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 Location3Square 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
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.
Bloomington, IN 47404
Purchase Individually or Portfolio
Admiral and Rotherwood can be purchased together as a portfolio creating some economies of scale. They are currently managed as part of a 9 property portfolio called “Indy Flats.” The properties may also be purchased individually.
Great Value-Add Opportunity
The interior unit finishes at both properties are largely classic. A new owner has the opportunity to add modern finishes and raise rents by $300-500 depending on the unit type. Additionally, there is an opportunity complete a historic tax credit or affordable tax credit rehab.
Across from Children’s Museum
The Indianapolis Children’s Museum is the world’s largest children’s museum with more than 1.3 million visitors per year. The Admiral is located directly across the street from the museum. Residents benefit from the museum’s employment and amenities.
IU Health Campus Expansion
IU Health is expanding its campus and will build a new $1.6B Hospital. The new campus is scheduled to open by 2026. The expansion will add many jobs to the near northside of downtown Indianapolis, only a few blocks away from Rotherwood.
Owned by Non-Profit - No Restrictions
Admiral & Rotherwood are currently owned by a local Indianapolis non-profit entity that has kept rents low. The property has been very well cared for and maintained, but minimal unit upgrades and no amenity enhancements have been completed. A new owner can raise rents immediately by bringing them up to market.
Developable Land Above Parking
The Admiral has a 37 space parking garage currently used by residents. A new owner has the opportunity to build additional units above the garage.
Indianapolis, IN 46208
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.
South Bend, IN 46617
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.
Indianapolis, IN 46202
Coldwater Flats can be purchased with:
Hermitage (280 units) More Information
Lawrence Landing (354 units) More Information
Evansville, IN 47714
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.
Lowell, IN 46356
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.
Indianapolis, IN 46268
Lake Castleton, located on the affluent and popular far north side, is one of Indianapolis’ landmark apartment communities. At 1,261 units, Lake Castleton is the city’s second-largest apartment property.
The current owner has spent more than $10M on property upgrades and updates. 731 units have been upgraded with new cabinetry, countertops, appliances, flooring, light fixtures and plumbing fixtures. Washer and dryers have been added to upgraded units. $155 monthly premiums, on average, have been achieved on unit upgrades and the new owner has the opportunity to continue upgrades on the remaining 530 units.For access to confidential documents, please register at: LakeCastleton-CW.com
Indianapolis, IN 46256
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.
Indianapolis, IN 46226
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.
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.
Indianapolis, IN 46226
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.
Indianapolis, IN 46214
Indianapolis, IN 46227
Proven Value Add & Huge Upside
101 units have been completely remodeled with the high-end and luxury finishes. These units achieve premiums of $200-$500. Demand for additional renovated units is high as all renovated units have been absorbed very quickly.
$4.5M+ Spent in Recent Improvements
Over $4.5M of capital has been infused into the property. The renovation includes luxurious upgrades to amenities and common space and 101 units received a high-end upgrade giving the whole property a new updated feel. Previous Owner replaced in 2012.
Booming Downtown Fort Wayne
Located in the heart of downtown, Three Rivers is located just blocks from the city’s most notable landmarks, swanky shops and distinctive dining.
Fort Wayne’s Tremendous Growth
Fort Wayne average rents grew by 9.5% from 2020 to 2021 contributing to the impressive 35% rent growth since 2014. Average occupancy for many years has been over 95% and is trending up.
Luxurious and Unique Amenities
Residents at Three Rivers enjoy newly renovated luxury amenities including a large unique pool, downtown or waterviews, state of the art fitness center, two art galleries and more.
Ft. Wayne, IN 46802
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
Zionsville, IN 46077