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Arbors at Red Bank is a well-located Westside Evansville property attractively price at only $39,700 per unit / $3,500,000. Currently owned by a California-based private owner, Arbors at Red Bank can be purchased with two nearby properties, Arbors at Evansville North – 150 Units and Arbors at Evansville South – 121 Units for a portfolio of 359 unit, offering significant economies of scale. Built in 1973, the majority of the units have original interior finishes and offer the new owner the opportunity to complete updates and achieve rent premiums. The property has maintained high occupancy of over 95% and the current rental rates trail the competing properties by an average of $100.

Currently, Arbors at Red Bank receives a 75% Assessed Value deduction which lowers the property real estate tax bill. In exchange for this deduction, the owner agrees that 75% of the units are leased by residents earning 80% or less of the area median income and at least 25% of the unit are leased by resident earning 50% or less of the area median income. Up to 25% of the units may be leased with no income restrictions. The new owner of Arbors at Red Bank has the opportunity to maintain the assessed value deduction and income restrictions or may opt out of the program and have no income restrictions.

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Arbors at Red Bank
88 Units
4909 Sunnyside Court
Evansville, IN  47712
Type: Conventional
Closed: 7/23/2019

Auburn Place is a 192-unit apartment community exceptionally well located on the south side of Indianapolis in the desirable suburb of Greenwood.

The community offers an attractive mix of 42 one-bedroom flats, 72 two-bedroom flats, 60 two-bedroom townhomes and 18 three-bedroom townhomes. The property’s 12 acres feature many mature trees and ample green space. Community amenities include a clubhouse/community center with 24-hour fitness center, a swimming pool and sundeck and playground.

Auburn Place is an extremely well-located community. Because of its proximity to Indianapolis and its excellent school system, Greenwood has experienced consistent population growth for many years. Auburn Place offers its residents close proximity to the south side’s best shopping and dining. Immediately northeast of Auburn Place is Simon’s Greenwood Park Mall, the second largest Indianapolis regional mall, containing 1.2 million SF. The Community Hospital South Campus, containing many additional specialty medical facilities, is just one mile from Auburn Place, and St. Francis Hospital is located just four miles northeast of the property. Traveling Downtown is quite convenient, as the property sits 11 miles directly south of the city’s center.

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Auburn Place
192 Units
745 Woodale Terrace
Greenwood, IN  46142
Type: Conventional
Closed: 9/13/2018

Golden Memories and Club Manor are age restricted senior communities that were built by a local Indiana developer. For many years the properties were highly occupied, well maintained and produced significant cash flow. As legacy assets, both properties were inherited by the developer’s children. In subsequent years, as management structures changed, the properties have struggled to perform resulting in lender foreclosures.

Golden Memories and Club Manor offer a new owner the opportunity to acquire two well located properties with enormous potential for improvements and increases in revenue and value. Properties may be purchased individually or together as a portfolio.

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Club Manor Apartments
96 Units
250 E Northfield Drive
Brownsburg, IN  46112
Type: Conventional
Closed: 7/17/2019

Echo Ridge is a 2002 built property located in a desirable infill location that benefits from limited nearby competition. While well maintained, the property has largely original finishes and amenities and offers the ability to increase revenue with untapped renovation opportunities. The existing unit layouts and features can be easily enhanced and result in premiums of more than $75 / month. With 9-foot ceilings on the first floor and vaulted ceiling on second floor, each floorplan offers spacious living areas.

Located in Franklin Township on the southeast side of Indianapolis, Echo Ridge enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants, employment and medical facilities.

Echo Ridge offers very attractive assumable Fannie Mae debt already in place. Debt terms include a low 4.43% interest rate, interest only payments until November of 2022 and loan maturity not until October of 2032.

Echo Ridge can be purchased individually or as part of a 600 unit, 3 property portfolio to include Pheasant Run – 184 units and English Village 208 units.

All three properties are located on the southeast side of Indianapolis, and a portfolio purchases offers economies of scale.

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Echo Ridge
208 Units
8520 Sierra Ridge Drive
Indianapolis, IN  46239
Type: Conventional
Closed: 8/17/2019

Eco Square is a 108-unit garden apartment community on the southeast side of Evansville, Indiana. Built in 1966, the property is comprised of eleven two-story residential buildings. Buildings have brick exteriors with mansard roofs. All windows have been replaced since original construction. Eco Square is named to reflect its environmental and sustainability focus. Residents enjoy eco-friendly living amenities such as community gardening and composting and on-site recycling. Many units have energy saving light bulbs and low-flow water devices. The community offers a resortstyle swimming pool, a large, well landscaped courtyard, grilling areas and bike stations.

With the exception of one efficiency unit, the property consists of 107 Two Bedroom/One bath units with identical 825 square foot floor plans. The leasing office and maintenance shop are located in one of the Two Bedroom units.

Units feature large living rooms and walk in closets in the master bedrooms.

Terra Trace is an 84-unit garden apartment community on the east side of Evansville, Indiana. The property was built in 1978 and is comprised of eleven two-story residential buildings and a single story clubhouse/ office. Building exteriors are brick and new vinyl siding (installed in 2013). Roofs are pitched with composite shingles. Nine roofs were replaced in 2013-2014. Other recent capital improvements include replacement of balconies, new signage, new landscaping and hallway refurbishment. This refurbishment included painting, new light fixtures and new flooring at stair landings in all twenty-two halls and carpet in ten halls.

The property consists of 56 One Bedroom/One Bath units (in two floor plans), 20 Two Bedroom/One Bath units and 8 Two Bedroom/One and One-half Bath units. Units have generous floor plans, are all electric and include private access intercom systems. Select units include private patios or balconies and outside storage. Eight units have upgraded kitchens (stained cabinets, new cabinet hardware, counters, lighting) and new bathroom vanities. Upgraded units command rents between $35 and $65 per month more than non-upgraded units.

In addition to a clubhouse with Wi-Fi, community amenities include a swimming pool and on-site laundry facilities.

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Eco Square & Terra Trace (2 properties, 192 units)
Eco Square Apartments
108 Units
700 Chateau Drive
Evansville, IN  47715
Type: Conventional
Closed: 3/12/2019

Garden Pointe Apartments was originally built in 1973. The property received a very substantial renovation in 1992. At that time all windows, patio door and roofs were replaced. All units were fully upgraded in 1992 as well. The 1992 renovation included creating open concept kitchen layouts, adding washer / dryer connections to 50% of units (all second-floor units), new cabinetry, appliances, light fixtures and flooring. The current owner purchased Garden Pointe from a “distressed owner” in cooperation with their lender (since their loan was in default). At the time of their purchase the property has substantial physical need. The current owner has spent over $1.7M in the past year completing property renovations to bring all units back on line. One of the fourteen buildings (Building M) was down and has now been completely renovated. All 32 units in building M are now branded the LUX style and have high-end finishes that include quartz countertops, new wood cabinets, black appliances, nickel light and plumbing fixtures, paneled doors, vinyl plank flooring and a new trim package. These 32 units also received new HVAC systems, windows and patio doors.

In addition to the 32 LUX units, there are 12 units throughout the property that were previously down and now have all new interior unit finishes.

The acquisition of Garden Pointe Apartments offers a new owner the opportunity to continue to upgrade units and achieve rent premiums. Current rents trail the market by $25 - $105. The large clubhouse and expansive grounds allow for enhancements to the amenities in addition to upgrading the units.

Garden Pointe is being offered free and clear for an attractive price of $17,000,000 / $55,920 per unit.

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Garden Pointe
304 Units
5005 Lily Lane
Indianapolis, IN  46254
Type: Conventional
Closed: 5/17/2019