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.

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