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.

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