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.

12.04.2014

Multifamily Investment Opportunity: The Bristol

Here is a new opportunity to invest in the Indianapolis Market. For more information, or to download a full offering memorandum visit our website HERE.


The Bristol Investment Highlights

Rare Class A Offering: The Bristol is a 211-unit Class A luxury apartment community completed in 2004. Historically, opportunities to acquire Class A properties are rare in the Indianapolis market.

Favorable Low Interest Rate Assumable Financing: The Bristol acquisition is especially attractive because of the in-place Fannie Mae, low 3.84% interest rate financing to be assumed by the buyer at closing. The current loan is not due until December 2022.

Offers an Attractive and Very Popular Mix of (a) Condominium Style Units with Attached Garages and (b) Garden Style Units with Private Entries and Screened-in Patios/Balconies: The Bristol offers its resident several desirable unit floor plans. Fifty-one condominium style units that offer one and two car attached garages and a “home-like” feel. These condo units are extremely popular and have a low turnover rate. The other one hundred sixty units are garden style with private entries and large screened in patios or balconies. All units offer full size washer/dryer connections, walk-in closets, nine-foot or vaulted ceilings. Many of the units overlook picturesque ponds with fountains.

Low Risk Value-Add Opportunity to Increase Revenue through Modest Interior Unit and/or Clubhouse Upgrades:
While The Bristol is only ten years old and operates with stabilized strong occupancy, a modest upgrade of interior unit finishes will serve to both enhance the renter profile and allow the property to achieve the higher rents commanded by newer construction. The current owner has demonstrated this potential by installing upgraded flooring in some units and increasing rental rates for such units by $75 per month. Opportunities for upgrades include installation of black appliances, new cabinet hardware and faux wood plank flooring in the kitchen, baths and entries.  A modest “face lift” of the leasing center/ club house would also help portray an updated property image.

Stable and Improving Rental Revenue with High Current Occupancy: Trailing 6-month annualized rental revenue increased by 2.9% over Trailing-12 month rental revenue. Demand for rental units at The Bristol has been very strong and current occupancy stands at 94%.

The Bristol Offers  a Comprehensive Amenities Package: Residents of the property enjoy access to the upscale clubhouse offering a business center, billiards area, large fitness facility, tanning and beautiful pool overlooking a pond with fountain.

Additional Nine Acres Included - Planned, Permitted and Ready-to-Build 112 More Units:
Land adjacent to The Bristol has already been planned and permitted for an additional 112 units. The new owner will have the opportunity to develop and build this “Phase II” in a very cost effective manner because the amenities have already been constructed, streets leading to Phase II are in place, and public utilities are at the site.

Located on Growing Southwest Side of Indianapolis near Indianapolis International Airport and Major Employment Centers: The property is conveniently located only three miles from Ameri-Plex, a growing class A industrial park with over 6,000,000 square feet of rentable space. Current major employers at Ameri-Plex include PepsiCo, FedEx, Indiana Department of Revenue, Allison Transmission and more.

Upscale Retail and Dining Available at Nearby at Metropolis Outdoor Shopping Mall: Just minutes from The Bristol, residents can enjoy shopping, dining and entertainment at Metropolis, an outdoor mall offering over twenty retail stores, five dining options and a Carmike Cinemas movie theater.

Expected Price is Well below Replacement Cost: Both land and construction costs have increased dramatically recently. The expected acquisition price of The Bristol will be significantly below the cost of developing a comparable new property from the ground up.

12.03.2014

Multifamily Investment Opportunity: Castle Point



Castle Point Investment Highlights

Distinctive and Well Performing South Bend Property Offered Free and Clear:
Castle Point is a unique 740-unit multifamily property in South Bend, Indiana. The property is offered free and clear of existing debt and ideally poised for new permanent financing with high current occupancy and long term stabilized operations.

Less than Two Miles from Prestigious Notre Dame University - Opportunity to Increase Student Population:
The northern edge of Notre Dame University’s campus is just 1.8 miles south of Castle Point. With just over 12,000 students, the close proximity to the university offers the new owner the option of targeting student renters.

Long Term Stabilized and Current High Occupancy and Many Long Term Employees: Historical occupancy since 2011 and Trailing 12 occupancy has averaged over 90%.  Occupancy and performance has been bolstered by low employee turnover, resulting in a staff with years of experience at the property.

Numerous “Low Hanging Fruit” Value-Add Opportunities to Increase Revenue: 
Great opportunity to renovate unit interiors to achieve rental increases;
  •     Implement water/sewer/trash bill backs to increase annual revenue by over $200K;
  •     Add washer/dryer hook-ups in units to command higher rents (the current laundry equipment is owned by the property and no laundry contract exists);
  •     Add pet centered amenities to drive pet fee income (the property only recently began accepting dogs – in August of 2014).
  •     Update interior hallways to benefit leasing efforts;
  •     Add additional amenities such as Wi-Fi and a business center in the leasing office.

Large One and Two Bedroom Floor Plans Offer Unique Features such as Two Story Lofts and Turret Style Bedrooms:
Castle Point units average over 930 square feet. All units have large, open kitchens with architectural beams on the ceiling. 171 two bedrooms units have vaulted ceilings and an additional loft area accessed via a spiral staircase. 54 one bedroom units offer a turret style bedroom (rounded walls) which is very popular with residents.

Brand New Roofs and Carports: The owner is in the process of replacing all roofs and rebuilding all carports, saving a new owner over one million dollars in future capex costs.

Well-Located Landmark Property Boasting Positive Reputation: Castle Point is located on the northern edge of South Bend, near affluent Mishawaka and Granger, both of which are seen as upscale communities. The property is a well-regarded apartment landmark in the area.

Huge Clubhouse and Amenities Package is Well Utilized by Current Residents: The clubhouse offers an extensive array of amenities, including a large pool, updated fitness center overlooking the pool, sauna, yoga/aerobics room,  racquetball courts, indoor miniature golf, indoor and outdoor basketball courts, indoor tennis court, rec room with foosball, air hockey and ping pong tables, and large club room with kitchen.

Idyllic Setting Located on over 50 Acres of Rolling Topography with Many Mature Trees and Impressive Stone Walls: Castle Point offers its residents a park-like setting with hundreds of  large trees, rolling hills and plenty of green space. Stone retaining walls throughout the property compliment the stone found on the exterior of the buildings. The property offers a quiet resident feel, while being near major thoroughfares, retail centers, schools and churches.

12.02.2014

Multifamily Investment Opportunity: Regency Park

Here is a new opportunity to invest in Indianapolis. For more information, or to download a full offering memorandum visit our website HERE.

Regency Park Investment Highlights

High Cap Rate on Current Actual Net Operating Income (NOI): The offering price of $14,500,000 represents an 8.0% cap rate on 2013 actual NOI and an 8.4% cap rate on 2015 forecast NOI.

Favorable Assumable Financing at Approximately 74% LTV: The current loan on Regency Park is a conduit loan with a 4.598% interest rate, 30-year amortization, and maturity date of July 15, 2023. The established annual replacement reserve is just $341 per unit. The current principal balance of approximately $10,700,000 at closing would provide a loan-to-value ratio of approximately 74% based on a $14,500,000 purchase price.

Excellent South Side Location: Regency Park is located on Indianapolis’ suburban south side, a strong rental market with average occupancy over 92%. The south side experienced an average rent increase of 2.4% between 2013 and 2014.

High Visibility Location at Intersection of Two Busy Thoroughfares: The property is located on the northeast corner of two high-traffic streets, Indiana State Road 135 and Epler Avenue. Average daily traffic count along State Road 135 near the property is estimated at more than 24,000 vehicles per day.

Strong Upside Potential through Unit Upgrades: The property’s current rental rates allow for rent growth to be achieved through unit upgrades. Competing properties nearby command higher rent by offering units with recent interior updates.

Almost $3M Spent in Recent Capital Improvements: Regency Park has benefitted from a great deal of capital improvement completed between 2008 and 2011. Improvements have included: extensive asphalt repair and replacement, concrete repair, new signage, interior hallway updates in all thirty-six halls, replacement of all mansard roofs and seven townhouse roofs, 72 balconies rebuilt and 55 balconies repaired, and major pool renovations. In addition, a majority of the units received new flooring, light fixtures, cabinet and door hardware and plumbing fixtures and a significant number received one or more new appliances.

High Occupancy History: Trailing twelve month occupancy through September 2014 was 93.0%.

Convenient to Interstates, Shopping and Employment Centers: The property is only one mile from access to Interstate 465 (Indianapolis’ interstate beltway), making travel to virtually any part of the city exceptionally convenient. Both the downtown CBD and the Indianapolis International Airport are within fifteen minutes. The community is in a residential setting but exceptionally convenient to the south side’s widest selection of shopping and dining destinations, including recently renovated Greenwood Park Mall, Indiana’s second largest mall, which lies just five miles to the property’s south.

10.31.2014

Multifamily Investment Opportunity: The 800 in DOWNTOWN Louisville

Here is a new opportunity to invest in the Downtown Louisville Market. For more information, or to download a full offering memorandum visit our website HERE.


The 800 Investment Highlights

Truly Outstanding Value-Add Opportunity to Purchase a High Rise Property in a Class A Location  in Downtown Louisville: The 800 represents the rare opportunity most buyers covet – a property in an outstanding, Class A location which offers the  buyer an opportunity to significantly increase value through investment in upgrades of common areas and unit interiors.
 

Large Units and Attractive Floor Plan Mix - Many With  Incredible Views of Downtown Louisville: Residential units at The 800 average just over 900 square feet. Units range in size from 760 square feet One Bedroom units to 2,100 square feet Four Bedroom units. All but 10 units offer spacious balconies and many of the units have outstanding views of the Louisville skyline. The property offers a total of 150 One Bedroom/One Bath Units, 68 Two Bedroom/Two Bath Units, 24 Three Bedroom/Two Bath Units and 4 Four Bedroom/Two Bath Units.

In Vibrant Apartment Market:
Louisville is a strong apartment market in terms of both rents and occupancies. Downtown Louisville has an average occupancy of 94% with rents averaging over $1.00 per foot. Newer or substantially renovated apartment properties in the downtown Louisville market command rental rates as high as $1.60 per foot.

Excellent Opportunity to Attract Students:
Located Less than 2 Miles North of University of Louisville Campus:  Total enrollment at UL is over 22,000 students. Nearby student oriented apartment communities currently lease for between $1.40 and $2.00 per foot. Current management has not targeted the student market. The property’s three and four bedroom units are ideal for student rental. By providing upgraded units  and enhanced amenity package, The 800 would be a very competitive and compelling student (or partially student) property.

Current Rental Rates are Well Below Competing Properties:
Average current lease rents are $.85 per foot while the competing properties average over $1.25 per foot up to $1.60 per foot. The acquisition of The 800 offers the choice of completing either a modest property update to achieve moderatly higher rental rates or complete a very substantial upgrade to  achieve significantly higher rental rates of over $1.40 per foot.

Unused First Floor Space Offers Ideal Locations for Resident Amenities and Leasing Center:
There are two large, currently vacant, previously commercial, spaces on the first floor. These would be ideal for conversion into amenities for residents such as an expanded fitness center, updated leasing center, etc.

Significant Improvements to Major Mechanical Systems Already Completed  by Current Owner:
In the past 10 years the owner has upgraded much of the mechanical systems to improve efficiency, reduce utility expenses and reduce repairs. In 2007, new A/C units were installed in every unit eliminating the central chiller system. A new gas boiler heating system and new gas hot water heaters were installed in 2004,  greatly improving the efficiency of these systems. Elevator replacement, common hallway upgrades and the addition of an interior sprinkler system have also been completed.

Ideal Location only 3 blocks from Fourth Street Live (Louisville’s Premiere Entertainment District) and Near Numerous Other Attractions Including Waterfront Park & KFC Yum! Center:
Fourth Street Live is a 350,000-square-foot entertainment and retail complex located on 4th Street just a short walk from The 800. Waterfront Park (a 72 acre riverside park), KFC Yum! Center, Main Street and  Slugger Field are all located less than 2 miles from The 800.

8.19.2014

Multifamily Investment Opportunities in Evansville: Eco Square & Terra Trace

Here is a new opportunity to invest in Evansville, Indiana. For more information or to download a full offering memorandum visit our website HERE



Eco Square & Terra Trace Investment Highlights 

Opportunity to Increase NOI through Continuing Unit Upgrades: Additional value can be created through continuing upgrades of unit interiors at both properties. At Eco Square, 54 units have been upgraded and rent at $50 per month more than “classic” units. In addition, revenue can be added through the implementation of resident billbacks for cable television (the property currently buys cable in bulk and includes the service in rent). At Terra Trace, 8 units have been upgraded with newly stained kitchen cabinets, new cabinet hardware, counters, plumbing fixtures, lighting fixtures and bathroom vanities. Upgraded units rent at a $35-$65/month premium over “classic” units.

Strong Rental Market: Evansville is Indiana’s third largest city and the economic and cultural hub of Southern Indiana and Northwest Kentucky. Apartment occupancy was 93.3% in 2013.

Convenient Location near Employment Centers, Downtown CBD, Shopping and Three Universities: The location near the interchange of two of the city’s primary commercial corridors, (Lloyd’s Expressway and Green River Road for Eco Square and Morgan Avenue/SR 62 and Green River Rd for Terra Trace), makes travel easy to the downtown CBD, the University of Evansville and many of the city’s major shopping and employment centers.

Near Transformative New Development on Evansville’s East Side: The properties are positioned to benefit from additional new development on the east side. “The Promenade”, currently in early construction phase, is a massive 228-acre mixed-use development designed to transform Evansville’s east side. This development is less than two and one half miles from both Eco Square and Terra Trace.

Eco Square is Within Walking and Bicycling Distance of City’s Best Shopping: The location is virtually next door to several neighborhood shopping centers and very close to the city’s largest malls and retailers.

Significant Recent Capital Improvements at Terra Trace: In 2013 all new vinyl siding was installed, five of the 12 roofs were replaced, front balconies were replaced and all twenty-two halls were painted and had new lighting installed. Ten of the halls also received new carpet.

Eco Square is an Environmentally Focused, Sustainable Community: Eco Square was named to reflect a focus on environmental sustainability. As part of this focus, the property utilizes low-flow water devices, energy efficient lighting and on-site recycling, gardening and composting.

8.08.2014

Multifamily Investment Opportunity: Stonebrook at Scottsburg


Here is a new opportunity to invest in Scottsburg, Indiana. For more information or to download a full offering memorandum visit our website HERE.


Stonebrook at Scottsburg Investment Hightlights

Exceptional Price for Stabilized Property: Offered at $1,950,000, or less than $24,000/unit - an excellent price for a stabilized, well maintained property.

Offered at Attractive Cap Rate on both Forecast and Actual NOI: The offering price represents a 9.5% forecast cap rate using current rental rates and occupancy. Based on Trailing 9 month NOI, the cap rate is 8.4%.

Recent Capital Improvements: Over $400,000 in capital improvements have been completed by the owner since 2011 on items including turning/updating 70+ units, refurbishment of common landings and exterior stairs, roofing repairs, asphalt repair/replacement at the 5th street location, playground equipment, addition of business center, new signage, updated landscaping, new exterior lighting, mitigation of aluminum wiring and more.

Favorable Unit Mix: Stonebrook of Scottsburg is comprised of a mix of 60 One Bedroom units and 24 Two Bedroom units in 6 two story brick buildings.

Excellent Location Between Louisville and Indianapolis:  The city of Scottsburg is located 33 miles north of Louisville, KY and 84 miles south of Indianapolis, IN making travel to both large cities convenient.
Attractive Mostly Brick Exterior: The property has a low maintainance mostly brick veneer exterior adding to its overall curb appeal.

7.29.2014

Multifamily Investment Opportunity: Slate Run & Waterbury

Here is a new opportunity to invest in the Indianapolis, Indiana multifamily market. For more information or to download a full offering memorandum visit our website HERE. 


The offerings of Slate Run (90 units) and Waterbury (43 units) present the excellent opportunity to acquire efficiently designed “Cardinal” apartment communities in exceptionally desirable locations in suburban Indianapolis. The properties, which may be acquired individually or as a portfolio, are offered on behalf of the seller following foreclosure and will be sold free and clear of all liens. Offers are due on August 28, 2014.

Slate Run Investment Highlights

REO Sale: Slate Run is being offered for sale by the owner via foreclosure, which only recently received title to the property.   

High 9.7% Cap Rate on 2015 Underwriting: The offering price represents an 9.7% cap rate before reserves calculated on a modest forecast.

Outstanding Location and Submarket: The community is located on Indianapolis’ popular and affluent far north side. Not only does the far north side offer the city’s highest home values and best shopping and dining, it is a strong rental submarket with average occupancy in 2013 of 93.5%.

Current Stabilized Occupancy: The property is currently occupied at 90%.

May be Purchased Individually or with an Additional 43-unit Cardinal-developed Property: Slate Run can be purchased as a single asset or may be part of a portfolio sale with Waterbury Apartments (43 Units). Waterbury is also in an outstanding location in Greenwood, Indiana, a popular southern suburb of Indianapolis.

“Cardinal” Community with All Ground Level Units and Private Entries - Built in 1986: Slate Run was originally developed by Cardinal Industries in 1986 and offers the many benefits of the typical “Cardinal” community: efficient use of space, private entries to all units, single story buildings, etc. 

Convenient to Major Thoroughfares and Employment Centers: The property’s close proximity to Interstate 465 (Indianapolis’ interstate loop), places virtually all of the major employment centers in the city, including those in affluent Hamilton County to the north and the downtown CBD to the south, within convenient reach.

Great Potential for Conversion to Senior Independent Living: Because of its all ground floor units, private entries and near-to-door parking, the community is ideally suited to become a senior independent living apartment community.

Waterbury Investment Highlights

REO Sale: Waterbury is being offered for sale by the owner, which took title to the property in late 2013 via foreclosure.

High 9.2% Cap Rate on 2015 Underwriting: The offering price represents an 9.2% cap rate before reserves calculated on a modest forecast.

Sought After “Cardinal” Community Developed in 1984: Waterbury was originally developed by Cardinal Industries in 1984 and offers the many benefits of the typical “Cardinal” community: efficient use of space, private entries to all units, single story buildings, attic storage, washer/dryer hookups in most units, etc.

Opportunity to Purchase Waterbury with an Additional 90-unit Cardinal-developed Property: Waterbury can be purchased as a single asset or may be part of a portfolio sale with Slate Run Apartments (90 Units). Slate Run is in an outstanding location on Indianapolis’ far north side.
 
In Popular Greenwood, Indiana: Greenwood, Indiana is situated just 10 miles south of the Indianapolis downtown CBD. Because of its proximity to Indianapolis and its excellent school system, Greenwood has experienced consistent population growth for many years.

Strong Occupancy: Trailing 6 month occupancy is 90.5%.

Convenient to Major Thoroughfares and Employment Centers: The community is within ten minutes of both Interstate 465 (Indianapolis’ interstate beltway) and Interstate 65. The close proximity to multiple interstates makes travel convenient to virtually any part of Indianapolis. Downtown Greenwood is just one-half mile to the south of Waterbury.

Close to the Southside’s Best Shopping and Dining:
Greenwood Park Mall, the second largest mall in the state is less than two miles to the north. In addition, the area surrounding the mall is densely developed with strip shopping centers, free standing retail and office buildings, and restaurants.
 
Great Potential for Conversion to Senior Independent Living: Because of its all ground floor units, private entries and near-to-door parking, the community is ideally suited to become a senior independent living apartment community.

7.23.2014

Multifamily Investment Opportunity: Parc Bordeaux

Here is a new opportunity to invest in the Indianapolis, Indiana multifamily market. For more information or to download a full offering memorandum visit our website HERE. 



Investment Highlights

Outstanding Value-add Opportunity - Demonstrated Ability to Increase Rents through Unit Upgrades: Because of its excellent location, Parc Bordeaux offers the opportunity to create value through investment in upgrades of common areas and unit interiors. Seventy-one units have already been upgraded and are rented at premiums of $50 to $80 per month over non-upgraded units.

Potential to Grow Student Population: The property has historically attracted students attending University of Indianapolis, a 4,260 student private university just 1.8 miles north of the property. Recently a growing number of students at Indiana University – Purdue University Indianapolis, a 30,000 student university located in downtown, have also signed leases at the property.

High Historical and Current Occupancy: Physical occupancy for the last five years has averaged between 90.4% and 94.2%.

In Very Stable, Residential Neighborhood: The property has a quiet setting in a nice, stable, primarily single family residential neighborhood. This stability is enhanced by the proximity of Roncalli High School almost next door. Roncalli is one of the south side’s most respected private parochial schools.

Offered at Attractive Cap Rate on both Forecast and Actual NOI: The offering price represents a 9.6% forecast cap rate with continued interior unit updates. Based on Trailing 12 month NOI, the cap rate is 7.1%.

Convenient to Major Thoroughfares, Employment Centers and Shopping:
The property is near Interstates 65 and 465 (Indianapolis’ interstate loop), the downtown CBD, Indiana University – Purdue University Indianapolis, and more than 50 million square feet of industrial/distribution/office space. In addition, the bulk of the south side’s best shopping is within fifteen minutes of Parc Bordeaux.

Strong Submarket: The south side submarket is one of the stronger submarkets in Greater Indianapolis, with overall occupancy of 93%.

Full Amenity Package: Unit features include attractive floor plans, private entries, patios or balconies for most units, and all electric kitchens. Community amenities include a clubhouse with large community room, 24 hour fitness center, sauna, pool with sundeck, and picnic areas. Laundry facilities are located in each hall.

7.18.2014

Multifamily Investment Opportunity: Strawbridge Green

Here is a new opportunity to invest in the Indianapolis, Indiana multifamily market. For more information or to download a full offering memorandum visit our website HERE.


Investment Highlights

REO Sale: Strawbridge Green is being offered for sale by the owner, which took title to the property in 2012 via foreclosure. Offers are due August 27th, and the seller is motivated to close a sale quickly.

High 10.1% Cap Rate on 2015 Forecast and an 8.1% Cap Rate on T-3  Revenue and 2014 Budgeted Expenses: The offering price represents a 10.1% cap rate before reserves calculated on  a modest forecast and an 8.1% cap rate on Trailing 3 month actual revenue   annualized and  2014 budgeted expenses.

Stable Current Occupancy and Continuing to Trend Upward: The T-12 month occupancy is 90.3% and T-3 month occupancy has increased to 94.7%.

Recent Capital Improvements: Over $850,000 in capital improvements have been completed by the owner in the last two years. In addition, a property update in the late 1990’s included new kitchen cabinets and countertops and new bathroom vanities in most units.

Excellent Submarket: Located on Indianapolis’ desirable south side, a submarket with over 93% occupancy.

Attractive Unit Styles: Floor plans are exceptionally large, averaging 945 square feet and ranging in size to over 1,300 square feet. All units have outside entries and a private patio or balcony. In addition, all thirty-eight townhomes have washer/dryer hookups.

Convenient to Major Thoroughfares, Employment Centers and Shopping: The property is near Interstates 65 and 465 (Indianapolis’ interstate loop), the downtown CBD, Indiana University – Purdue University Indianapolis, and more than 50 million square feet of industrial / distribution / office space. In addition, the bulk of the south side’s best shopping is within fifteen minutes of the property.

5.30.2014

Multifamily Investment Opportunity: Fort Wayne Apartment Portfolio

Here is a new opportunity to invest in the Fort Wayne, Indiana multifamily market. For more information or to download a full offering memorandum visit our website HERE.


The Fort Wayne Portfolio represents the opportunity to acquire three properties totaling 194 units. The three properties may be purchased individually or as a portfolio. The properties offer diversity in both location and product type. A diverse unit mix, including senior apartments, studios and town homes, allows for appeal to a wide range of potential residents. While the properties vary in terms of location and unit types, they have all maintained stable 90% +/- occupancy levels for many years. The portfolio asking price of $6,055,000 is an 8.7% cap rate on 2013 actual financials. Each of the three properties offers various areas of potential upside through either utility bill back to residents or property upgrades to achieve rent increases.

                        Offering Price    Units    Year Built
Foster Park        $2,480,000           70          1972
Hickory Mill        $1,600,000           70          1981
Stratford Place   $1,975,000          54          1962-1967

5.19.2014

Multifamily Investment Opportunity: Decatur Woods

Checkout this exciting new opportunity to invest in an Indianapolis multifamily asset. For more information or to download a full offering memorandum visit our website HERE.

Investment Highlights

Value–Add Opportunity: The property’s current rental rates allow for rent growth through upgrades of common areas and unit interiors. In addition, institution of a water/sewer billback is readily achievable.

Excellent Location Near Airport and Adjacent to Expanding AmeriPlex Industrial Park:  Decatur Woods is located very close to the Indianapolis International Airport and AmeriPlex, a growing business park which counts a number of the city’s larger employers as tenants.

Convenient to Interstates, Shopping and Downtown: Interstate 465 (the city’s beltway) is approximately a mile from Decatur Woods. Via I-465, Interstates 65, 69, 70 and 74 are all within a few minutes’ drive. The downtown CBD and Indiana-Purdue University Indianapolis (29,000 students) are within fifteen minutes of the property. The community is exceptionally convenient to the south side’s shopping and dining destinations and the many employment centers clustered along the interstates.

Future Growth in Area is Virtually Assured: Because of the proximity to the airport and interstates the area is one of the city’s most attractive for future commercial development (particularly industrial and warehouse).

High Current Occupancy:
Occupancy on May 5 was 94.4%

New Roofs and Other Capital Projects Completed in 2011 and 2012:  All roofs were replaced in 2011. The property’s swimming pool was completely sandblasted and re-plastered and the parking areas were repaired, sealed and striped in 2012.

5.16.2014

Multifamily Investment Opportunity: Teal Run

Checkout this exciting new opportunity to invest in an Indianapolis multifamily asset. For more information or to download a full offering memorandum visit our website HERE.

Teal Run Investment Highlights:


Multiple Ways to Add Value
  • Unit Upgrades: Property rents can be increased following upgrades of unit interiors.
  • Common Area Amenity Additions/Upgrades: Among other possibilities, desirability can be improved through a Clubhouse remodel to expand amenities and the conversion of existing tennis courts to a pet park or playground.
  • Water/Sewer Bill-backs: Based on the current occupancy and continuing strong leasing traffic, the institution of a water/sewer bill-back ($10 for a One Bedroom and $20 for a Two Bedroom) is readily achievable.
Significantly Improving Operations: New on-site staff is in the process of improving both operations and occupancy at Teal Run.

High Current Occupancy: Occupancy on May 5 was 95.4%
 
Discount to Replacement Cost: Teal Run offers an investor the opportunity to acquire a property well below replacement cost.
 
Convenient to Interstates and Employment Centers: The property is close to access to Interstate 70 and Interstate 465 (Indianapolis’ interstate beltway). The downtown CBD is within fifteen minutes of the property. The community is also near numerous large employment centers. Among the largest employers near Teal Run are Adidas (1,000 employees), Finish Line (700 employees with 300 more planned by end of 2015) and Celedon Trucking.
 
New Roofs in 2011: Roofs are pitched with composite asphalt shingles. All roofs were replaced in 2011.

4.30.2014

Multifamily Investment Opportunity: Broad Ripple Trails

Checkout this new multifamily investment opportunity! 

Broad Ripple Trails Investment Highlights:


Outstanding Location in Immensely Popular Broad Ripple: The community is situated in Broad Ripple (also called Broad Ripple Village), an extremely sought-after residential and entertainment destination for college students and young adults. “The Village” offers perhaps the most eclectic and popular mix of restaurants, shops, bars and live entertainment in Indianapolis.

In Fast Growing “SoBro” (South Broad Ripple): Broad Ripple Trails’ specific location within Broad Ripple is near the heart of “SoBro” (the southern end of Broad Ripple). SoBro is the most rapidly growing part of Broad Ripple from the perspective of new entertainment and dining attractions. More than two dozen restaurants and bars (as well as an upscale supermarket) are clustered in SoBro between 49th and 56th Streets. Most of these destinations are within easy walking distance of Broad Ripple Trails.

Exceptionally High Historical Occupancy: For more than three years the property’s average monthly occupancy has exceeded 94% and occupancy has often approached 100%. Current occupancy is approximately 95%.

Ideal Value-Add Opportunity: Broad Ripple Trails provides the rare combination of a stable asset in an outstanding location with the opportunity to increase value through investment in common areas and additional unit upgrades. The increasing popularity of the immediate area will provide strong and increasing rental demand.

Newer Roofs: All roofs and gutters were replaced due to a hail storm in 2006. In addition, 131 units have kitchen, bath, flooring and lighting upgrades.

Excellent Variety of Unit Types: The community has an attractive variety of floor plans and a mix within each floor plan of both standard and deluxe (upgraded) units, providing leasing options to a wide variety of prospective renters.

Near The Extremely Popular Monon Trail:
Broad Ripple Trails is within three blocks of the Monon Trail, a biking, jogging and walking trail which runs from downtown Indianapolis through Broad Ripple and north to Carmel and Westfield, Indiana. The Monon Trail is visited by over 1.25 million people each year, making it the most used trail in Indiana.

Convenient to City’s Best Shopping, Major Employment Centers, Universities and the Downtown CBD: Broad Ripple Trails is within fifteen minutes of the city’s finest shopping malls and office parks on the affluent far north side and is also within convenient distance of the Indianapolis Downtown CBD and three major universities: Butler, Ivy Tech and IUPUI.

2.27.2014

Multifamily Investment Opportunity: English Village

Checkout this new multifamily investment opportunity! 



Assumable Existing Loan with 3.72% “All-in” Interest Rate and Extremely Attractive Leverage and Terms: The property is offered subject to an existing HUD, 35-year, fully amortizing, non-recourse loan with an “all-in” interest rate (including mortgage insurance premium) of 3.72%. At the offering price the loan offers approximately 80% Loan to Value leverage.

One of Newest Properties in Its Submarket: Completed in 1988, English Village is one of the last properties built inside the east leg of Indianapolis’ interstate beltway. The area is now fully-developed, providing a barrier to additional apartment construction.

Exceptionally Convenient to Downtown CBD, Interstates and Major Employment Centers: The property’s location is within five to ten minutes of four interstate highways (Interstates I-465, I-65, I-70 and I-74), ideal for residents working downtown or at the many employment centers situated near the interstates.  The downtown CBD and Indiana University–Purdue University Indianapolis (29,000 students) are both approximately fifteen minutes to the west via I-70.

Several Opportunities to Create New Value: English Village offers buyers the opportunity to increase revenue through:
  • Upgrade of unit interiors (three upgraded units are renting at a $50 per month premium)
  • Addition of washer/dryer hookups (two units with hookups rent at a $50 per month     premium)
  • Clubhouse renovation (can create fitness and/or business center without enlarging)
  • Addition of swimming pool (the property includes ideal space by the clubhouse for a pool and deck)
Attractive, Well Maintained Buildings and Grounds: Building exteriors are attractive brick and vinyl siding. The community has been very well maintained.

Quiet Atmosphere: In spite of its proximity to interstates and other major commercial development, English Village offers residents a quiet atmosphere, neighbored by woods and/or single family development in each direction.

2.17.2014

Multifamily Investment Opportunity: Cana Apartments


Investment Highlights

Fantastic Noblesville Location: An Area of High Growth and Affluence:  Population has grown to over 55,000, an increase of 92% since 2000, approximately 200% since 1990. The city of Noblesville is one of the most affluent in Indiana. Median family income in the city was estimated at $85,567 in 2012, up from $61,455 in 2000.

Noblesville is Nationally Ranked as Desirable City: In recent years Noblesville has been honored as the 10th best city in America to raise a family by Sperling and Sanders, one of the nation’s 25 best suburbs by Businessweek.com and in the 100 Best Places to Live by CNN Money.

Long Term Owner Retiring: Cana Apartments has been owned for more than 25 years by the current owner. The property is being marketed for sale as the owner wishes to retire.

Cana Apartments’ Prestigious Hamilton County Setting Adds to Resident Appeal and Desirability: Hamilton County was ranked as the 24th wealthiest in the US when measured by median household income in 2012. The area is known for providing high quality public schools and a strong local economy.

Current High Occupancy: The property is currently over 90% occupied. Comparable rental properties have an average occupancy of 93%.

All Roofs Replaced Recently: The current owner replaced the roofs at the property around ± 2008.

Strong Upside Potential through Unit Upgrades and Utility Bill Back: Currently the residents are not being billed for gas or water/sewer usage. Implementing a resident bill back program will increase revenue. Interior units are dated and would benefit from cosmetic updates.

Additional Land Available for Development: A separate  +/-1 acre parcel of land is located directly in front/adjacent to Cana Apartments and is already zoned for multifamily development. This parcel of land can be purchased together with the apartment community.

2.06.2014

2013 Year in Reivew


Tikijian Associates’ completed another extremely successful year in 2013. Our team closed 19 multifamily sales in Indiana, working with national, regional and local sellers and buyers. The Tikijian Associates team also reached a significant milestone in 2013, exceeding $2.0 Billion in total apartment sales!

For multifamily owners, the last year has been a period of growth in both rents and occupancies – and sellers have benefitted from strong demand for multifamily assets among real estate investors. We expect continued solid apartment fundamentals and an active market for sales in 2014.

We are proud of our accomplishments and believe the Tikijian Associates team offers unparalleled experience and expertise in our markets. Please don’t hesitate to contact us if we may be of service to you.

For more information about our sales, click here to download our NEW Sales Activity Brochure. You can also learn more by visiting our website (TAmultihousing.com) or following us on, Facebook, LinkedIn and Twitter.

1.13.2014

Multifamily Investment Opportunity: Park Harrison

We have an exciting new VALUE-ADD opportunity in Indianapolis!

Investment Highlights

Adjacent to Fort Harrison Redevelopment Area: Park Harrison is located a few blocks southeast of Lawrence Village at the Fort, a 2,500-acre decommissioned military base that has become a model for reuse and redevelopment of a military installation. Nearly $40MM in TIF Funds have been poured into the area that has become a sustainable mixed used community, offering vibrant residential, retail and business opportunities. Approximately 1,700 acres of the area are accounted for by Fort Harrison State Park, which offers golf, lodging, walking trails, horseback riding, cross-country skiing, picnic areas, fishing, two national historic districts and a museum. 

Attractive Price of only $21,700 per Unit: Park Harrison is being offered for sale at a low price per unit of $21,700. The Offer Deadline has been set for February 14, but the seller seeks a quick sale and will consider offers prior to the deadline.

Value-Add Opportunity through Upgrades and Effective Management: The acquisition of Park Harrison Apartments represents the opportunity to increase NOI through investment in upgrades of exteriors and unit interiors, as well as implementing effective management and marketing practices.

Current Rental Rates below Market: The current rental rates at Park Harrison are below those of the competing properties. Moderate interior and exterior renovations should allow the new owner to implement rent increases.

Within One Mile from Brand New High-End Community: Located less than one mile north from Park Harrison is a brand new (2012 construction) Class A property with rents averaging $1.02/SF. Just blocks to the north are two additional newer properties, built in 2000 and 2001, with average rents of $0.90/SF for comparable unit types. These properties are currently between 94% and 98% occupied, evidencing the demand for high end apartment product in the immediate area.

High-Traffic Location: Park Harrison is located just north of Pendleton Pike on Post Road. This high-traffic location has an average traffic count of over 32,600 cars per day. Interstate 465, the city’s beltway, has an exchange on Pendleton Pike just 1.5 miles to the southwest.