Indianapolis Office

STRONG PERFORMING | <$140K/UNIT | 6.2% T-3 CAP RATE

Lush landscaping, expansive lakes with fountains, extensive amenities and popular unit layouts attract residents to Astoria Park. The physical occupancy has averaged 94%+ over the last few years and delinquency is very low. The asset is offered at less than $140K per unit with a very attractive 6.2% trailing cap rate.

WELL-MAINTAINED: $12M+ SPENT ON IMPROVEMENTS

More than $12 million has been spent improving the property since 2011. Updated items include 20 roof replacements since 2019, a clubhouse relocation with new fitness center, new outdoor amenities, updated unit interiors, painting, gutters and downspouts, signage, and lighting, in addition to numerous other improvements.

PROVEN RENT PREMIUMS & RESIDUAL YIELD

A $181 average rent premium is being achieved on the 168 units upgraded by the current owner. A full upgrade could be completed on the remaining 302 classic units to match the current upgrades, and more community amenities could be added. Additional yield could be obtained with the suggested enhancements.

HIGH TRAFFIC LOCATION ADJACENT TO EAGLE CREEK

Located directly on a major thoroughfare, Astoria Park benefits from its visibility to nearly 45,000 vehicles per day along 38th Street. Immediately west of the property is Eagle Creek Park and Reservoir, a very popular landmark for nature lovers, with more than 1 million visitors annually.

CENTRAL TO SIGNIFICANT EMPLOYMENT

Ideally located on Indy’s west side, Astoria Park is adjacent to fast-growing and high-income Hendricks County, and proximate to significant high-wage employers. Indy’s logistics hub (98M SF of facilities), northwest side and downtown employment corridors can be accessed quickly from the property.

5.2% T-3 CAP RATE + DEMONSTRATED HIGH DEMAND

Legacy Park is offered at an attractive 5.2% T-3 Cap Rate, 5.8% Year One Cap Rate (without renovations) and a 6.2% Post Reno Forecast Cap Rate (including the cost of upgrades). The demand to live here is evidenced by consistently high occupancy—95%+ since 2022, and low bad debt. The average market rent has jumped 29.5% from April '21 to May '23.

PARTIALLY RENOVATED WITH REMAINING UPSIDE

The current owner has added amenities and partially upgraded all units. Enhancing the unit interiors further and adding more amenities could command an average rent premium of $270. With the proposed rent premiums post renovation, rents will still be under The Arbuckle and Union Green (newer, nearby competing properties). The recently implemented mandatory internet fee will also provide $100K in additional annual revenue.

SUBURBAN ASSET WITH SUPERIOR FEATURES

Legacy Park is tucked away on a low density site with lush landscaping, plenty of green space and great curb appeal. Interiors are well-appointed with 9' ceilings, washer/dryer, granite counters, wine rack and ample closet space. Select units have a fireplace, built-in desk and direct access garage. Adding to the current popular amenities and renovating units will only add to the appeal of Legacy Park.

RAPID GROWTH + HIGH RANKED BROWNSBURG

Legacy Park takes advantage of its stellar location with 63% population growth and an average household income of $133K+ (one-mile radius). Brownsburg continually ranks nationally among the best places to live and is among Indiana's fastest-growing, high-end counties (Hendricks). Residents benefit from close proximity to healthcare, logistics and advanced manufacturing employers.

5.4% T-3 CAP RATE + ATTRACTIVE EXISTING DEBT

Park 33 is being offered at $33M/$176K per unit, with a 5.4% T-3 and 6.6% cap rate on year 1 forecast. The exceptional existing assumable loan has very favorable terms including a 3.08% interest rate. There is also potential for a $4.8M supplemental loan.

MINIMAL NEARBY COMPETITION

The closest competing properties for Park 33 are located in Elkhart, IN - 12 miles from Park 33. For the past four years, Park 33 has averaged 98% occupancy. According to a housing study completed for the City of Goshen, 4,500 homes are needed by 2030 just to meet the current demand.

UPSCALE 2018-BUILT ASSET

Park 33 offers features attractive exteriors and curb appeal with irrigation throughout, and attached garages (select units). Units are substantial, averaging 1,178 SF and include stainless steel appliances, full-size washer/dryer, and granite countertops. A turf dog park and patio, and fitness center with Peloton bike/subscription are just a few of the appealing amenities.

AMPLE NEARBY EMPLOYMENT

Conveniently located near north central Indiana’s largest job clusters, Park 33 benefits from excellent access to numerous diverse employers nearby, and throughout Elkhart and St. Joseph County.

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

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.

2009 BUILT LUXURY SUBURBAN PROPERTY

Prairie Lakes is a trophy suburban community with timeless architecture featuring an eye-catching exterior, superior curb appeal, irrigation throughout, and highly attractive unit layouts that are larger than most nearby properties. Its comprehensive amenity set rivals, and is often superior to, nearby competitors.

$320+ PER UNIT RENT PREMIUM POTENTIAL

While only 12 years old, Prairie Lakes still has a modern look and feel. However, a new owner could elevate the unit finishes and add community amenities to increase rental rates and raise revenue.

HIGH DEMAND - 14.5% YOY INCOME GROWTH

Demonstrating the ability to grow rents organically, revenue at Prairie Lakes has increased 14.5% year-over-year. Over the past 12 months, the property achieved a 14.9% increase on new leases and a 6.5% increase on renewals. The property is in high demand with occupancy consistently in the mid 90’s for many years. Rent Growth at Prairie Lakes is bolstered by Indy’s job growth that has far outpaced its regional peers.

THE BEST OF BOTH FISHERS & NOBLESVILLE

Located in Noblesville and across the street from Fishers, both of which are high-end suburbs of Indianapolis, Prairie Lakes offers its residents the best of both cities. Additionally, Indianapolis, Carmel and Westfield are all within a quick drive, providing tremendous amenities, employment, retail and service opportunities to residents.

HIGHEST GROWTH & INCOME COUNTY

Prairie Lakes is located in Hamilton County, boasting 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.

The Cushman & Wakefield Midwest Multifamily Advisory Group is pleased to present the exclusive listing of Fountainhead, a 176-unit, 1972-built apartment community located in the highly sought after far northside.

Acquisition of Fountainhead represents an opportunity for a great basis play with immediate operational upside and renovation potential.

5.9% Trailing Cap Rate & Strong Performance

Woodbridge and Woodland Creek have continued to significantly increase rents. The average increase of new leases over the previous lease is 23% at Woodbridge and 17% at Woodland Creek. Both properties are very well maintained, highly amenitized, and have sustained high occupancy over the past few years averaging mid 90s occupancy since 2021.

Proven Upside Potential

The current owner has renovated 105 “Elite” level units with new cabinets, countertops, appliances, lighting and plumbing fixtures, and some LVP flooring. An additional 224 units received “Premiere” level upgrades consisting of new appliances, lighting and plumbing fixtures, and some LVP flooring. A new owner can continue to renovate the 587 classic units and benefit from an average premium of $270.

Economies of Scale and Diversity of Product

Woodland Creek, built in 1987, has large renovated units with in-unit laundry, while Woodbridge, built in 1981, has mostly classic units with laundry facilities in each building but no connections. Both properties offer a neighborhood feel with mature trees and shared access to various amenities.

Proximity to Amenities and Employment

Woodland Creek and Woodbridge in Kentwood, MI are close to employment, retail, and dining options, including the popular Woodland Mall, less than 2 miles away. Kentwood has a diverse economy with abundant job opportunities and is just 15 minutes from downtown Grand Rapids—the area’s employment hub—with numerous cultural and entertainment options.

The Growth of Grand Rapids

Grand Rapids’ multifamily market is robust with an 7.7% average rent growth in 2022. Over 95% historical occupancy since 2020 is driven by the thriving economy, and job growth. Grand Rapids has a relatively low cost of living, making it an affordable and attractive option for renters. The city has a bustling downtown, many restaurants, shops, and entertainment options, and several museums, art galleries, and music venues, making it a vibrant cultural hub. Numerous lakes and parks in Grand Rapids offer outdoor activities making it ideal for living.

$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.

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.

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.

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.

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.

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.

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 ***

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.

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.