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.

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