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.

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