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.

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