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The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of 32 Union, a 210-unit, 2019- built apartment community located in very desirable Hamilton County, the state's most affluent and fastest-growing county.

Acquisition of 32 Union represents an opportunity to own one of the best properties in a high-end high-growth location. The property offers everything high-income dwellers are looking for - from a luxurious amenity set and curated design finishes to a sought-after Noblesville location.

2019 BUILT PREMIER SUBURBAN PROPERTY

Built with amenities and interior unit finishes that cater to high income earners, 32 Union offers luxury in each residence and a comprehensive amenity set that rivals, and is often superior, to any of the nearby competitors.

HIGHEST GROWTH & INCOME COUNTY

Hamilton County boasts the highest income and growth metrics in the entire state. Noblesville offers a highly acclaimed school district and has experienced rapid population growth of 191% since 2010.

CONNECTED TO INDY, CARMEL, FISHERS & WESTFIELD

Located in Noblesville, a high-end suburb of Indianapolis, 32 Union offers its residents easy access to Indy, Carmel, Fishers and Westfield all within a quick drive, providing tremendous employment, retail and service opportunities.

UNDER MARKET RENTS & 19.7% YOY INCOME GROWTH

Demonstrating the ability to grow rents, revenue at 32 Union has increased 19.7% Year-over-year. The current rental rates also trail the nearby competition by $75 - $500 allowing the new owner to continue to increase revenue.

LIMITED NEARBY NEW CONSTRUCTION

Surrounded largely by high end single family homes and The Sagamore Golf Club, there are only a few new properties being add in this submarket of Noblesville.

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32 Union
Offers Due:  Friday, February 17, 2023
210 Units
17340 Fleming Street
Noblesville, IN  46060
Type: Conventional
Posted: 1/10/2023

Attractive Cap Rates - 6.2% T-3 & 7.3% Year 1

Aspen Pointe is in excellent physical condition and offers immediate cash flow selling at a 6.2% T-3 and achievable 7.3% Year 1 Cap Rate. Historical occupancy averages 96% over the last four years.

Fully Renovated - $5.1M+ Capital Infusion

The majority of the property infrastructure has been replaced, and all units have been fully upgraded within the last seven years. Items included replacement of HVAC systems, electrical, plumbing, windows, patio doors and balconies.

Limited Nearby Competition

There is only one competing property close to Aspen Pointe. The remainder of the five competing properties are at least two miles away. This quiet property is nestled among mature landscaping and offers a neighborhood feel that rivals its limited competition.

Close to Logistics Hub, Airport & Interstates

Located on Indy’s southwest side, Aspen Pointe is close to Indy’s logistics hub with nearly 98M SF of facilities, Indianapolis Int’l Airport and significant employers such as Amazon, FedEx Hub, UPS Hub, Target Distribution Ctr., Foxconn and Nippon. Interstates I-465 (0.7 Mi.) and I-70 (1.6 Mi.) offer access to additional employment.

Value-Add Potential with Minor Enhancements

With minor enhancements to all units, and adding amenities, Aspen Pointe could be regarded as the top property among its competition.

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Aspen Pointe
Offers Due:  Friday, February 10, 2023
180 Units
5838 Mooresville Road
Indianapolis, IN  46241
Posted: 1/10/2023

Unique Property with large single-level floor plans

Aura offers residents a large single-level floor plan layout. One bedrooms offer 1,000 SF+ of spacious living and the average unit size is 1,200 SF+. All units have large patios and balconies, and first floor units have a wrought iron enclosed patio. The full amenity set features a fitness facility, pet park (new equipment) and pool (recently refurbished with new pool equipment and poured new deck around pool).

Near Major Employment and Amenities

Numerous major employment centers are within a 15-minute drive of the property. Aura is also very close to Marian University (1,115 emp.), Butler University (500 emp.), Indianapolis Motor Speedway (400+ emp.), Newfields Art Museum & Nature Park (300+ emp.) and the popular 5,300-acre Eagle Creek Park & Reservoir.

Close Proximity to Downtown Indy

Downtown Indianapolis is a quick 10 mile drive from Aura. Downtown is the main employment center and offers countless opportunities for dining, entertainment, sports, festivals and night life.

6.4% Cap Rate - Year One with Additional Upside

The current owner has spent more than a year cleaning up the rent roll and completing evictions for residents with non-payment. The new owner can achieve a 6.4% cap rate in year one by simply normalizing bad debt to 2%. By upgrading classic units, revenue can be increased by an additional $300K annually. Fully upgraded units will likely command a $200+ Premium.

808 Unit Portfolio Offering

Aura can be purchased individually, or together with Harrison Point (342 units) in Indianapolis, Tuscany Bay (96 units) in Lawrenceburg, and Devonshire Gardens (139 units) and Devonshire Place (106 units) in Evansville for a total portfolio of 808 units, offering instant economies of scale.

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Aura
Offers Due:  Friday, February 24, 2023
125 Units
3035 W. 39th Street
Indianapolis, IN  46228
Posted: 1/16/2023

Build-To-Rent Product by Respected Builder

Avalon Bluff is a build-to-rent (BTR) community developed by Tempest Homes, a well-respected Great Lafayette-based company founded in 2002. Tempest Homes has an A+ Better Business Bureau Accreditation.

High Demand for BTR Communities

Demand for BTR communities has steadily increased as renters prefer the privacy and larger size of a home, without the burden of homeownership.

Affluent Resident Profile in High Growth Area

Avalon Bluff is primed for a high-level resident profile. Average household incomes within one mile of the community are $113K and are expected to increase by 18% over the next five years. Within a one-mile radius of the site, the population has grown by 50% since 2010.

Near Notable Medical & Education Employment

IU Health Arnett Hospital and Franciscan Health Lafayette East Hospital, among many other medical facilities, as well as Greater Lafayette's largest employer, Purdue University, are all within a 15-minute drive of Avalon Bluff.

Dynamic Greater Lafayette

The Greater Lafayette Area, a diverse community situated between Chicago and Indianapolis, is experiencing incredible growth and robust innovation. With new developments in both education, biotech, and aerospace, the area continues to be a top place to live and work.

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Avalon Bluff
93 Units
4754 Langhorn Trail
Lafayette, IN  47909
Type: Build for Rent
Posted: 12/13/2022

Iconic Speedway Location

Speedway, Indiana is best known for the iconic Indianapolis Motor Speedway, which has seen impressive new development in the surrounding area. This location also offers residents top schools, easy access to all the amenities downtown Indy and on the westside, and abundant employment options.

$5.8M Capital Infusion

A significant amount of capital has been spent improving the property. Upgrades included 357 fully renovated units and amenity enhancements.

Huge Organic Rent Growth Achieved in 2022

The property boasts impressive organic rent growth with 24.1% increases on new leases and 8.1% rent bumps on renewals achieved without upgrades.

Long Term and Reliable Resident Base

Brickyard Flats boasts low bad debt and reliable residents who have a tendency to stay. The average length of tenancy is 34.5 months.

Upside Potential - 5.0% T-3 & 6%+ Cap Rate Yr 1

The new owner can increase revenue immediately through burning off remaining loss to lease and achieving mid 90’s occupancy (nearby comps average 96% occupancy) to achieve a 6%+ Cap Rate in year one. 55 Classic Units can be fully upgraded to command a $200+ Premium.

1,401-Unit Portfolio Opportunity

Brickyard Flats can be purchased individually, or together with South & Madison (216 units) and Legend at Speedway (773 units), for a total portfolio of 1,401 units, offering instant economies of scale.

     
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Brickyard Flats
412 Units
2729 Embassy Row
Indianapolis, IN  46224
Posted: 1/25/2023

5.9% T-3 CAP RATE / $140K PER UNIT

Buffalo Creek is being offered free and clear by the long-term owner (15+ years) at an attractive price of $140k per unit. The property is well-performing with an average historical occupancy of 97.5% (last four years). T-3 Cap Rate is 5.9% and Year One Cap Rate (without upgrades) is 6.5%.

PROVEN VALUE-ADD POTENTIAL

The current owner has upgraded 72 units, which are achieving an average monthly rent premium of $131. Further rent growth could be achieved by upgrading 236 classic units and improving upon the 72 units already upgraded. Nearby properties have completed upgrades and are achieving higher rents. A new owner could also continue to operate the property as is without upgrades and achieve organic rent growth.

UNIQUE PROPERTY WITH EXTENSIVE AMENITIES

Ideally situated within an upscale mixed-use planned development, Buffalo Creek was built by J.C. Hart, a well-respected Indianapolis developer. The low-density property offers lush landscaping with five scenic lakes, attractive exterior architecture, beautifully designed units and an extensive list of amenities including a state-of-the-art fitness center, sports courts, dog park, putting green and outdoor social spaces.

EXCELLENT HIGH-GROWTH AREA

The property is adjacent to the city of Greenwood (Johnson County), a sought-after south suburb of Indianapolis enjoying 23% population growth since 2010. Average rents for the south side increased 13.8% year-over-year. The area is also known for well-performing schools and proximity to downtown Indianapolis, offering additional employment opportunities for residents.

HIGH TRAFFIC LOCATION NEAR AREA'S BEST AMENITIES

The property entrance is visible from high-traffic County Line Road (23,386 AADT). Residents benefit from proximity to major employer Community Hospital South, and two dense corridors (Meridian Street/SR-135 and US-31) filled with the south side’s best shopping, dining and entertainment options including the popular Greenwood Park Mall, containing 1.2M SF and more than 150 retailers.

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Under Contract
Buffalo Creek
308 Units
720 Buffalo Run Drive
Indianapolis, IN  46227
Posted: 11/16/2022

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Castle Point, a 740-unit, 1974 to 1980-built apartment community located in vibrant South Bend Indiana.

The acquisition of Castle Point represents an opportunity to own a large asset adjacent to the city's highest-end suburb at a 5.6% T-12 Cap Rate and a 7%+ Cap Rate Year 1. The property offers an unmatched set of amenities in a sought-after South Bend location.

Large Iconic Asset - 5.6% T-12 Cap Rate

Castle Point is a well-regarded landmark community with it's massive unmatched amenity center, idyllic setting, and unique unit features and floorplans. Providing an excellent immediate yield, the property is being offered at a 5.6% T-12 Cap Rate and an achievable 7%+ in year one.

Huge Remaining Upside & Proven Premiums

The property offers significant revenue increase potential through continued unit upgrades and converting 2 bedroom units with dens into sought after 3 bedroom units. There are also several free strategies to raise cash flow including: maintaining strong rent increases on lease-trade (currently achieving 15% organically) and rightsizing bad debt and occupancy.

$5.6M Capital Infusion Completed

The current owner has enhanced the property through a $5.6M capital ex program. Improvements included clubhouse upgrades, elevating and adding amenities, and 366 unit interior renovations. 374 classic/previously renovated units remain, offering the new owner the ability to increase revenue by $1M annually.

High Income & Growth Location

Castle Point is located on the north side of South Bend and adjacent to Granger, the most upscale area in the region with the highest single-family home values in the county and touting 56% of households with incomes over $100,000.

The Strength of South Bend

The diverse economy of South Bend has upward momentum with ample new developments and growth. Prestigious Notre Dame University brings stability & educated talent, and the rental market offers an incredible 14.4% rent growth.

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Castle Point
Offers Due:  Friday, February 24, 2023
740 Units
18011 Cleveland Rd
South Bend, IN  46637
Type: Conventional
Posted: 1/17/2023

New Construction $200K Build-to-rent Homes

Currently under construction, Circle Point Villas is a new, high end rental home community built by an experienced developer. After rollover of the first leases, additional organic rent growth could be achieved.

High Demand for Home Rentals

There is increasing demand for renters who prefer the privacy and larger size of a home, without the burden of homeownership. Peak home prices coupled with the flexibility of renting and desire for suburban living have boosted the demand for BTR communities.

Trending Demographics Support Rental Rates

Circle Point Villas is primed for a high-level resident profile. Average household incomes within five miles are $66K and is expected to increase by 10% over the next four years. Nearly 52% of residents earn over $50K. Spending 30% of a $66K average gross income for housing equates to rents starting at $1,650.

Maintenance Free Rentals with Flexibility

BTR homes attract millennials, baby boomers and prospective home buyers tired of the house hunt with the flexibility to move when they want, and maintenance free living with professional on-site management. Circle Point Villas offer spacious open layouts, direct access garages, green space, patio and front porch, laundry room with W/D and a full appliance package.

Near Significant Employment

Toyota Motor Manufacturing | Indiana (7,296 employees) is less than five miles from Circle Point Villas. The company is adding an additional 1,400 employees by the end of 2023. Additional employers nearby include Duke Energy (1,400 emp), Vuteq Corp. (654 emp), Deaconess Gibson Hospital (350 emp) and Hansen Corp. (233 emp).

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Under Contract
Circle Point Villas
117 Units
Princeton, IN  47670
Type: Build for Rent
Posted: 6/9/2022

NEW CONSTRUCTION - $135K/UNIT

Currently under construction, Cypress Point is the only Class A multifamily property in Washington, IN.

LIMITED COMPETITION

The closest direct competitor to Cypress Point is Baldwin Heights, located 40+ minutes south in Princeton, IN and was built by the same developer.

5-YEAR 100% TAX ABATEMENT

Located within a newly established economic revitalization area, Cypress Point has a 5-year tax abatement in place that ends in the year 2027. This favorable tax abatement will offer the new owner increased cash flow.

I-69 CONNECTIVITY

Located adjacent to the new I-69 North American Super Corridor, Cypress Point benefits from:

- 178,000+ Workforce within a 60 minute drive

- 80% of the US population within a one day drive

- Westgate at Crane Technology Park (30 Minute Drive)

- Naval Surface Warfare Center - Crane Division (30 Min. Drive)

- Toyota Motor Manufacturing - 7,296 Employees (45 Min. Drive)

- Direct commute to Indianapolis and Evansville

- Washington, IN is the county seat of Daviess County

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Under LOI
Cypress Point
144 Units
2005 E. National Highway
Washington, IN  47501
Type: Conventional
Posted: 6/7/2022

808-UNIT PORTFOLIO

Devonshire Gardens (139 units) and Devonshire Place (106 units) must be purchased together. They can also be purchased with Harrison Point (342 units) and Aura (125 units) in Indianapolis, and Tuscany Bay (96 units) in Lawrenceburg for a total portfolio of 808 units, offering instant economies of scale.

WELL MAINTAINED PROPERTIES WITH DESIRABLE FEATURES

The majority of windows and patio doors were replaced from 2012-2015 at both properties. The exteriors are mostly brick and have mature landscaping with a neighborhood feel. Both properties have very desirable, large townhome units.

VALUE-ADD OPPORTUNITY

A total of 100 units have already been upgraded and are achieving premiums of $70-$100+. Upgrading the remaining 145 units, as well as building exteriors would achieve additional revenue. Average rents are also below competing properties.

EXCELLENT LOCATION

Both properties are close together and are walkable to adjacent grocery stores and abundant retail on Green River Road. Deaconness Gateway Hospital and Ascension St. Vincent Evansville Hospital are a short drive. Interstate 69 is just two miles south of the properties.

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Devonshire Gardens & Devonshire Place
Offers Due:  Friday, February 24, 2023
245 Units
815 Erie Avenue
Evansville, IN  47115
Type: Conventional
Posted: 1/13/2023

$88,000 PER UNIT | 6.4% T-1 AND 6.2% T-3 CAP RATE

Harrison Point is in great physical condition and offers immediate cash flow selling at a 6.4% T-1/6.2% T-3 Cap Rate. A capital infusion of $4.6M+ has been completed since 2011. Much of the property infrastructure has been upgraded or replaced and windows were replaced within the last 13 years.

DEMONSTRATED REVENUE GROWTH POTENTIAL

High demand to live at Harrison Point is demonstrated by 30.4% rent growth on most recent 100 leases signed. From September to December 2022, renewal rents have increased 21% and new lease rents have increased by 37.7%, on average.

ABILITY TO RENOVATE AND ACHIEVE PREMIUMS

From 2013-2019, 28 unit interiors were upgraded with new cabinets, appliances, lighting and plumbing fixtures. The current revenue management has pushed rents significantly due to high occupancy and demand. The remaining 314 classic units could be upgraded. A new owner could also continue to operate the property as is and enjoy organic rent growth.

HIGH OCCUPANCY | LOW BAD DEBT AND TURNOVER | STRONG COLLECTIONS

Current occupancy is 97% at Harrison Point with a 97% five year average. Historical and current bad debt are low, and the property has had less than 10 evictions in 2022. Harrison Point enjoys low turnover with the majority of residents having living on site for at least two years.

VIBRANT EASTSIDE SUBMARKET

Located 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 10.6 million SF under construction in the submarket.

808-UNIT PORTFOLIO OFFERING

Harrison Point can be purchased individually, or together with Aura (125 units) in Indianapolis, Tuscany Bay (96 units) in Lawrenceburg, and Devonshire Gardens (139 units) and Devonshire Place (106 units) in Evansville for a total portfolio of 808 units, offering instant economies of scale.

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Harrison Point
Offers Due:  Friday, February 24, 2023
342 Units
9093 Bourbon Street
Indianapolis, IN  46236
Posted: 1/13/2023

Iconic Speedway Location

Speedway, Indiana is best known for the iconic Indianapolis Motor Speedway, which has seen impressive new development in the surrounding area. This location also offers residents top schools, easy access to all the amenities in downtown Indy and on the westside, and abundant employment options.

$7M Capital Infusion

A significant amount of capital has been spent improving the property. Upgrades included 415 fully renovated units and amenity enhancements.

Huge Organic Rent Growth Achieved in 2022

The property boasts impressive organic rent growth with 20% increases on new leases and 10% rent bumps on renewals achieved without upgrades.

Long Term and Reliable Resident Base

Legend at Speedway boasts low bad debt and reliable residents who have a tendency to stay. The average length of tenancy is 36.8 months.

Upside Potential - 5.2% T-3 & 6%+ Cap Rate YR 1

The new owner can increase revenue immediately through burning off remaining loss to lease and achieving mid 90’s occupancy (nearby comps average 96% occupancy) to achieve a 6%+ Cap Rate in year one. 68 Classic Units and 290 Partially Renovated units can be fully upgraded to command a $150+ Premium.

1,401-Unit Portfolio Opportunity

Legend at Speedway can be purchased individually, or together with South & Madison (216 units) and Brickyard Flats (412 units), for a total portfolio of 1,401 units, offering instant economies of scale.

     
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Legend at Speedway
773 Units
2201 Fair Oaks Drive
Indianapolis, IN  46224
Posted: 1/25/2023

5.8% TRAILING CAP RATE + 100% OCCUPIED

Melrose Place is being offered at a high 5.8% trailing cap rate and is currently 100% occupied. The property is well-positioned for increased revenue by raising rents on new leases.

RENOVATED TURN KEY PROPERTY

A new owner can step in and operate the property as is with several improvements completed including all new HVAC units, water heaters, landscaping and balconies. All units have new modern cabinetry, quartz countertops, black appliances, plumbing and light fixtures, LVT flooring, two-tone paint scheme and in unit washer/dryer.

$2B LILLY INVESTMENT BRINGING 500 NEW JOBS

A transformational development is taking place with the largest investment to date in Lebanon. The LEAP Lebanon Innovation and Research District, a planned 7,000+ acre high-tech business park, has acquired its first tenant. Eli Lilly plans to invest $2.1 Billion to build two new manufacturing sites and bring up to 500 new jobs to the city.

GREAT LOCATION IN LEBANON (BOONE COUNTY)

The property is within walking distance to dining and shopping options in downtown Lebanon, and is close to major employers including Subaru, Skjodt-Barrett Foods, Festool (HQ) and Hachette Book Group. Lebanon is the county seat of Boone County—the fastest-growing county, and one of the most affluent, in Indiana.

CONVENIENT ACCESS TO INDIANAPOLIS & LAFAYETTE

Located in central Indiana, Lebanon is convenient to abundant employment and amenities in Indianapolis (±11 miles southeast) and Lafayette (Home of Purdue University, ±33 miles northwest). Both cities are accessible from Interstate 65, just one mile west of Melrose Place.

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Under Contract
Melrose Place
12 Units
316 W. Washington Street
Lebanon, IN  46052
Type: Conventional
Posted: 8/18/2022

FULLY UPGRADED LIVING EXPERIENCE

River West Flats has been infused with $2.4M in capital and is now fully renovated. The renovation included 100% unit upgrades, all new windows, breaker boxes, complete elevator replacement, all new amenities, common spaces and more.

IUPUI DRIVES INNOVATION

IUPUI (1.5 miles away) boasts an enrollment of 27,000+ students. 74% of the students are in-state residents with 92% of students living off campus.

OPPORTUNITY FOR NEW UNITS & AMENITIES

The acquisition of River West Flats offers the opportunity to add new amenities and additional units. New amenities will aid in competing with downtown new construction properties nearby. Additional units could be add as developable parcels included in the sale and are located in an Opportunity Zone.

5.2%+ GOING-IN CAP RATE

River West Flats offers a strong in-place return and immediate cash flow. The opportunity to own close to the urban core with a going-in cap rate of over 5%is increasingly rare.

ADJACENT TO NOTABLE EMPLOYMENT

Located adjacent to a huge concentration of hospitals (Riley, Eskenazi and University IU Heath) and just 1/2 mile southwest of 16 Tech, a 50-acre innovation district, River West Flats offers residents easy access to employment, retail and services.

FAST ACCESS TO DOWNTOWN & AMENITIES

River West Flats location allows quick access to downtown, which offers vast employment, restaurants and entertainment.

*** The adjacent Candlewood Suites Hotel is also available for sale from the same owner ***

Click here for more information

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Under Contract
River West Flats
142 Units
1150 N. White River Parkway W. Drive
Indianapolis, IN  46222
Posted: 2/7/2022

$4.7M+ IN CAPITAL IMPROVEMENTS SINCE 2016

A significant amount of capital has been spent improving the property. Items included converting commercial spaces into 10 residential units, a new building for the office, fitness center and maintenance shop, and lightly upgrading 185 units, among numerous other improvements.

UPSIDE POTENTIAL

Additional improvements could be made to the property, equating to increased rents upon turnover and reduction of loss to lease. Suggestions are to convert the remaining 13 commercial spaces to residential units, and upgrade the remaining 21 "classic" units with modern finishes.

DIVERSE UNIT MIX WITH DESIRABLE FLOOR PLANS

The property offers a floor plan for nearly everyone with studio, one-bed, two-bed and three-bed unit styles, as well as flats and popular townhome options. Nearly 30% of units are spacious townhomes averaging 1,013 SF, and offer a fenced patio and washer/dryer connections.

HIGH TRAFFIC LOCATION ON POPULAR SOUTH SIDE

South & Madison benefits from direct visibility on high-traffic Madison Avenue (18,135 vehicles per day). Residents enjoy extremely convenient access to the University of Indianapolis, downtown Indianapolis and the south side’s best shopping and dining options including the popular Greenwood Park Mall.

1,401-UNIT PORTFOLIO OPPORTUNITY

South & Madison can be purchased individually, or together with Brickyard Flats (412 units) and Legend at Speedway (773 units), for a total portfolio of 1,401 units, offering instant economies of scale.

 

     
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South & Madison
216 Units
1819 Madison Village Dr
Indianapolis, IN  46227
Type: Conventional
Posted: 1/25/2023

2004 Built carmel Property priced at $174K/Unit

The Gallery offers a rare opportuity to acquire a multifamily property in coveted Carmel, Indiana at $174K/unit - below replacement costs.

Huge Benefits of Affluent Carmel

Carmel is located minutes north of Indianapolis and it’s been named one of the “Best Places to Live in America” by Money magazine and Niche.com. The city offers an excellent quality of life with a world-renowned arts scene, local foodie options and hundreds of miles of walking and biking trails.

Excellent Walkable Carmel Location

Located in the heart of Carmel's growth, residents at The Gallery have the luxruy of being within walking distance to Downtown Carmel, the Monon Trail, plentiful resturant options and fitness studios.

Straight forward revenue increase Potential

The property boasts an impressive 13.6% organic rent growth since 2021. With rents well below the surrounding new construction, the property has maintained consistently high occupancy for many years. The Gallery offers the opportunity to burn off $200,000 of annual loss to lease immediately on new leases and renewals.

Full Renovation Completed

The comprehensive renovation included clubhouse upgrades, a new fitness center and 95% of units have received a full upgrade with stainless steel appliances, granite countertops. LVP flooring, bronze fixtures and all new cabinets.

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The Gallery
Offers Due:  Friday, February 10, 2023
92 Units
35 Rosewalk Circle
Carmel, IN  46032
Type: Conventional
Posted: 1/9/2023

1999 Built Property at $130k per Unit

Built in 1999, Tuscany Bay is newer than the majority of the comps, offers larger floorplans, more extensive amenities and W/D hookups in all units. Offered at $130k per Tuscany Bay is well below replacement cost and is located in a high income area with average household income of $95k+ in the one mile radius.

5.8% T-3 Actual Cap Rate & 13.2% Organic Rent Growth

Offering excellent cash flow immediately, Tuscany Bay is offered at a 5.8% T-3 Cap Rate and over a 6.5% Cap Yr 1. On the most recent 20+ leases, the property has achieved a $181/ month average increase in rent. This was achieved organically and not a result of unit upgrades.

Opportunity to Continue Upgrades & Increase Revenue

The current owner has upgraded the clubhouse and renovated 40% of the units. The remaining classic units can be upgraded to achieve additional premiums. A new owner can also provide washer/dryer machines and microwaves to charge a $40 premium and increase the Water/sewer bill back.

Easy Access to Cincinnati & Nearby Major Employers

The location of Tuscany Bay allows for easy access to all that Cincinnati has to offer. With downtown just under 30 min away, residents can access abundant employment, dining, shopping and entertainment options. The property is also conveniently located near major employers.

Purchase Individually or in 808 Unit Portfolio

Tuscany Bay can be purchased with Harrison Point (342 units) & Aura (125 units) in Indianapolis, IN as well as Devonshire Gardens (139 units) & Devonshire Place (106 units) in Evansville, IN, for a total portfolio of 808 units, offering economies of scale. The properties may also be purchased individually.

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Tuscany Bay
Offers Due:  Friday, February 10, 2023
96 Units
100 River Road
Lawrenceburg, IN  47025
Type: Conventional
Posted: 1/16/2023

NEW WALKABLE PRODUCT - 4.7% T-3 CAP RATE

Wesmont is a 2021-built modernistic urban community adjacent to the Monon Trail and connected to downtown. Residents can easily walk to top amenities including Bottleworks District, Mass. Ave. cultural district, coffee shops, restaurants, breweries, distilleries and more. Met with high demand, the property leased up in less than one year and is now 97% occupied and offered at a 4.7% T-3 Cap Rate.

UPSCALE & MODERN WITH UNDER MARKET RENTS

With a resort-style pool, outdoor gathering spaces, indoor lounge, fitness center, pet wash, and adjoining large soccer park/green space, PROVIDER Coffee, Tinker Street, and Hotel Tango Distillery, residents have all they need. Current Market Rates are $210+, on average, below nearby competing properties.

LUXURY UNIT INTERIORS

Unit interiors feel spacious with open concept living, 9’ ceilings and walk-in closets. Luxurious finishes include granite counters, stainless appliances, kitchen island and in-unit washer and dryer.

POPULAR, RAPIDLY EXPANDING NEIGHBORHOOD

The property is situated near expanding and historic northside neighborhoods where homes are affluent and sell for exponentially more than the MSA as a whole. New adjacent amenities include a COhatch coworking center with North High Brewery, and a splash park and playground at the O’Bannon soccer park.

FAVORABLE 10-YEAR TAX ABATEMENT

Wesmont has 10-year tax abatement in place that ends in the year 2030 offering the new owner increased cash flow. 38 Units must be leased to residents earning 60%-80% or less of Area Median Income (19 at 60% and 19 at 80%). Current Market Rents are, on average, $295+ below the Max Allowable Rents.

ATTRACTIVE EXISTING DEBT

Wesmont is being sold subject to the assumption of an attractive existing Freddie Mac loan with a 4.20% interest rate and 62% LTV and 10 years of fixed rate term.

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Under Contract
Wesmont
188 Units
1515 Lewis Street
Indianapolis, IN  46202
Type: Conventional
Posted: 5/2/2022

5.5% CAP RATE + 13% INCREASE ON LEASE TRADEOUT

WestPark is offered at a high 5.5% trailing cap rate and is a well-performing property. With organic rent growth of 13.3% on new leases in Q2 2022, 60% renewal rate year-over-year and historically high occupancy, the property is poised for a robust ROI.

$20K/UNIT RENO COMPLETED ON ALL UNITS

A $20K per unit renovation has been completed on all units. Upgrades included all new soft close modern cabinetry, granite counters, stainless steel appliances, undermount deep basin kitchen sink with spray faucet, LVT plank flooring, all new light fixtures, and two-tone paint scheme.

VIBRANT WEST SIDE EMPLOYMENT

Ideally located on the west side of Indianapolis, WestPark is visible along high-traffic 10th Street just north of the Indianapolis Int'l Airport and adjacent to fast-growing and prosperous Hendricks County. Residents can quickly access abundant major employment including prime logistics facilities and IU Health West Hospital.

POPULAR TOWNHOME LAYOUTS

The townhomes at Westpark are spacious at 1,125-1,380 square feet and feature ample closet space, private entries, washer/dryer connections, separate dining room and a patio or balcony in most units. The three-bed layouts include a bonus room on the first floor.

UPSCALE CLUBHOUSE & ATTRACTIVE AMENITIES

The two-story clubhouse recently underwent a full modern renovation with an upscale design and includes a large fitness center, kitchenette with island, and lounge with fireplace. Just outside the clubhouse is a swimming pool with expansive deck, playground and Amazon hub.

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Under Contract
WestPark Townhomes
200 Units
1225 West Park Way
Indianapolis, IN  46214
Posted: 8/1/2022

THOUGHTFULLY DESIGNED BY RESPECTED DEVELOPER

Still to be built, Wood Preserve is a brand new, high end single family rental home community built by an experienced developer.

THRIVING JOHNSON COUNTY

Johnson County has experienced incredible growth, both in population, jobs/income and amentities.

HIGH INCOME SMALL TOWN LOCATION

Within a one mile radius household incomes average nearly $95,000, with 42% of the population making $100,000 or more. This small town boasts affluent neighborhoods and the small town lifestyle that is increasingly in demand.

BOOMING BUILD-TO-RENT MARKET

Demand for SFR has steadily increased over the last decade as renters increasingly prefer homelike living without the burden of home ownership.

IMPRESSIVE INDY SOUTHSIDE

The south submarket is quite strong with 95.9% occupancy, 13.8% rent growth year-over-year, and an average rent of $1,072 in 2022.

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Wood Preserve BTR
145 Units
Adam Drive
Trafalgar, IN  46181
Type: Build for Rent
Posted: 11/30/2022