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.

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