Past Sales

Refine Your Search

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.

...
Sold
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.

...
Sold
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.

...
Sold
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.

...
Sold
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

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

1. Large Capital Infusion

Warren Harbor is a well maintained property that has been infused with capital but still allows for additional upside. All roofs have been replaced since 2016. Additionally, 135 units have been fully upgraded and most units have received some partial upgrades.

2. Grow Revenue Continuing Upgrades

105 units are either lightly upgraded or have classic finishes. By completing additional unit upgrades, a $160+ monthly premium can be achieved. 2021 lease rents demonstrate a $90 / 11% increase and prove the demand for upgraded units.

3. Recharged East Side Indianapolis

Indianapolis' far east side is showing upward trends in several indicators including occupancy and rent growth. The submarket also offers diverse/stable employers and easy access to downtown.

4 . Desirable unit features

Warren Harbor offers potential residents unit features like 3 bedrooms, upgraded finishes and W/D hookups that are uncommon in the submarket.

5 . Great Schools

Warren Central High School athletics is nationally recognized and sponsored by Adidas. They have 28 State Titles, 23 Semi-State Titles, and 87 Regional Titles.

...
Sold
Warren Harbor
240 Units
2125 Yorkshire Court
Indianapolis, IN  46229
Closed: 11/19/2021

The Cushman & Wakefield Multifamily Advisory Group is pleased to present the exclusive listing of Pullman Pointe, a 190-unit, 2020-built apartment community located in the heart of vibrant and growing Fishers.

With the highest-end finishes and luxurious amenity set, Pullman Pointe offers a quiet atmosphere just minutes from the city’s best and most popular dining, retail and entertainment. Proving the property’s appeal and high demand for quality product in Fishers, the community reached 100% occupancy in only 6 months. The property provides reliable cash flow on day one. Cash flows and returns realized through the acquisitions of Pullman Pointe are further bolstered by the fact that the property received $7M in Economic Development Revenue Bonds from the city of Fishers, which significantly reduces the Real Estate Tax Liability for more than 20 years.

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

...
Sold
Pullman Pointe - Fishers
190 Units
11110 Lantern Rd
Fishers, IN  46038
Type: Conventional
Closed: 11/18/2021

1. 5.4% TRAILING CAP RATE & 6%+ T-12 RENT GROWTH

Due to high demand, A/62 has maintained 95%+ occupancy for many years and has consistently grown revenue. Rental rates grew by more than 6% over the past year. This was organic growth and not as a result of unit upgrades. A/62 offers reliable cash flow day one and the whisper price represents a 5.4% Trailing 3 Cap Rate.

2. Clear Path to Unit/Amenity Upgrades & Rent Premiums

While well maintained, units have largely classic finishes allowing the new owner to execute a unit upgrade program.

3. Recent Capital Improvements Completed

Current owner has spent more than $2M and completed major capital improvements including roof and balcony replacement. New owner can now simply focus on revenue generating enhancement such as unit upgrades.

4. Sought After Northside Location - $94k Avg HHI

Located on the Northside of Indianapolis, the average household income is $94,000 in the 2 mile radius. A/62 Residents enjoy convenient access to some of the city’s best retail, restaurants and vast employment nearby.

5. Offered Free & Clear

The ability to purchase A/62 free and clear allows new owners to take advantage of current all-time low rates, interest only periods and maximum leverage which all increase buyer returns.

...
Sold
A62
209 Units
6111 N Allisonville Road
Indianapolis, IN  46220
Type: Conventional
Closed: 11/16/2021

1 NEAR BOOMING INDUSTRIAL DEVELOPMENT

There is 9.5 million SF of industrial space under construction in the east submarket, representing 43% of the 22.2 million SF space under construction in the whole Indianapolis market.

2 BENEFITS FROM HANCOCK CO GROWTH

Hancock Co, the eastern door to Indianapolis, has become a fast-growing economic powerhouse. The population has been growing rapidly as people discover the vibrant communities and great job opportunities.

3 STRAIGHTFORWARD VALUE-ADD

Cedar Ridge presents the opportunity to increase revenue through simple unit upgrades, adding new amenities, and implementing a utility bill back program.

4 WELL MAINTAINED BY ORIGINAL DEVELOPER

Offered for sale by the original developer, Cedar Ridge is very well maintained with no deferred maintenance. The property also maintains very low turnover with many longterm tenants. The average length of tenancy is 61 months.

5 UNIQUE UNIT FEATURES

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

6 PURCHASE INDIVIDUALLY OR PORTFOLIO

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

...
Sold
Cedar Ridge
168 Units
3820 Cedar Ridge Road
Indianapolis, IN  46236
Type: Conventional
Closed: 11/1/2021
Hermitage can be purchased as a part of a 3 property 905 unit portfolio. The properties may also be purchased individually.

Hermitage can be purchased with:

Lawrence Landing (354 units) More Information

Coldwater Flats (271 units) More Information

1 RENOVATED COMMUNITY - 6.6% YR1 CAP / 5.4% T-3 CAP

Hermitage is available at a 5.4% Trailing 3 Cap Rate and a 6.6% 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.

2 OVER $3.9M SPENT ON CAPITAL IMPROVEMENTS

While the property was originally built in 1971, the current owner has spent more than $3.9M on the property and has substantially renovated the property in the past 10 years giving the property a newer look and feel.

3 POTENTIAL TO INCREASE REVENUE

The new owner can continue to burn off the loss to lease. In Trailing 3 months, revenue grew by more than 7% which was organic rent growth and not as a result of unit upgrades. Leases signed in the past 90 days are on average $134 higher than the legacy lease rents.

4 UNIQUE SPEEDWAY LOCATION

Hermitage is located in Speedway, a popular city on the westside of Indianapolis, which offers quick easy access to Downtown Indy. Employment and entertainment options are plentiful on the westside and downtown and are very easy to access from the property.

5 PURCHASE INDIVIDUALLY OR 905 UNIT PORTFOLIO

Hermitage can be purchased with Coldwater Flats (271 units in Evansville, IN) and Lawrence Landing (354 units in Indianapolis, IN) for a total portfolio of 905 units, offering immediate presence and economies of scale. The properties can also be purchased individually.

...
Sold
Hermitage
280 Units
2226 Hermitage Way
Indianapolis, IN  46224
Type: Conventional
Closed: 10/29/2021

FORMER INCOME RESTRICTED PROPERTY
In February of 2021, Falcon Creek was released from the Low Income Housing Tax Credit program which restricted the income level of 86% of the units. The new owner can immediately increase rents for new residents (with no restrictions) and can also raise rents for existing income restricted residents at lease renewal between $100 and $450 (varying by floorplan). The property also benefits from a long term Project Based HAP contract in which 12 units receive guaranteed income and are leased to Veterans. This Project Based HAP Contract runs through 2026.

HIGHLY SOUGHT AFTER 1999 BUILT VALUE ADD
Offering Washer / Dryer connections in all units, attached garages in select units and spacious floorplans, a comprehensive property and interior unit upgrade will allow a new owner to significantly raise rents. Current rents at Falcon Creek trail the market by an average of $179. The property offers a large clubhouse which, when renovated, can offer ample amenities to residents that are currently missing.

STRONG WESTSIDE INDY SUBMARKET
The westside of Indianapolis offers favorable dynamics with an average submarket occupancy of 95.5% and an impressive 4.3% rent growth in 2020.

NEARBY BY RETAIL
The property is very near many shopping centers and retailers including Aldi, Walmart, Meijer, Fedex, and many others.

CLOSE PROXIMITY TO KEY ECONOMIC DRIVERS
Falcon Creek is less than a 15 minute drive to downtown and near many major employers, millions of square feet of warehousing and the city’s largest logistics hub.

...
Sold
Falcon Creek Place
131 Units
4301 Falcon Creek Boulevard
Indianapolis, IN  46254
Type: Conventional
Closed: 10/8/2021

1 FREE & CLEAR – 5% TRAILING 12 CAP

Suncrest can be purchased free and clear for a 5% cap rate on T-12. In 2020, rental revenue grew by more than 8% at Suncrest and the property maintained 95%+ occupancy. For many years the property has maintained both high occupancy and collections and provides reliable cash flow day one.

2 FULLY RENOVATED PROPERTY

While originally constructed in 1986, Suncrest was fully renovated in 2015/16. The property’s unit finishes rival those of new construction properties but yet offer at a lower overall rental rate..

3 FURTHER RENT GROWTH VIA VALUE ADD

$50 rent bumps are achievable via washer/ dryer hookups in the 32 remaining units (no laundry contract in place) and creating additional property amenities.

4 LESS THAN 7 MILES FROM DOWNTOWN

Suncrest residents can be downtown Indy in a quick 15 minute or less drive. Employment and entertainment options are plentiful downtown and are very easy to access from the property..

5 WEST SIDE EMPLOYER & AMENITY CONNECTIVITY

The convenient location on Washington Street, a major Indianapolis east-west thoroughfare, offers residents a short drive to Indy’s largest job centers and amenities on the west side..

...
Sold
Suncrest
140 Units
1135 Suncrest Circle
Indianapolis, IN  46241
Type: Conventional
Closed: 9/29/2021
The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of the 448-unit Cobblestone Crossings apartment community located in Terre Haute, IN. This asset is situated in the desirable and affluent southside of Terre Haute. Built in 2006-2014, Cobblestone Crossing represents an outstanding opportunity to acquire a Class A property at a 5.5% Cap Rate.

Cobblestone Crossings can be purchased with the Garden Quarter Portfolio (498 units) a total portfolio of 946 units offering immediate presence and economies of scale. The properties may also be purchased individually. For information about the Garden Quarter Portfolio visit: LINK

...
Sold
Cobblestone Crossings
448 Units
7020 Clubhouse Lane
Terre Haute, IN  47802
Type: Conventional
Closed: 9/27/2021

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Main Street Village, a 400-unit, 2001/2003-built apartment community located in Granger, IN, a high-end area of South Bend.

The acquisition of Main Street Village offers buyers the opportunity to purchase a 2000’s built property in one of the most affluent populations in northern Indiana. The current owner has demonstrated the ability to increase rents through unit upgrades and the current rents are below the nearby competition. With more than 200 units still available to upgrade, a new owner has the ability to continue to increase revenue. Main Street caters well to the high-income population and offers a comprehensive amenity set and a variety of high-end unit finishes. The property is available free and clear.

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

...
Sold
Main Street Village
400 Units
5504 Town Center Drive
Granger, IN  46530
Type: Conventional
Closed: 9/2/2021