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.

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.