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Arbors at Evansville North/South are adjacent multifamily properties situated on 22 acres. The two communities combined have 271 units of both garden and townhome style residences. To achieve economies of scale and other cost sharing benefits, the current owner, a California-based private equity group, began running the properties together in the summer of 2016.

Arbors North is offered at $31,000 per unit / $4,600,000

Built in 1972, the majority of the units at Arbors North have original interior finishes and offer the new owner the opportunity to complete updates and achieve higher occupancy inline with the submarket, at 93%. Currently, Arbors North 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 units 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 Evansville can maintain the assessed value deduction and income restrictions or may opt out of the program and have no income restrictions.

Arbors South is offered at $33,000 per unit / $4,000,000

While originally constructed in 1963, In 2012/2013 Arbors South was fully renovated with new roofs, new windows, complete unit upgrades (including new cabinets, flooring, appliances, light fixtures, etc.), and additional common area upgrades. The portfolio is being offered free and clear, however Arbors South does have attractive assumable debt (Freddie Mac Loan, $3M+/- Balance, 4.56% interest rate, due in June of 2026)

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Arbors at Evansville (2 properties, 271 units)
Arbors at Evansville North
150 Units
1320 Lee Court
Evansville, IN  47714
Closed: 11/22/2019

Arbors at Evansville North/South are adjacent multifamily properties situated on 22 acres. The two communities combined have 271 units of both garden and townhome style residences. To achieve economies of scale and other cost sharing benefits, the current owner, a California-based private equity group, began running the properties together in the summer of 2016.

Arbors North is offered at $31,000 per unit / $4,600,000

Built in 1972, the majority of the units at Arbors North have original interior finishes and offer the new owner the opportunity to complete updates and achieve higher occupancy inline with the submarket, at 93%. Currently, Arbors North 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 units 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 Evansville can maintain the assessed value deduction and income restrictions or may opt out of the program and have no income restrictions.

Arbors South is offered at $33,000 per unit / $4,000,000

While originally constructed in 1963, In 2012/2013 Arbors South was fully renovated with new roofs, new windows, complete unit upgrades (including new cabinets, flooring, appliances, light fixtures, etc.), and additional common area upgrades. The portfolio is being offered free and clear, however Arbors South does have attractive assumable debt (Freddie Mac Loan, $3M+/- Balance, 4.56% interest rate, due in June of 2026)

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Sold
Arbors at Evansville (2 properties, 271 units)
Arbors at Evansville South (Stonebrook)
121 Units
3600 Covert
Evansville, IN  47714
Closed: 11/22/2019

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

Brentwood consists of six buildings totaling of 120 units. The community is currently being marketed to residents 55 years and older but is not deed restricted to maintain that strategy. There are three styles of buildings on the property. There is an elevator in one building (four story building), there is a single story buildings for less mobile residents and four two story buildings. Each building has secured / intercom entryways or individual access. The property is situated on 4.67 acres and offers a tranquil setting surrounded by mature trees. The current owner is a not-for-profit that specializes in new construction and subsidized senior housing. When they purchased Brentwood, as an older, existing property, it was outside their expertise.

Brentwood is ideally located on the northeast side of Fort Wayne near the intersection of Coliseum Blvd and State Blvd with visibility from Coliseum Blvd. This location offers excellent access to public transportation, restaurants and medical facilities. There is added shopping just south of the property and within ten minutes of Glenbrook Square, Fort Wayne’s largest retail center and a regional shopping node in northeast Indiana.

Brentwood is offered at ±$36,000 per unit / $4,300,000

Brentwood’s first building was constructed in 1967 with the last phase built in 1988. Some units have undergone renovations with new fixtures, appliances, flooring and bathrooms. Each building has laundry facilities while some floorplans offer washer dryer hookups. There are opportunities to enhance revenue to add value. Some of those opportunities include completing unit upgrades, enhancing the property’s curb appeal through additional landscaping and upgrading the leasing office.

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Brentwood Seniors
120 Units
2510 Farnsworth Drive
Fort Wayne, IN  46805
Type: Senior
Closed: 8/28/2019

Brookview Apartments is an attractive 220 unit community that has been well maintained by the original owner and is located on 25.66 acres on Indianapolis’ east side. Built in 1975, the property has mature trees, vast greenspace and a large stocked lake.

The property offers an attractive unit mix of 1 and 2 bedroom garden style units and 2 or 3 bedroom townhomes with beautiful open floorplans. There remains upgrade potential by adding washer / dryer hookups and machines, a bark park, a grilling station by the pool and creating a walking path around the lake.

Brookview is located one street north of busy Washington Street (US 40) and just east of Interstate -465 (Indianapolis’ interstate beltway) on the city’s suburban east side. The location provides the community with a quiet atmosphere while being exceptionally convenient to dining, shopping and major employment centers.

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Brookview
220 Units
1151 Aqua Vista Dr
Indianapolis, IN  46229
Type: Conventional
Closed: 11/12/2019