/24/2022

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Ivy Towns & Flats , a 266-unit, 2015-built apartment community located in very desirable West Lafayette, a booming city known for both Purdue University and innovative industry.

The acquisition of Ivy Towns & Flats represents the opportunity to own one of the best properties in a very sought after location. The property offers everything high-income dwellers are looking for - from a luxurious amenity set to the high-end unit finishes, attached garages and a single-family feel.

LUXURY SUBURBAN PROPERTY WITH SIGNIFICANT RENT GROWTH POTENTIAL

Ivy Towns and Flats is the premier suburban property in West Lafayette. At 99% occupancy, the ability to increase rents is clear based on the incredible demand for a quality well-located product. It is expected that rents can be increased by more than $200 immediately.

HIGH-END RESIDENT BASE

Residents at Ivy Towns & Flats are young, educated and high earning with approximately 60% being students. The current non-student residents work in diverse professions including education, healthcare and technology and boast an average HH Income of over $82,000.

HIGH-END FINISHES & UNIQUE FEATURES

Ivy Towns & Flats offers high-end finishes, attached garages, a single-family residential feel and open floorplan living space. The elevated amenity set offers residents the comfort and convenience they demand.

IMPRESSIVE MARKET FUNDAMENTALS

Greater Lafayette shows strong 6.2% rent growth and 94% occupancy with limited new construction. The area is bolstered by growing Purdue University where applications are up 48%. Purdue now ranks as one of the nation’s top U.S. public institutions as well as one of its most innovative.

MULTIFACETED GREATER LAFAYETTE

The Greater Lafayette Area is continuing incredible growth, innovation and expansion. With new developments in both education and industry, this area continues to be a top place to live work and play.

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Ivy Towns and Flats
266 Units
2080 Foxglove Way
West Lafayette, IN  47906
Type: Conventional
Closed: 6/16/2022

5.8% Trailing Cap Rate with Upside

The property offers immediate cash flow selling at a 5.8% T-3 Cap Rate. A new owner could reduce loss to lease, increase rents on turnover and achieve projected occupancy by upgrading all units and adding amenities.

Stable, Long-term Operations

Self-managing, long-term owners bring a wealth of property knowledge. The 35% increase on the last 3 leases, 18% average increase on lease trade-out (new leases), renewal rate of 65%, and consistently high occupancy are a result of stable, long-term operations.

Townhome Property w/ Popular Features

All units are either 2- or 3-bedroom spacious townhomes, averaging over 1,200 square feet. Private entries, enclosed patios, full size washer/dryer connections in all units, dining room, and large closets are some of the popular features. A daycare facility is connected to the clubhouse for resident use at a reduced rate.

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 (4,800+ employees), Community Hospital North, Adidas Group, Amazon, and Walmart Distribution. I-70 and I-465 are both less than three miles away, providing direct access to the downtown CBD and all areas of the city.

Resurgence of Indianapolis' East Side

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 9.5 million SF under construction in the submarket.

Purchase Individually or as a Portfolio

Country Lake can be purchased together with Fountainview and Lake Marina as a portfolio of 628 total units, creating economies of scale. The properties can also be purchased individually.

   
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Country Lake Townhomes
184 Units
2910 White Knight Blvd.
Indianapolis, IN  46229
Closed: 6/8/2022

Well-Maintained - 5.8% Trailing Cap Rate

Fountainview arrives to market in excellent physical condition. The long-term owners completed a full renovation of the property in the early 2000s. The property offers immediate cash flow selling at a 5.8% T-3 Cap Rate.

Stable, Long-term Operations

Self-managing owners and on-site staff with nearly 10 years of tenure bring a wealth of property knowledge. The 24% avg. increase on lease trade-out (new leases), 18% increase on the last 3 leases, renewal rate of 65%, and consistently high occupancy are a result of stable, long-term operations.

Access to Vast Employment & Amenities

Significant employers nearby are Emmett J. Bean Federal Center (4,800 employees), Community Hospital North, Finish Line, Adidas Group, Amazon Distribution, and Walmart Distribution. "Fort Ben," a vibrant mixed-use development, and the 82nd Street Corridor, with endless amenities, are both a short drive from Fountainview.

Resurgence of Indianapolis' East Side

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 9.5 million SF under construction in the submarket.

Great School System

The MSD Lawrence Township School District serves more than 16,000 students within 21 schools. The district is known as the “Best Community for Music Education”, notable academics and is nationally recognized for its athletics. Lawrence Township has an impressive 5 National Titles and 47 State Championships.

Purchase Individually or as a Portfolio

Fountainview can be purchased together with Country Lake and Lake Marina as a portfolio of 628 total units, creating economies of scale. The properties can also be purchased individually.

   
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Fountainview
96 Units
4800 N. Post Road
Indianapolis, IN  46226
Closed: 6/8/2022

5.7% Trailing Cap Rate with Remaining Upside

The property offers immediate cash flow selling at a 5.7% T-3 Cap Rate. A new owner could implement rent premiums for lake views, unit upgrades or washer/dryer connections on day one to organically push rents. Fully upgrading all units and adding amenities could reduce loss to lease and increase rents on turnover.

Stable, Long-term Operations

Self-managing, long-term owners and on-site staff bring a wealth of property knowledge. The 17% average increase on lease trade-out (new leases), 16% increase on the last 3 leases, renewal rate of 57%, and consistently high occupancy are a result of stable, long-term operations.

Lakefront Property W/Unique Unit Features

Lake Marina offers residents unique property features including a large, gorgeous stocked lake. Over 48% of units are loft-style with vaulted ceilings and washer/dryer in the unit. Other popular elements include private entrances, large closets and bright open layouts.

High Traffic, High Visibility Location

Lake Marina is located adjacent to I-70, giving residents quick and convenient access to Indy's vibrant, employment-rich Downtown. With nearly 65K cars passing by daily, the property benefits from great visibility and a high volume of “drive by” leasing traffic.

Resurgence of Indianapolis' East Side

Indianapolis' far east side is showing upward trends in several indicators including occupancy and rent growth. The submarket also offers access to vast employment including Emmett J. Bean Federal Center (4,800+ employees), Community Hospital North, Finish Line, Adidas Group and Amazon, Walmart and CVS Distribution Centers.

Purchase Individually or as a Portfolio

Lake Marina can be purchased together with Country Lake and Fountainview as a portfolio of 628 total units, creating economies of scale. The properties can also be purchased individually.

   
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Lake Marina
348 Units
9515 Shoreland Lane
Indianapolis, IN  46229
Closed: 6/8/2022

IN-PLACE YIELD & 5.5% CAP RATE

Beech Grove offers reliable cash flow with immediate yield. A new owner can simply purchase the property at a high 5.5% T-3 Cap Rate and continue to operate the property well and earn a robust return.

$3.1M+ IN CAPITAL IMPROVEMENTS COMPLETED

The current owner has completed nearly $3.2 million in capital improvements at the property. Updates included modern upgrades to 138 "Platinum" units, all new windows, 35 new sliders, 50% of roofs, landscaping, common hallways, decking, and asphalt, among other items.

REMAINING UPSIDE

The potential for significant revenue increases exists through completing the current "Platinum" unit upgrades. The remaining 14 "Original" and 28 "Gold" units could be upgraded to the "Platinum" level. Additionally, adding washer/dryer connections to the 90 units of the two-bed style could yield additional revenue.

CONVENIENT TO LOUISVILLE & OHIO RIVERFRONT

Vibrant downtown Louisville and its many shopping, dining and entertainment options and employment centers are just a fifteen minute drive from the property. Greater Louisville is a strong apartment market in terms of both rents and occupancies. Downtown Jeffersonville, at the Ohio riverfront, offers numerous amenities including the River Stage—a free concert and event center.

ATTRACTIVE BRICK EXTERIOR

The brick exteriors at Beech Grove are attractive, and are low maintenance.

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Beech Grove
182 Units
3014 Beech Grove Court
Jeffersonville, IN  47130
Closed: 5/31/2022

90’s Built Property With Proven Upside

Built in 1990, the property has been well maintained. An upgrade has been completed on 20 units, which are achieving $120-180 rent increases. A $191 rent increase could be obtained by continuing the current renovation program on the remaining 102 units. Creating popular amenities for residents would only add to the potential upside.

Sought-After Property & Unit Features

Popular features of this all-brick property are ample green space for residents, private entries without common hallways, balcony or patio, full size washer/dryer connections, open layout, dining room, walk-in and large closets, and outside storage. All units are spacious 2 or 3 bedroom layouts averaging over 1,000 square feet.

Recent Capital Improvements & 16% Rent Growth

Numerous capital improvements have been completed and rents have increased by more than 16% year-over-year as a result. Improvements included a clubhouse/office facelift, fitness center and bark park addition, 20 fully upgraded units, replacement of 33% of HVAC units, new dumpster enclosures, etc.

Convenient Access To Vast Employment

Significant employers nearby are Emmett J. Bean Financial Center, Community Hospital North, Finish Line, Adidas Group, Amazon Distribution, Walmart Distribution, among several other employment opportunities. Access to both I-70 and I-465 is just one-half mile, and four miles from the property, providing quick access to downtown Indianapolis and all areas of the city.

Offered Free and Clear

The ability to purchase Stonybrook Commons free and clear allows new owners to take advantage of current low rates, interest-only periods and maximum leverage which all increase buyer returns.

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Stonybrook Commons
122 Units
3036 Redskin Drive
Indianapolis, IN  46236
Type: Conventional
Closed: 5/23/2022

1990's Built & Prime for Upgrades

Center Point is a sought-after 1990's built asset with largely original finishes. This well-maintained property is primed for upgrades, and by completing unit and common area upgrades, rents can be raised by $75-$225.

Access to the City's best Amenities

The westside location of Center Point offers easy access to the interstate allowing residents to be downtown, to the award-winning Indianapolis International Airport, the Indianapolis Speedway or Eagle Creek Park in just minutes.

Vibrant & Growing West Side Employment

Center Point is located on the westside of Indianapolis adjacent to Hendricks Co. The property offers residents a location that is close to an abundance of high-wage employment as well as easy access to the northwest side and downtown employment corridors.

Custom Features & Sought After Amenities

The unit features and full amenity set at Center Point are unmatched in the market. 100% of the units have washer/dryer connections. Units also have abundant natural light, crown molding, 9’ ceilings and direct access garages are available.

Purchase Individually or 836 Unit Portfolio

Center Point can be purchased with Residence at White River (228 units) and Steeplechase at Shiloh (264 units) for a total portfolio of 836 units, offering immediate presence and economies of scale. The properties may also be purchased individually.

Steeplechase at Shiloh Crossing CA

Residence at White River CA

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Center Point
344 Units
6710 Hollow Run Circle
Indianapolis, IN  46214
Type: Conventional
Closed: 5/4/2022

1990s built Property with Upside

Residences at White River is a sought-after 1990's built asset with largely original finishes. This well-maintained property is ready for upgrades, and by completing unit and common area upgrades, rents can be raised by an average of $140.

Proximity to Prominent Universities

The property is located within walking distance of Marian University (+/-2,200 students) and just 1 mile to Bulter University (+/-4,500 students).

Easy Access to Downtown & Amenities

The Residences of White River location allows quick access to downtown, which offers vast employment, restaurants and entertainment. Residents also enjoy access just 3 blocks away to Riverside Park and the Wapahani Trail.

Near High Value homes

Residences at White River is located immediately adjacent to the high-end Wynnedale neighborhood with home values up to $750,000. The average household incomes within one mile are over $80,000.

Best-in-class features

The unit features and full amenity set at Residences at White River are sought-after in the market. 100% of the units have washer/dryer connections. Units also have abundant natural light, open floorplans and garages available.

Potential 836 Unit Portfolio

Residences at White River can be purchased with Center Point (344 units) and Steeplechase at Shiloh (264 units) for a total portfolio of 836 units, offering immediate presence and economies of scale. The properties may also be purchased individually.

Center Point CA

Steeplechase at Shiloh Crossing CA

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Residence at White River
228 Units
3861 Gable Lane Drive
Indianapolis, IN  46228
Closed: 5/4/2022

Sought After Indy Suburb - Avon

Ranked by Money Magazine as one of the nation’s best places to live, Avon provides all the advantages of Indy with desirable neighborhoods, top-rated schools, and extensive recreational opportunities.

15% Organic Rent Growth & 97% Occupancy

Steeplechase at Shiloh Crossing has performed extremely well with a history of 97%+ occupancy. Furthermore, new leases demonstrate average rent growth of 15%. This is organic rent growth not accomplished through unit upgrades.

Blank Slate for Upgrades

This well-maintained property offers primarily classic unit finishes offering potential for revenue growth. By completing both unit and common area upgrades, rents can be increased by $200-$260+.

Near Abundant Employment

Steeplechase at Shiloh Crossing is located in Hendricks County which offers an abundance of high-wage employment as well as easy access to the northwest side and downtown Indianapolis employment corridors.

Purchase Individually or 836 Unit Portfolio

Steeplechase at Shiloh can be purchased with Center Point (344 units) and Residences at White River (264 units) for a total portfolio of 836 units, offering immediate presence and economies of scale. The properties may also be purchased individually.

Center Point CA

Residence at White River CA

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Steeplechase at Shiloh Crossing
264 Units
10272 Steeplechase Drive
Avon, IN  46123
Closed: 5/4/2022

1 IRREPLACEABLE LOCATION ON CANAL WALK

Located directly on Indy’s popular Canal Walk, a waterside promenade popular for walkers, runners, bikers and sightseers. White River State Park and its amenities are a short walk from the community along the Canal Walk.

2 RENOVATED WITH UPSIDE

In 2015, Canal Overlook was renovated with new windows, a fresh exterior paint scheme, unit upgrades and more. While well maintained, the new owner of Canal Overlook can continue property enhancements to further grow revenue.

3 PRIVATE GARAGE PARKING & DESIRABLE AMENITIES

Residents enjoy direct access to a private gated 158 space parking garage. Units offer high end finishes, amazing canal and downtown views and access to a full amenity set.

4 UNMATCHED URBAN LIVING

Downtown Indianapolis is vibrant, diverse and growing more each year. It offers some of the country’s best arts, culture, sports, music, events, entertainment and food.

5 CONVENIENT TO DIVERSE EMPLOYMENT

Canal Overlook brings ‘Live-Work-Play’ to another level with award-winning employers within walking distance. The diversity of employers in the area (from tech to education and healthcare) offers a high level of stability in resident employment.

6 THE STEADY EXPANSION OF DOWNTOWN

Downtown Indianapolis is continuing incredible growth and expansion. With new developments in all sectors from housing to hotels, entertainment and retail. Downtown is and will continue to be the top place in the city to live work & play.

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Canal Overlook
132 Units
430 Indiana Avenue
Indianapolis, IN  46202
Closed: 3/15/2022

2014-Built Property with Upside Potential

Aurum, built-in 2014, offers the potential to complete a light interior upgrade and increase rents by an average of $130+. Suggested upgrades include countertops, cabinet hardware, fixtures and new stainless steel appliances.

Near Notre Dame and Amenities

Aurum is located less than one mile from the Notre Dame Campus (12,809 students). Approximately 65% of the property’s residents are graduate students. Aurum offers quick access to nearby amenities with a bus stop near the entrance. Shopping, dining and entertainment are just a 0.25 mile walk or drive away.

100% Occupied with Below-Market Rents

Aurum is currently 100% occupied through Summer 2022. The rents are an average of $190 below competing properties. This asset offers an exceptional opportunity to increase rents during the next lease term.

Appealing Unit Layouts and Features

The units at Aurum feature well-designed layouts with spacious living areas, stackable or full size washer/dryer in each unit, walk-in closet and walk-in shower in sought after 2-bedroom floor plans.

Offered Free and Clear

The ability to purchase Aurum free and clear allows new owners to take advantage of current low rates, interest-only periods and maximum leverage which all increase buyer returns.

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Aurum
60 Units
825 Sorin St
South Bend, IN  46617
Closed: 2/17/2022
Lawrence Landing can be purchased as a part of a 3 property 905 unit portfolio. The properties may also be purchased individually.

Lawrence Landing can be purchased with:

Hermitage (280 units) More Information

Coldwater Flats (271 units) More Information

1 RENOVATED COMMUNITY - 6.8% YR1 CAP / 5.9% T-3 CAP

Lawrence Landing is available at a 5.9% Trailing 3 Cap Rate and a 6.8% Cap Rate on Year 1 (with no additional renovations). The community offers reliable cash flow and a strong return immediately and can be purchased free & clear. The current owner has spent more than $5M on property renovations.

2 POTENTIAL TO INCREASE REVENUE

The new owner can continue to burn off the Loss to Lease and has been proven by the most recent leases which are $186 higher than legacy leases. In 2020, revenue grew by more than 7% which was organic rent growth and not as a result of unit upgrades. Washer/Dryer connections can be added to the 108 one-bedroom units to achieve a $50+ monthly premium.

3 DESIRABLE UNIT FEATURES & LUXURIOUS AMENITIES

70% of units offer washer/dryer connections and are a spacious 2 Bedroom/ 1.5 Bath Floorplan. Amenities include a fitness center, business center with free wifi, sparkling saltwater pool and sand volleyball court. A large lake that runs through the middle of the community offers beautiful lake views.

4 STRONG FUNDAMENTALS ON INDY’S EASTSIDE

Located directly on Shadeland Ave, a main north-south thoroughfare, Lawrence Landing offers residents easy access to ample nearby employment. The eastside of Indy has demonstrated high mid 90%s occupancy for many years and rental income growth of 25% since 2013.

5 PURCHASE INDIVIDUALLY OR 905 UNIT PORTFOLIO

Lawrence Landing can be purchased with Hermitage (280 units in Indianapolis, IN) and Coldwater Flats (271 units in Evansville, IN) for a total portfolio of 905 units, offering immediate presence and economies of scale. The properties may also be purchased individually.

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Lawrence Landing
354 Units
6875 Faris Avenue
Indianapolis, IN  46226
Type: Conventional
Closed: 1/27/2022

2000's Built & Prime for Upgrades

Riverchase is a sought-after 2000's built asset with largely original finishes. This well-maintained property is primed to be upgraded, and by completing unit and common area upgrades, rents can be raised by $200+

Access to City's best Amenities

The westside location of Riverchase offers easy access to the interstate to be downtown, to the award-winning Indianapolis International Airport, the Indianapolis Speedway or Eagle Creek Park in minutes.

Near Abundant Employment

Riverchase is located on the west side of Indianapolis adjacent to Hendricks Co. The property offers a location that offers an abundance of high-wage employment as well as easy access to the northwest side and downtown employment corridors.

Unparalleled Unit Features

The unit features at Riverchase are unmatched in the market. 100% of the units have washer/dryer connections and fireplaces. Units also have abundant natural light, breakfast bar seating, a french door to the patio/balcony and top floor units feature vaulted ceilings.

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Riverchase
216 Units
2730 Riverchase Dr.
Indianapolis, IN  46214
Closed: 1/18/2022

1. 2005 BUILT PROPERTY READY FOR UPGRADES

Creekside at Meadowbrook is a sought-after 2000's built asset with largely original finishes. This well-maintained property is primed to be upgraded, and by completing unit and common area upgrades, rents can be raised by $200+.

2. EXCELLENT UNIT LAYOUTS

The unit layouts at Creekside at Meadowbrook are unmatched in the market. Units also have abundant natural light, breakfast bar seating, spacious kitchens, en-suite bathrooms and open concept floorplans.

3. PROXIMITY TO CHICAGO

The property is located just one hour away from bustling Chicago. Creekside at Meadowbrook offers easy access to the amenities, entertainment and employment of Chicago without the expense or hassle of living in the city.

4. BENEFITS FROM ILLINOIS AND CITY EXODUS

Nationally there is a migration toward the suburbs. Locally the town of Lowell is benefiting from a boom of new residents as people look to escape Chicago and migrate from northern Lake County (Merrillville) in favor of small town charms, taxes and environment.

5. STRONG EMPLOYMENT NEARBY

Employment opportunities are plentiful in Lake County Indiana and the region. Creekside at Meadowbrook offers residents easy access to Chicago area & northern Lake county employment.

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Creekside at Meadowbrook
192 Units
510 Creekside
Lowell, IN  46356
Type: Conventional
Closed: 12/30/2021

1 One-of-a-Kind Luxury Student Micro Units

3Square is a new construction, first-of-its kind concept in Bloomington with high end modern finishes. This one-of-a-kind property offers only furnished studio units, each with a private bath, dry bar, and access to the property’s luxurious common amenities.

2 Boutique Property Shared Amenities

Comprehensive amenity package includes a fitness center, outdoor covered lounge with media, large commercial kitchens individual storage units, a performance stage, multiple sitting and study areas, covered parking, and free laundry for residents.

3 Ideal Bloomington Location

3Square is walkable to the Indiana University Campus as well as Downtown Bloomington, making it an ideal location with access to all of the city’s best entertainment.

4 Proven Demand and No Competition

Fully leased, 3Square’s new concept has shown a proven demand in Bloomington. The current rent at the property is below market and can be increased by $200. Zoning changes in the area prohibit any new competition of this property type.

5 Demand for All Inclusive Package

Residents are drawn to 3Square not only for its ideal location, but for its all-inclusive rental package which includes a private, furnished studio apartment, laundry, all utilities, common kitchen cleaning, and access to all amenities.

6 Vibrant Bloomington Environment

The Bloomington campus has seen continued growth with a record number of students enrolled for 2021 and increase of 20% over Fall 2020 The Bloomington market has shown strong historical occupancy and rent growth.

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3 Square
97 Units
916 N College Ave
Bloomington, IN  47404
Type: Student
Closed: 12/21/2021

1 WELL MAINTAINED BY ORIGINAL DEVELOPER

Offered for sale by the original developer, Crooked Creek is very well maintained with little deferred maintenance. The property also maintains very low turnover with many longterm tenants. The average length of tenancy is 54 months.

2 LARGE CAPITAL INFUSION

Much of the heavy lifting in updating this property is already complete. The owner of Crooked Creek completed many property upgrades from new windows and unit updates to pool repairs and new siding.

3 STRAIGHTFORWARD VALUE-ADD

Crooked Creek presents the opportunity to increase revenue through simple unit upgrades (with cabinets and counters already complete), adding some new amenities, and implementing a utility bill back program.

4 SOUGHT AFTER NORTH SIDE LOCATION

Crooked Creek is located near several large employment centers. Also from this location, residents enjoy easy access to vibrant downtown Indianapolis and plentiful dining, shopping and entertainment.

5 UNIQUE UNIT FEATURES

Crooked Creek offers unique and desirable unit features including fireplaces, unique loft floorplans, vaulted ceilings, in-unit washer/dryer machines and private inunit storage space.

6 PURCHASE INDIVIDUALLY OR PORTFOLIO

Crooked Creek can be purchased with Cedar Ridge together as a portfolio of 384 total units creating some economies of scale. The properties can also be purchased individually.

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Crooked Creek
216 Units
3947 Point Bar Rd
Indianapolis, IN  46268
Type: Conventional
Closed: 12/14/2021

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Residences on 56th, a 755-unit apartment community that has undergone a full high-end renovation and repositioning in 2019 - 2021.

The property now offers high end finishes and a "like new" feel with the area’s best and most comprehensive amenity set. The new owner of Residences on 56th has the opportunity to purchase a fully renovated property and continue to grow rents organically as the property continues to achieve higher rents on new leases.

INVESTMENT HIGHLIGHTS

LANDMARK ASSET RESTORED

R56 was known for many years as the premier apartment community on Indy’s northside, and over the years the property declined. The current owner is currently finishing up a huge renovation to bring the property to pristine “like new” condition.

NEW CONSTRUCTION FEEL

Nearly $30M of capital has been infused into the property. The massive renovation includes exterior upgrades and 100% of units have received a high-end upgrade with all new finishes throughout giving the whole property a new construction feel.

RIDE THE POSITIVE MOMENTUM

With post-reno lease-up nearly complete, the new owner can achieve the second wave of rent increases since the community has repositioned to a high-end Class A property. Lease rents at R56 have increased by $100+ in just the past 90 days.

CONVENIENT NORTH INDY LOCATION

R56 is located immediately adjacent to I-465, providing excellent accessibility to anywhere in the city. Popular Fort Benjamin Harrison is nearby along with the Castleton and Broad Ripple areas offering plentiful employment and shopping and cuisine.

UNIQUE FEATURES & HIGH-END AMENITIES

R56 has the most unique units and the best amenities in the area. Not only competing with the nearby new construction but beating them on price, unit size, low-density community feel.

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Residences on 56th
755 Units
5653 Brendon Way W. Drive
Indianapolis, IN  46226
Type: Conventional
Closed: 12/14/2021

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Villas by Watermark, a 266-unit, 2014-built apartment community located in very desirable Zionsville, IN, Indiana’s most affluent city. .

While extremely well maintained and offering a comprehensive amenity set, the acquisition Villas by Watermark presents a clear opportunity to complete light updates to achieve rent increases. The average income of the current resident is over $150,000 annually providing plenty of bandwidth to pay higher rents. Offers are due October 21st and the seller prefers a closing by the end of 2021.

For access to confidential documents, please register at: VillasByWatermark-CW.com

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Villas by Watermark
265 Units
7145 Anderson Dr.
Zionsville, IN  46077
Closed: 12/14/2021