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.

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