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.

8.19.2014

Multifamily Investment Opportunities in Evansville: Eco Square & Terra Trace

Here is a new opportunity to invest in Evansville, Indiana. For more information or to download a full offering memorandum visit our website HERE



Eco Square & Terra Trace Investment Highlights 

Opportunity to Increase NOI through Continuing Unit Upgrades: Additional value can be created through continuing upgrades of unit interiors at both properties. At Eco Square, 54 units have been upgraded and rent at $50 per month more than “classic” units. In addition, revenue can be added through the implementation of resident billbacks for cable television (the property currently buys cable in bulk and includes the service in rent). At Terra Trace, 8 units have been upgraded with newly stained kitchen cabinets, new cabinet hardware, counters, plumbing fixtures, lighting fixtures and bathroom vanities. Upgraded units rent at a $35-$65/month premium over “classic” units.

Strong Rental Market: Evansville is Indiana’s third largest city and the economic and cultural hub of Southern Indiana and Northwest Kentucky. Apartment occupancy was 93.3% in 2013.

Convenient Location near Employment Centers, Downtown CBD, Shopping and Three Universities: The location near the interchange of two of the city’s primary commercial corridors, (Lloyd’s Expressway and Green River Road for Eco Square and Morgan Avenue/SR 62 and Green River Rd for Terra Trace), makes travel easy to the downtown CBD, the University of Evansville and many of the city’s major shopping and employment centers.

Near Transformative New Development on Evansville’s East Side: The properties are positioned to benefit from additional new development on the east side. “The Promenade”, currently in early construction phase, is a massive 228-acre mixed-use development designed to transform Evansville’s east side. This development is less than two and one half miles from both Eco Square and Terra Trace.

Eco Square is Within Walking and Bicycling Distance of City’s Best Shopping: The location is virtually next door to several neighborhood shopping centers and very close to the city’s largest malls and retailers.

Significant Recent Capital Improvements at Terra Trace: In 2013 all new vinyl siding was installed, five of the 12 roofs were replaced, front balconies were replaced and all twenty-two halls were painted and had new lighting installed. Ten of the halls also received new carpet.

Eco Square is an Environmentally Focused, Sustainable Community: Eco Square was named to reflect a focus on environmental sustainability. As part of this focus, the property utilizes low-flow water devices, energy efficient lighting and on-site recycling, gardening and composting.

8.08.2014

Multifamily Investment Opportunity: Stonebrook at Scottsburg


Here is a new opportunity to invest in Scottsburg, Indiana. For more information or to download a full offering memorandum visit our website HERE.


Stonebrook at Scottsburg Investment Hightlights

Exceptional Price for Stabilized Property: Offered at $1,950,000, or less than $24,000/unit - an excellent price for a stabilized, well maintained property.

Offered at Attractive Cap Rate on both Forecast and Actual NOI: The offering price represents a 9.5% forecast cap rate using current rental rates and occupancy. Based on Trailing 9 month NOI, the cap rate is 8.4%.

Recent Capital Improvements: Over $400,000 in capital improvements have been completed by the owner since 2011 on items including turning/updating 70+ units, refurbishment of common landings and exterior stairs, roofing repairs, asphalt repair/replacement at the 5th street location, playground equipment, addition of business center, new signage, updated landscaping, new exterior lighting, mitigation of aluminum wiring and more.

Favorable Unit Mix: Stonebrook of Scottsburg is comprised of a mix of 60 One Bedroom units and 24 Two Bedroom units in 6 two story brick buildings.

Excellent Location Between Louisville and Indianapolis:  The city of Scottsburg is located 33 miles north of Louisville, KY and 84 miles south of Indianapolis, IN making travel to both large cities convenient.
Attractive Mostly Brick Exterior: The property has a low maintainance mostly brick veneer exterior adding to its overall curb appeal.