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.

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