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.

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