Experts on the Indianpolis Apartment Market

Over 70 years of combined experience in the multihousing brokerage industry

60,000 Units Sold Throughout Indiana and Kentucky

Clients include local, regional and national private equity investors; public pension funds; and public and private REITs.

$2 Billion in Multihousing Sales

And the highest number of apartment transactions by any Indianapolis brokerage firm.

Annually Presents the Indiana Apartment "Industry Outlook"

An event hosted in conjuction with the Indiana Apartment Association.

12.05.2013

SOLD - Bluestone Apartements - Greenfield, IN


Tikijian Associates announces the sale of Bluestone Apartments, a 208-unit luxury apartment community located in Greenfield, Indiana, just east of Indianapolis. Because of its quiet country setting but strategic location near Indianapolis, Greenfield has attracted a number of major employers and is in the center of one of Indiana’s most rapidly growing counties. The community offers large floor plans, upscale interiors, attached and detached garages and a full community amenity package. The property is situated on an attractively landscaped site just a few blocks from Greenfield’s charming downtown square. Completed in 2009, Bluestone is the newest and most upscale apartment community in the Greenfield market.  

Tikijian Associates represented the property’s developer, Indianapolis-based Paragus, in the sale. Since its founding in 1988 by several well-respected veterans of apartment development and commercial construction, Paragus has developed, built and/or managed over twenty apartment communities in Indiana, and has won numerous awards for its multifamily properties. Due to Paragus’ development and management skill, Bluestone was one of only a few apartment communities built in the Indianapolis area during the Great Recession.

The buyer was Lauth Communities, an affiliate of Lauth Group, Inc. Lauth is one of the largest commercial real estate developers in Indianapolis, and currently owns or manages more than two million square feet of retail and office space in central Indiana. The acquisition marked Lauth’s return to multi-family ownership following a nearly twenty year absence as the company focused on commercial development.

The property was offered without an asking price and attracted significant interest from local and national investors.

The sale closed on November 26.

Tikijian Associates is completing another very successful year of multifamily brokerage. The Bluestone transaction was the firm’s seventeenth sale in 2013, totaling more 4,100 units.

11.25.2013

Multifamily Investment Opportunity: Port O' Call Apartements

 Check out this new 604 unit multifamily investment opportunity in Indianapolis! 



Investment Highlights
Consistent High Occupancy - the property has a recent history of high occupancy and current occupancy of 92%.

Extensive Rehab of 120 Units - 120 of 604 units have been rehabbed and are achieving approximately $45 - $50 per month rent premiums over non-rehabbed units.
 

In-fill Location - The property is located in a fully-developed submarket with little land for development of new apartments. 
 

Convenient to Interstates and Employment Centers - Port O’ Call is situated at the interchange of I-465 and Rockville Rd. allowing for easy access to the entire Indianapolis metro area.  The property is located less than a fifteen minute drive from the downtown CBD, the Indianapolis International Airport, and over sixty-five million square feet of office, warehouse and industrial space on the city’s west side.
 

Best in Market Clubhouse - In 2007 Port O’ Call opened a state-of-the-art clubhouse with all of the amenities of a Class A property including both indoor and outdoor pools, fitness center, billiards room, media room and clubroom with fireplace.   
 

Free and Clear - Port O’ Call can be purchased free and clear of any existing debt, allowing the purchaser to take full advantage of leverage.
 

10-Year Ownership - The current owner is the original developer and MOST of the property has in excess of 10 years continual ownership for the pruposes of affordable housing tax credit recapitalization.

Value Add Opportunity
Major Upside Potential Through Unit Upgrades - In 2006, approximately 120 units were significantly renovated as part of a condo conversion strategy. All but twelve of the units have now been re-acquired and are leasing at a significant premium over non-renovated units. The opportunity exists to significantly increase rental income through upgrading additional units.
 

Water / Sewer Billbacks - The community currently does not bill back water and sewer charges to residents.

11.08.2013

Multifamily Investment Opportunity: Inverness Apartments

Here is a new REO multifamily investment opportunity Inverness Apartments. For a full offering memorandum, visit our website.



Investment Highlights

Opportunity to Purchase Well Located REO Property at Attractive Price of only $24,100 per Unit: Inverness Apartments is being offered for sale at a “wholesale” price. Seller is motivated to close a sale quickly. Sales of stabilized properties similar to Inverness sold in 2010 through 2013 averaged over $38,000 per unit.

Ideal Value-Add Opportunity: The acquisition of Inverness Apartments represents the rare opportunity most buyers covet – a property in a stable location which offers the opportunity to significantly increase value through investment in upgrades of common areas and unit interiors.

Current Rental Rates below Market: The current rental rates at Inverness are below those of the competing properties. Completing light interior and exterior renovations will potentially allow for rent increases.

$700k +/- Spent in Recent Capital Improvements:
Almost $700,000 in capital improvements have been completed by the seller since 2012. All windows were replaced in 1997.

Desirable Submarket: Located on Indianapolis’ desirable northwest side, a submarket which has experienced stabilized occupancy over 90% and rent growth in 2013.
Close Proximity to Class A Industrial Park: Inverness is just two miles south of Class A Park 100 Industrial/Distribution Center which contains over 15 million square feet of office, industrial and distribution facilities.

Convenient Location: Two interchanges of Interstate 65 are within two miles of the property. Also, Interstate 465 (Indianapolis’ interstate beltway) is located only two miles away. The downtown CBD and most parts of the city are within twenty minutes of the property via I-465.

11.05.2013

NEW 2013 Multifamily Market Data

Our new Indiana Multifamily market data is now available. To download the market overview, visit our website here.

Another Solid Year for Apartments
A sluggish economy, uncertain future growth, and frustrating political gridlock in Washington have dominated the country’s news but have failed to dampen strong apartment performance. For multifamily owners, the last year has been a period of growth in both rents and occupancies – and sellers have benefitted from continuing strong demand for multifamily assets among real estate investors.

2013 Key Topics and Developments
National Rental Fundamentals - Moderating Growth - After climbing in every quarter since the beginning of 2010, national apartment occupancy remained unchanged as of the end of June 2013 at 95.7% (up from 95.3% as of the same period 2012). Rent has also continued to grow nationally in 2013 (up about 3% from about the same period last year) but at a slower pace than 2012 and only slightly higher than the first quarter of this year. (Reis)

Demand Trend - The Growing Impact of Millennials and the Trend toward Urbanization - A primary driver of apartment demand is the entry of the “Millennials” or “Echo Boomers” into the adult world. This generation (numbering 80 million people - the largest population segment in the country) is reaching adulthood at a time when home buying is not easy. A weak job market, firm credit standards, and large student debt burdens have closed the door to many who might seek home ownership. Equally important, the living preference of a large percentage of this generation differs dramatically from that of their parents, whose American Dream was based on home ownership in a suburban neighborhood. Instead, Millennials seek the freedom from maintenance and flexibility offered by renting, and many prefer a more urbanized living experience offering the convenience and social stimulation of living close to neighbors, work, shopping and many entertainment options. Urbanization is occurring not only in large cities but in growing or revitalized downtown areas of smaller communities (Carmel, Fishers and Westfield) and in attractive unique shopping and entertainment districts outside of the downtowns of larger cities (examples being Broad Ripple and Keystone at the Crossing in Indianapolis). The full impact of Millennials on the rental market will not be realized until an improving economy and job market provide the impetus for the formation of new households to the large number of Echo Boomers still living with parents.   

Booming Development - Because of strong rental fundamentals and attractive sale prices, it is no surprise that apartment construction is flourishing. Multifamily building permits issued nationally in July reflect an annual pace of over 300,000 units, the highest annual number since the recession and well above the 285,000 units completed in 2012 (per US Census). Bank financing for construction is readily available for qualified developers, although lenders are disciplined in new project underwriting and a meaningful amount of owner equity is required. Except for affordable housing developed using tax credits, most new development is Class “A” and much is occurring in areas benefitting from the trend to urbanization. The primary reasons for concentration of development at the high end are (i) the cost of new construction is too high to justify market rate properties that won’t command premium rents; and (ii) the Echo Boomer generation strongly prefers high-end unit finishes and upscale amenities.

Increase in Interest Rates - Based on Ben Bernanke’s statement in May that the Fed would begin tapering its monetary stimulus this fall, interest rates on the 10 year treasury surged from 1.6% to almost 3.0% between May and August of 2013. After reaching a high of 2.98%, the rate now hovers in the 2.7% range. Most believe that the historically low rates enjoyed until May are gone for the foreseeable future. The increase in rates has and will, as would be anticipated, impact the apartment industry in varying ways. In regard to rental fundamentals, increased rates may be helpful in that they will make home mortgages more expensive, keeping more people in the rental pool. For owners of marginal properties facing loan maturities in the next few years, higher rates will make refinancing more difficult. We expect many such owners to be sellers as their loan maturities approach. In regard to current sellers and buyers, the increase in interest rates has impacted buyers more than sellers so far. Because of the existing strong competition among buyers for a limited number of assets, sellers have generally been able to achieve their price expectations and buyers have been willing to shoulder the impact by reducing yield requirements and/or infusing more equity in the transaction and taking advantage of periods of interest only financing.

Other Developments in Financing - An additional major issue in financing is the future of Fannie Mae and Freddie Mac. Although Freddie has recently begun to emphasize the financing of apartments that constitute “working class housing” (a development which would benefit buyers and owners of Class B-/C properties), both Fannie and Freddie are under mandates to pare down multifamily loan originations by 10% from the previous year’s level. More importantly, there is discussion in Congress to end the agencies as we know them and replace them with limited government guaranties of loans originated by private lenders. FHA/HUD will remain a source for many owners, but has reduced attractiveness (i) for financing some older projects through the tightening of underwriting standards and replacement reserves and (ii) for new construction through the large increases in wages required pursuant to Davis-Bacon. To fill the void we see a growing role for CMBS financing for B-/C properties. Life companies will continue to be active in the financing of B and higher grade properties and may take on increased importance in financing new construction of such upscale apartments.
As part of the urbanization trend, more development will occur in locations that require creative financing. Local governments will need to be an important player, financing infrastructure improvements through the creation of TIF districts and issuance of bonds to make such deals economically viable.

Coming CMBS Maturities - Nationally, a huge number of outstanding multifamily loans are set to mature between 2013 and 2018, mostly CMBS loans which dominated apartment financing prior to the recession. In Indiana, there are 211 such loans, with 79 in the greater Indianapolis area. Almost two thirds of these loans originated in 2006 or 2007. Owners who faced loan maturities in the last two years have benefitted mightily from strong apartment fundamentals and the ability to either refinance at low interest rates or dispose of their assets in a favorable selling environment. The sheer number of maturing loans in the next five years, coupled with increased interest rates, will most likely result in an active market for private sales (to avoid default) and/or the return of the REO sale as a more sizeable percentage of future sales transactions, particularly if rates continue to climb.

Major Property Tax Win for Indiana Apartment Owners – Apartment owners welcomed an important change in Indiana property tax law which will result in significant tax savings on most properties. The change relates to the tax rate caps passed in 2008 (and later made part of the state constitution) to prevent huge tax increases property owners received as the state transitioned from an assessment system based on replacement cost to one based on market value. The rate caps were designated as 1% for single family homesteads, 2% for residential rentals (apartments), and 3% for all other real estate. Soon after implementation of the rate caps, many assessors began separating apartment properties into two categories, with value of actual apartment units and the ground under such units classified for assessment purposes as residential property subject to the 2% rate cap, but common areas assessed as non-residential property subject to the higher 3% cap. After several years of lobbying led by the Indiana Apartment Association, the law was amended in 2013 to clearly provide that common areas of apartments are also residential in nature and subject to the lower 2% rate. The law is effective for taxes payable in 2014.

Looking Forward - In the coming twelve months we foresee: (i) risk of further interest rate increases, with the amount of such increases tempered by slow economic growth worldwide; (ii) significant multifamily construction activity due to strong demand, available capital, and good performance of new high-end product; (iii) increasing pressure on rents and occupancy as a result of the delivery of a substantial number of units; and (iv) a steady pipeline of properties offered for sale, with some sales spurred by approaching CMBS loan maturities.

9.26.2013

Arrowwoods Apartments NOW Available!

Check out this new multifamily investment opportunity on Indianapolis' desirable north side! For more information and a full offering memorandum, visit our website.


Investment Hightlights:

REO Sale: Arrowwoods is being offered for sale by its lender. Offers are due November 1st, and the seller is motivated to close a sale quickly.

Strong Current Occupancy: The community is currently 92% occupied.

Current Rental Rates Below Market: The current rental rates at Arrowwoods are below those of the competing properties. Completing light interior and exterior renovations will allow for rent increases.

Recent Capital Improvements: Over $400,000 in capital improvements have been completed by the lender since 2012.

Low Price Per Unit: Arrowwoods is offered at $4,000,000 or just over $26,000 per unit.

Desirable Submarket: Located on Indianapolis’ desirable far north side, one of the city’s strongest rental submarkets.

Convenient Location: Near many major employment centers (including a major hospital campus with 6,500 total employees), abundant shopping and interstate access.

Attractive Brick Exteriors: Building exteriors are primarily brick which are both low maintenance and attractive.

9.11.2013

Indianapolis Westside Opportunity - PRICE REDUCED!


Check out this opportunity to acquire Suncrest Apartments, a stable property at an attractive 9.4% cap rate on achievable forecast NOI. The property has 140 units on Indianapolis' west side, convenient to downtown Indianapolis, interstates and major employment centers. The price is now reduced from $4,800,000 to $4,500,000!

Click here to learn more about Suncrest Apartments.

8.09.2013

Tikijian Associates getting deals done!

We have been very busy here at Tikijian Associates closing deals!

Here are some of our recent (within the last 30 days) successes:

Lakewood Lodge Apartments
Indianapolis, IN
454 Units






Orleans Apartments
Indianapolis, IN
121 Units





 Shady Tree Apartments
Evansville, IN
126 Units






Woodbrook Apartments
Indianapolis, IN
196 Units






Kingstone Square
Indianapolis, IN
523 Units





If you'd like to see more you can check out our Sold page.

7.11.2013

Arbor Manor NOW Available - Mooresville, IN

 Check out this new high cap rate opportunity in Mooresville, Indiana: Arbor Manor Apartments


Investment Highlights

High Cap Rate on Actual NOI: Rental revenue at the property has been trending upward. The offering price represents a 9.9% cap rate on forecast and an 8.8% on owner’s T-12 NOI.

Significant Recent Capital Improvements: The owner has made significant capital improvements to
Arbor Manor. Major projects include all new roofs (with dimensional shingles) and new gutters in 2011-2012, parking lot resurfacing in 2009, new windows and patio doors in 2008, a new drainage system for the site in 2009 and a full basketball court in 2009.

Potential Revenue Increases Through Additional Fees: The community has policies for Application Fees, Late Charges, Pet Fees but does not always enforce them.

Convenient Mooresville Location: The property is within twenty minutes of Indianapolis International Airport, twenty-five minutes of Downtown Indianapolis and forty minutes of Bloomington (home of Indiana University).

In Area of Projected Continued Growth: The population of Mooresville has doubled in the last twenty
years and growth is predicted to continue well into the future. Over 50% of the total population growth in Indiana over the next thirty years is projected to occur in counties surrounding Indianapolis.

6.14.2013

Great News For Apartment Owners!

Great News For Apartment Owners – 2% Rate Cap for All Apartment Common Areas Will Apply to 2014 Tax Bills!

The DLGF announced today (June 14, 2013) that, effective for taxes payable in 2014, common areas of residential properties will become subject to the 2% rate cap as opposed to the higher 3% rate cap applied to other non-residential real estate and personal property.

The Indiana Apartment Association should be heartily congratulated for their outstanding lobbying efforts in making this happen.

History - Beginning with the implementation of real estate tax rate caps, homestead residential property has generally been limited to a 1% tax rate, “other residential” property and agricultural land have been subject to a maximum tax rate of 2% and three and other real estate and personal property has been subject to a 3% rate cap.
Since that time, most assessors and the Department of Local Government Finance have interpreted the word “residential” to mean only the buildings containing residential units and the land under those buildings. Therefore common areas of apartments have not been deemed residential and have been separately assessed as property subject to the higher 3% rate cap.
The most recent legislature’s passage of House Enrolled Act 1545 (signed into law on May 11) defined common areas of residential properties in such a way as to clarify that they are subject to the 2% rate caps. However, the law’s effective date was somewhat unclear. With today’s memo, the DLGF has made clear that the law will apply to the 2013 pay 2014 real estate tax cycle.

Congratulations to Apartment Owners!

5.31.2013

Orchard Apartments are NOW Available!

Check out this new repositioning opportunity on Indianapolis' northeast side: Orchard Apartments


Investment Highlights:

Popular North Side Location: The community is located on Indianapolis’ popular north side. Occupancy in the immediate northeast side submarket has been above 93% for the last three years.

Priced Well below Recent Sales of Comparable Properties in Same Neighborhood:
At the asking price of $30,400 per unit, Orchard is offered at significantly less than the recent actual sale prices of three properties located within one mile of Orchard.

Exceptionally Convenient Access to Multiple Interstates: The property is located less than one mile southeast of the 56th Street interchange with Interstate-465 (Indianapolis’ interstate beltway). From I-465, four interstates are accessible within a five to ten minute drive.

Near Many Shopping and Employment Centers: Much of the city’s finest shopping and dining is within five minutes of Orchard, including two major Simon malls with high end retailers like Nordstrom’s, Sak’s and Crate and Barrel. In addition, several major employers and business parks are within three miles of the property. The downtown CBD is just a fifteen minute drive using I-465 and I-70.

Improving Occupancy - Currently Leased to 98%: Occupancy has trended up over the last five months. Current leased occupancy is now 98%.

Potential to Add Value through Rental Increases and Water/Sewer Bill-backs:   The current owner recently implemented a revenue management program offering the potential to increase revenue through the continuation of rental increases. In addition, the potential exists to add income through implementation of bill-backs of water and sewer expense.

Repositioning Opportunity: Modest unit upgrades on turns (such as new appliances, brushed nickel light and plumbing fixtures, new cabinet hardware, and simulated wood flooring) should result in stabilized high occupancy and increased rent at Orchard.

Attractive Property with Full Amenity Package: Orchard is well landscaped and includes four spring-fed lakes. Property amenities include a community center/office, swimming pool, fitness center, business center, tennis courts, on-site laundry facilities, extra storage and available covered parking.

5.28.2013

New Luxury Apartment Community Available - Suburban Indianapolis

Bluestone Apartments in Greenfield, Indiana is NOW available on our website



Bluestone Apartments is a new 208-unit Class “A” luxury apartment community situated on more than twenty-one acres in the city of Greenfield, Indiana, just east of Indianapolis. Construction of Bluestone was completed in 2009 and the community now has occupancy near 100%.

Bluestone is the newest market rate apartment community in Greenfield and, simply stated, is clearly the “Best in Market”.

The community offers a full amenity package befitting its status as a first class community. The impressive and well-decorated clubhouse includes a state-of-the-art fitness center, cyber café with Wi-Fi, a business center, a theater/Wii lounge with big screen television, and a well-appointed community room with fireplace for resident special occasions. Other community amenities include a swimming pool with sundeck, a gated pet park and two scenic lakes with fountains. Many units offer water views. The property has been professionally landscaped and has excellent curb appeal.
The community has thirteen distinct unit types (sixteen when garage options are included), providing choices to virtually any discriminating resident. One bedroom units (in five floor plans) range in size from 779 square feet to as much as 1,117 square feet, including a den. Two bedroom / two bath flats (in seven floor plans) run from 970 to 1,183 square feet. The community offers two bedroom townhomes at 1,105 square feet and three bedroom townhomes at 1,389 square feet, with or without attached garages. All townhomes have two and one-half baths. Every unit has a private entry, gourmet kitchen, washer/dryer hookups, nine-foot ceilings and private patios or balconies. Other unit amenities vary by floor plan and include kitchen pantries, walk-in closets and private storage closets. Select units have attached, direct access garages. Residents of units which do not include direct access garages may rent either attached or detached garages.

The Property: Best New Apartment in its Market
  • High Quality Construction 
  • Best in Market Floor Plans and Unit Interiors
  • Outstanding Community Amenities
  • Professionally Landscaped with Many Flowering Trees
  • Very High Occupancy at Market Rents

The Location: High-End Professional Employment within 3 miles: Covance, Elanco, Keihen & More
  • In Growing Greenfield - Population Has Increased by 42% since 2000
  • Hancock County was Indiana’s Third Fastest Growing County Between 2000 and 2010
  • Projected Population Growth of over 30% between now and 2030
  • Greenfield Planning Downtown Revitalization
  • Convenient Location Within Greenfield
The Market: Economically Strong and Culturally Vibrant Indianapolis
  • Twenty-five Minutes from Indianapolis Downtown
  • America’s 12th Largest City
  • One of the Midwest’s Strongest Economies
  • Exceptional Cultural and Entertainment Attractions

5.06.2013

Knobs Pointe NOW Available

Learn more about this multifamily and retail opportunity in a strong suburb of Louisville, KY - here



  • Major Rehab in 2011 / 2012: The current owner has expended over $3.4 Million for capital improvements in an extensive rehab of the community. Significant projects include installation of a brand new pool and sundeck, major electrical upgrades, balcony replacements, asphalt resurfacing, replacement of four roofs, and renovation of approximately fifty down units.
  • Outstanding Opportunities to Add Value: Residential rents have been increased several times as property improvements have been completed. Additional value can be created through continuing to upgrade unit interiors. In addition, over 12,000 square feet of commercial space is still available for lease. The seller only recently began seriously marketing of this space, having previously focused on the rehab.
  • In Strong Apartment Market: New Albany, Indiana is located directly across the Ohio River from the city of Louisville. Greater Louisville is a strong apartment market in terms of both rents and occupancies.
  • Increasing Occupancy: Occupancy has steadily climbed since the seller’s acquisition and has averaged 91.3% for the trailing three months through March 2013.
  • Convenient to Downtown Louisville and the Ohio Riverfront: Vibrant downtown Louisville and its many shopping, dining and entertainment options and employment centers are just a fifteen minute drive from the property.

5.01.2013

Indiana Apartment Portfolio - 698 Units NOW Available


Take advantage of this rare opportunity to acquire four properties totaling 698 units located throughout Indiana. The properties may be purchased separately or as a portfolio. Each property has unique strengths and opportunities for additional value creation. All four of the properties are well located in robust rental markets. Offered free and clear of existing debt.

Offer Deadline is June 7, 2013.

Properties:
Avery Park: 176 Units in Kokomo, IN
Beech Grove: 182 Units in Jeffersonville, IN
Creek Bay: 208 Units in Indianapolis, IN
Regency Park: 132 Units in Mishawaka, IN

4.24.2013

Greystone Village NOW Available

Learn more about this multifamily investment opportunity on Indianapolis' northwest side here.

Investment Highlights

Low Price Per Unit: Greystone is offered at $4,175,000 or just $16,835 per unit.
 

Convenient High-Traffic Location: The community has high visibility from both West 34th Street and Moller Road. Shopping options are convenient and plentiful, situated along Lafayette Road to the east, 38th Street to the north and Crawfordsville Road to the south. Interchanges with Interstate-465/74 and Interstate-65 are within two miles of the community.
 

Near Employment Centers: The property is within a few minutes of the downtown Indianapolis CBD, Indiana University-Purdue University Indianapolis, the Indianapolis International Airport, the Indianapolis Motor Speedway as well as many retail, healthcare and industrial employers.
 

In Area to Benefit from Redevelopment: Greystone Village is just two blocks from a new, state-of-the-art 70,000 square foot health center now under construction. In addition, just four blocks to the south is the town of Speedway, home of the world famous Indianapolis 500 and Brickyard 400 auto races. Speedway has undertaken its own revitalization plan to take advantage of its racing heritage. This initiative has already attracted numerous new businesses to the area and will increase jobs on the entire Westside, including the neighborhood surrounding Greystone.
 

Opportunity to Achieve Higher Profitability Through Property Upgrades: The seller has recently begun modest unit upgrades on turns, such as contrasting trim paint and upgraded carpets. A continuation of this program should increase both occupancy and effective rents.
 

Attractive Exteriors with Mostly Brick: Low maintenance, mostly masonry exteriors enhance the property’s appearance.
  

4.17.2013

Looking for a Summer Intern

Calling all Students! We are looking for an awesome summer intern in the Indy area to help us with our market research. Here's the official description: 

Summer Internship Position The intern’s responsibilities include conducting an annual marketing study of the Indiana Apartment Market, maintaining company records in a database, and assisting the Brokerage Team by researching various projects. The intern must possess strong organization skills, basic computer competencies, and an outgoing and enthusiastic personality. Over 50% of the internship includes conducting phone surveys, so the candidates should be comfortable with phone-work. The internship is located in the Keystone at the Crossing area on the north side of Indianapolis, and is a paid position. 

Contact:         
Kimberly Fetzer
kfetzer@TAmultihousing.com 
www.TAmultihousing.com

3.29.2013

Woodbrook Apartments NOW Available


Learn more about this multifamily investment opportunity on Indianapolis' west side here

Investment Highlights

Opportunity to Acquire Stable Property at Attractive 9.3% Cap Rate on Achievable Forecast NOI: Rental revenue at the property has been trending upward. The offering price represents a 9.3% cap rate on projected NOI and a 7.5% cap rate using trailing 6 months revenue annualized and T-12 months actual expenses.

Potential to Increase Rental Rates with Interior Unit Upgrades/Updates: The completion of light interior unit updates (new counter tops, cabinet painting/hardware, new light fixtures and plumbing fixtures, etc.) offers the potential to increase the current market rental rates.

Desirable Submarket: Located on Indianapolis’ desirable northwest side, a submarket which has experienced both occupancy and rent growth in 2012.

High Visibility Location: Woodbrook is located directly on Georgetown Road a main north/south thoroughfare on the city’s westside with an average daily traffic count of over 22,000.

Convenient Location:
Two interchanges with Interstate 65 are within 2 miles of the property. Also Interstate 465 (Indianapolis’ interstate beltway) is located only 2 miles away. The downtown CBD and most parts of the city are within 20 minutes of the property via I-465.

3.14.2013

Shady Tree is NOW Available!


Shady Tree Apartments

Investment Highlights:

Foreclosed Property Offered for Quick Sale by Lender: Offers are due on April 26, 2013 and the lender is motivated to complete a quick sale.

Low Price Per Unit: Shady Tree is offered at $2,400,000 or just $19,048 per unit.

High Cap Rate on Readily Achievable Forecast NOI: Assuming only 90% occupancy, the asking price represents an 9.0% cap rate on forecast net operating income. Current occupancy is 74%

Great Opportunity to Add Value: Shady Tree offers an investor the opportunity to create additional value through modest unit upgrades, landscape enhancements, and the institution of a bill-back program for water and sewer utilities.

Located in a Strong Rental Market: Evansville has a healthy economy and an average market occupancy of 93%.

Convenient to Shopping, Employment Centers and Colleges: The area’s primary shopping district
and Ivy Tech Community College (2,400 students) are less than a mile from Shady Tree. The north side location is also attractive to workers at multiple manufacturing facilities.

Quiet, Country-like Atmosphere:
A picturesque creek runs through Shady Tree’s wooded site and the property is bordered by trees on three sides.

Attractive Exterior with Mostly Brick: Low maintenance, mostly masonry exteriors enhance the property’s appearance.

3.08.2013

Updated Indiana Apartment Market Data

We have updated our Market information through 2012 year end (visit our Market page to download the PDF). As your source for accurate Indiana Apartment market data, we want to keep our information as up-to-date as possible.

The past year proved to be another successful year for multifamily, with virtually all major markets in Indiana experiencing significant gains in occupancy and rent. 2012 was an active year for apartment sales, with a nearly equal mix of distressed and stable properties selling in the last twelve months.

We anticipate solid apartment fundamentals continuing in 2013. We should also see strong pricing for apartment sellers in the coming year, driven by low interest rates, the excellent rental fundamentals mentioned above, and large amounts of investor capital actively seeking the comparatively high yields offered by multifamily investment.

3.04.2013

Suncrest Apartments Bid Deadline, FRIDAY! 3/8/2013


Don't forget to check out this exciting multifamily opportunity on the west side of Indianapolis, IN - Suncrest Apartments!

Investment highlights include:
  • One of Newest Properties in Stable Submarket: Completed in 1986, Suncrest is one of the last properties built inside the west leg of Indianapolis’ interstate beltway. The area is now fully-developed, providing a barrier to additional apartment construction. The west side rental submarket is healthy, with occupancy averaging about 91% and rents increasing in 2012.
  • Exceptionally Convenient to Downtown CBD, Interstates and Major Employment Centers: The property’s location very near Interstates I-465, I-65, I-70 and I-74 is ideal for residents working downtown or at the many employment centers near the property. The downtown CBD and Indiana University–Purdue University Indianapolis (29,000 students) are both less than ten minutes to the east. The Indianapolis International Airport is less than ten minutes to the west. Over 65 million square feet of industrial / distribution / office space lies within 15 minutes of the property (near the airport and along the four interstates).
  • Opportunity to Acquire Stable Property at Attractive 8.8% Cap Rate on Achievable Forecast  NOI: Occupancy at the property has been above 90% for each of the last five months and has averaged 94.3% for the trailing three months through December. The offering price represents an 8.8% cap rate on projected NOI.
  • Excellent Community Amenities and Unit Features: Community amenities include a playground, a large clubhouse with leasing office, community room, fireplace, kitchen, and a heated indoor swimming pool, and available covered parking. Units feature spacious floor plans, private patios or balconies, large closets and a full kitchen amenity package. 77% of units include washer/dryer hookups and machines, and the balance are serviced through coin-op locations throughout the facility.
  • Quiet Atmosphere: In spite of its proximity to the Interstate, Suncrest has a quiet neighborhood atmosphere, surrounded on two sides by residential development and buffered on the west by I-465 and south by Washington Street.

2.11.2013

Tikijian Associates arranges sale of 192-unit multi-family property near Purdue University


Our recent sale of River Walk in Lafayette, IN was featured last week on REJournals.com.

You can read the article here, OR learn more about the Lafayette apartment market here.

2.04.2013

Suncrest Apartments is NOW available!


140 Units
 Indianapolis, IN

Stop by our website today, and check out this great new available property! Click here for more information

The investment highlights include:

One of Newest Properties in Stable Submarket: Completed in 1986, Suncrest is one of the last properties built inside the west leg of Indianapolis’ interstate beltway. The area is now fully-developed, providing a barrier to additional apartment construction. The west side rental submarket is healthy, with occupancy averaging about 91% and rents increasing in 2012.

Exceptionally Convenient to Downtown CBD, Interstates and Major Employment Centers: The property’s location very near Interstates I-465, I-65, I-70 and I-74 is ideal for residents working  downtown or at the many employment centers near the property. The downtown CBD and Indiana University–Purdue University Indianapolis (29,000 students) are both less than ten minutes to the east. The Indianapolis International Airport is less than ten minutes to the west. Over 65 million square feet of industrial / distribution / office space lies within 15 minutes of the property (near the airport and along the four interstates).

Opportunity to Acquire Stable Property at Attractive 8.8% Cap Rate on Achievable Forecast NOI: Occupancy at the property has been above 90% for each of the last five months and has averaged 94.3% for the trailing three months through December. The offering price represents an 8.8% cap rate on projected NOI.

Attractive, Well Maintained Buildings and Grounds: Buildings are primarily of attractive brick and wood composite siding. The 12.487 acre site includes a scenic pond and mature landscaping. The community has been well maintained by its current owner.

Excellent Community Amenities and Unit Features: Community amenities include a playground, a large clubhouse with leasing office, community room, fireplace, kitchen, and a heated indoor swimming pool, and available covered parking. Units feature spacious floor plans, private patios or balconies, large closets and a full kitchen amenity package. 77% of units include washer/dryer hookups and machines, and the balance are serviced through coin-op locations throughout the facility.

Quiet Atmosphere: In spite of its proximity to the Interstate, Suncrest has a quiet neighborhood atmosphere, surrounded on two sides by residential development and buffered on the west by I-465 and south by Washington Street.

1.24.2013

In the News: Tikijian Associates sells 250-unit apartment community in Indiana



Our recent sale of Abbey Court in Evansville, IN was featured today on REJournals.com.

You can read the article here, OR learn more about the Evansville apartment market here.

1.17.2013

Wall Street Sees Promise in Multifamily Loans


Here's an interesting article posted last month by the Wall Street Journal about multifamily financing.  

“Multifamily loans lead the pack in terms of how aggressive the lenders will get” within commercial real estate, said Christopher Haynes, president of Broadacre Financial, which advises commercial real-estate borrowers.