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.

9.25.2015

Multifamily Investment Opportunity: The Estates at Eagle's Pointe

Investment Highlights
  • Unique Opportunity to Acquire 574 Units at High 8.9% Actual Cap Rate
  • Offered Free and Clear and Well Poised for New Financing 
  • Strong Current and Historical Occupancy and Revenue Collections
  • All Units Offer Either a Single Story Duplex Style or Two Story Townhome Style Unit Layout and Offer Residents Attractive Amenities
  • Recent Capital Improvements of over $2.5M include New Roofs, Many New Appliances and Renovation of Select Units
  • Close Proximity to Thriving Kokomo which is Experiencing Significant Employment Growth

8.19.2015

Multifamily Investment Opportunity: Woods of Castleton

The Bristol

Investment Highlights

  • Class A multifamily property with assumable agency financing (3.84% rate)
  • Opportunity to increase cash flow with modest kitchen upgrades
  • Attractive Brick community with 51 single story cottage style units with attached garages
  • Full amenity package including well-appointed clubhouse, pool, fitness and many others
  • Opportunity to build 112 additional units on adjacent 9 acres included in the offering
  • Located in growing southwest Indianapolis suburb near major employment centers with substantial business growth

8.18.2015

Multifamily Investment Opportunity: The Bristol

  The Bristol - Investment Highlights

  • Class A multifamily property with assumable agency financing (3.84% rate)
  • Opportunity to increase cash flow with modest kitchen upgrades
  • Attractive Brick community with 51 single story cottage style units with attached garages
  • Full amenity package including well-appointed clubhouse, pool, fitness and many others.
  • Opportunity to build 112 additional units on adjacent 9 acres included in the offering.
  • Located in growing southwest Indianapolis suburb near major employment centers with substantial business growth
For more information Visit: TAmultihousing.com

8.17.2015

Multifamily Investment Opportunity: Aspen Village

Aspen Village - Investment Highlights

  • Lender REO
  • Low Price per Unit
  • Great Rehab Opportunity
  • Many Additional Value-Add Opportunities
  • Near Concentrated Employment
  • All New Roofs
  • Other Repairs Recently Completed
  • In International Marketplace Revitalization Area
  • All Units have Private Entries and Private Patios or Balconies
  • Single Point of Ingress and Egress
  • Adjacent to Public and Charter Schools
For more information Visit: TAmultihousing.com

6.19.2015

Multifamily Investment Opportunity: Williamsburg on the Lake - Elkhart, IN

For more information about this opportunity visit our website.


Investment Highlights

Well-Maintained Community Offered For Sale by Original Developer: Williamsburg on the Lake was built in 1974 by respected developer The Gene B Glick Company. The community has been owned and managed by Glick since construction. The property has been very well maintained and has benefitted from long term, stable ownership.

Offered Free and Clear - Very Well Poised to Obtain Attractive New Permanent Financing:
The long term stabilized operations with history of high occupancy and current occupancy of over 98% will assist in securing new financing.  Historical occupancy since 2013 has averaged between 94.8% and 97%. Occupancy and performance have been bolstered by many years of strong management and excellent property maintenance.

Numerous Value-Add Opportunities to Further Enhance Revenue:
Williamsburg on the Lake represents the opportunity to acquire a well-performing property while still offering the potential to increase value through both exterior and inter property updates and upgrade.

Exterior and Common Area Potential Value Add Strategies:
  • Paint the exterior siding and shutters to update the color scheme
  • Add bark-park to one of the many open grassy areas
  • Upgrade pool area by removing the fence to allow for more seating on patio area at rear of leasing office; remove the kiddie pool and covert to splash pad; and convert the large pool to a sport pool
  • Install water/sewer submeters or initiate bill-back program
Update Clubhouse:
  • Expand the fitness facility by removing additional bathroom and sauna to make room for  more equipment.
  • Add a business center or wi-fi café
  • Redecorate the clubroom and kitchen area
Minor Interior Unit Potential Updates:
  • Install vinyl wood plank flooring in the kitchen, dining room and living room
  • Update kitchen countertops with new granite-look Formica top
  • Install, brushed nickel light fixtures, plumbing fixtures and door hardware
  • Add two-tone paint scheme to add warmth and dimension to unit

Picturesque Setting on 20 acres with Two Lakes, Mature Weeping Willows and Ample Green Space:
The property is situated on nearly 20 well-landscaped acres offering two lakes and many mature trees, including large weeping willows that border the lakes. Both the clubhouse and the community pool overlook one of the lakes and offer beautiful views.

Positive Economic Development in Elkhart Area Bolstering Local Economy:
In 2014, Elkhart County reported over $108 million in new investment. These investments are expected to create 1,661 new jobs within next three years. The unemployment rate for the county was just 4.5% in March 2015, the fifth lowest in Indiana.

Project Based HAP Contract In Place for 13% of the Units:
24 units receive a rent subsidy through a project based HAP contract.

Available for purchase with neighboring community, Carriage House – 230 Units:
Williamsburg on the Lake can be purchased individually or together with Carriage House, the next door property also owned and developed by the Gene B. Glick Company.

Multifamily Investment Opportunity: Carriage House - Elkhart, IN

For more information about this opportunity visit our website.

Well-Performing Apartment Community with Project-Based HAP Contract on 59% of the Units Offered for Sale: Carriage House is an extremely well performing, stable property located in Northern Indiana. Occupancy has averaged over 95% for more than 3 years. Bolstering the strong occupancy of the property is the fact that 136 of the 230 units receive a rent subsidy through a project-based HAP contract.

Well-Maintained Community Owned by Original Developer for More than 40 Years: The property was built in 1970 by respected developer The Gene B Glick Company. The community has been owned and managed by Glick since construction. Carriage House has been very well maintained and has benefitted from long term, stable ownership.  

Offered Free and Clear - Very Well Poised to Obtain Attractive New Permanent Financing:
Long term stabilized operations with history of high occupancy and current occupancy of over 98% will assist in securing new financing.  Historical occupancy has averaged between 96.7% and 97.6% since 2012.

Numerous Value-Add Opportunities to Further Enhance Revenue:
While Carriage House is a very well performing property; opportunities still exist to increase value through minor property upgrades:

Potential Modest Interior Unit Updates:
  • Install vinyl wood plank flooring in the kitchen, dining room and living room
  • Update kitchen countertops with new granite-look Formica top
  • Install, brushed nickel light fixtures, plumbing fixtures and door hardware
  • Add two-tone paint scheme to add warmth and dimension to unit
  • Update Clubhouse:
  • Add a business center or wi-fi café
  • Redecorate the clubroom and kitchen area
Attractive Mostly Brick Colonial Style Buildings are Situated on Nearly 20 Acres: The property has a mostly brick exterior finish which is both beautiful and low maintenance. Carriage House offers its residents plenty of green space on almost 20 well-landscaped acres. The time less colonial style buildings also feature brick finish on common area hallway walls promoting easy care of these high traffic areas.

Positive Economic Development in Elkhart Area Bolstering Local Economy: In 2014, Elkhart County reported over $108 million in new investment from existing or new companies. These investments are expected to create 1,661 new jobs within next three years. The unemployment rate for the county was just 4.5% in March 2015, the fifth lowest in Indiana.

Project Based HAP Contract In Place for 59% of the Units:
136 units receive a rent subsidy through a project based HAP contract.

Available for purchase with neighboring community, Williamsburg on the Lake – 190 Units:
Carriage House can be purchased individually or together with Williamsburg on the Lake, the neighboring property also owned and developed by the Gene B. Glick Company.

5.13.2015

Multifamily Investment Opportunity: Park Jefferson - South Bend, IN

This new opportunity in South Bend, IN is a Large 739-unit Property Offered Free and Clear with Sought After Value Add Play! Visit our website for additional information.


Investment Highlights

Large 739-unit Property Offered Free and Clear with Sought After Value Add Play: Park Jefferson represents the rare opportunity most buyers covet – a property in an outstanding location which offers the opportunity to significantly increase value through investment in upgrades of common areas and unit interiors. The property is offered free and clear of existing debt.
  
Demonstrated ability to Renovate Unit Interiors and Achieve Rental Rate Increases: The current owner has recently upgraded 36 units with new / upgraded unit interiors. These units are being offered for  $100 per month rent premiums and have been well received by prospective renters.  These 36 renovated units received the following updates and the program should be continued throughout  the property to increase revenue:
  • New cabinets and countertops in the kitchen and new vanity in the baths
  • Upgraded appliance package with black finish
  • Brushed nickel light fixtures, door hardware and light fixtures throughout
  • Wood grain vinyl flooring in living room, dining room, kitchen and baths.
  • New carpet in bedrooms
  • Two-tone paint scheme
  • Removal of drop-ceiling in kitchen area
Numerous “Low Hanging Fruit” Value -Add Opportunities to Increase Revenue in Addition to Interior Unit Renovations: 
  • Implement water/sewer/trash bill backs to increase annual revenue      
  • Add washer/dryer hook-ups in units to command higher rents (the current laundry equipment is owned by the property and no laundry contract exists)
  • Add pet centered amenities to drive pet fee income (the property only recently began accepting dogs – in August of 2014) 
  • Update interior hallways to benefit leasing efforts
  • Add additional landscaping and update property signage to increase curb appeal
Expansive Clubhouse House Newly Constructed in 2011 Offers Comprehensive  Amenities Package and is Well Utilized by Current Residents: The 17,752 square foot clubhouse offers an extensive array of amenities  including a large indoor pool, updated 24 - hour fitness center, theater room, free wifi, billiard room, complimentary tanning,  and large club room with kitchen. It also includes 3,176 square feet of available commercial “live-work” units.

Located Only 3 Miles from Prestigious Notre Dame University , 1.6 Miles from Indiana University South Bend (IUSB) and Less Than 1 Mile from Bethel College - Opportunity to Increase Student Population:  The southern edge of Notre Dame University’s campus is just 3.4 miles north of Park Jefferson.  Even closer, IUSB is located a short 1.6 miles southwest of the property and Bethel College is within walking distance less than one mile east of the property. With just over 12,000 students attending Notre Dame , 7,800 students attending IUSB and 1,800 students at Bethel College, close proximity to the universities offers the new owner the option of targeting student renters.

Park Jefferson Offers a Quiet Residential Feel While Located Very Near Major Retails Centers, Employment, Schools and Churches:  Park Jefferson provides its residents a park-like setting with large trees and plenty of green space. The property also offers a convenient location with easy access to South Bend’s major retail area known as University Park Trade Area situated along Grape Road. This retail, entertainment and dining area is just 4 miles from Park Jefferson and contains over 6.5 million square feet of retail, office and hotels. Owned by Simon Property Group, the  University Park Mall has more than 800,000 square feet of shopping with over 120 retailers including Ann Taylor, Apple, Banana Republic, Barnes & Noble,  J Crew, Macy’s, Michael Kors and more. 

4.13.2015

Multifamliy Investment Opportunity: Deer Creeke

Investment Highlights

Well-Maintained Community Built in 1995/1996 Offered by Original Developer 

Free and Clear of Existing Debt: The acquisition of Deer Creeke allows for new debt or cash purchase. The property is stabilized and favorable financial performance will allow for new permanent debt

Demonstrated Ability to Upgrade Units and Achieve Rent Premiums
: There are currently four units that have been renovated and leased for a $75 premium over the non-renovated units. The upgrades include: vinyl wood grain flooring, new real wood cabinets, new countertops/sinks, black appliances, white six-panel doors and bi-folds, white trim and baseboards, new furnace/AC units, new fixtures throughout, new vanity/bathroom sinks, and mirrors.

Numerous Value Add Opportunities Exist to Continue to Upgrade the Community:
  • Redecorate the Leasing Office and clubhouse - open the kitchen to the club/meeting room, add furniture, new TV, wii station, and add patio doors to the wall facing the pool
  • Addition of the playground (next to the basketball court) and freshen up the basketball hoop area
  • Add a business center
  • Convert Daycare into fitness center (to assist with leasing).
  • Update the laundry room with card reader machines. (10 washers and 11 dryers)
  • Provide washer/dryers to resident for an expected rent premium of $30- $50 per month
  • Install water sub meters for bill back. Estimated Cost: $34,000
Great Floor plans and Unit Amenities:  All units have desirable layouts and washer/dryer connections (upstairs 2 bedroom and all 3 bedrooms are stackable, the rest are side by side). 58 of the units are 1,200 square feet 3 bedroom townhomes. All units have a private patio or balcony.

Positive Economic Development in Elkhart Area Bolstering Local Economy

4.02.2015

Multifamily Investment Opportunity: Private Reserve

Looking for a Value-Add Multifamily investment in Indianapolis? Take a look at Private Reserve. For more information visit our website HERE.

Opportunity to Purchase 152 Unit Value-Add Property that was Previously Upgraded to Condo Quality
  • The current owner renovated Private Reserve in 2005/2006 in anticipation of a potential condo conversion.
  • New vinyl clad double panes windows were installed throughout the entire property during the renovation.
  • All but 20+/- unit were significantly renovated and updated during the owner’s renovation.
  • Interior Unit Renovations Completed in 2005/2006 Include:
  • Brand new kitchens complete with new cabinets, black appliances, slate flooring (in majority of units), plumbing fixtures (glass vessel sinks and modern faucets) and upgraded lighting
  • Renovated bathrooms include the installation of new double vanities with slate flooring and slate tub/shower surround and upgraded plumbing and light fixtures
  • New interior wood trim and doors
  • Fireplaces were added to each unit style either in the living room or in the finished walk-out basement.
  • New upgraded light fixtures installed througho ut unit including remote ceiling fans in the bedrooms.
Numerous Value Add Strategies Exist to Increase Revenue and Enhance Property Performance
Bring All Units Back Online and Make Available for Lease:
  • There are currently 28 units that are down and an additional 54 units that are not rent ready. Brining these units back online will allow for a much higher and stabilized occupancy commensurate with the surrounding  market.
Implement a True RUBS Program for Water / Sewer Bill Back:
  • The property currently charges a flat, fixed fee that is the same for each unit style regardless of the unit size or number of occupants.
  • Implementing a water/sewer bill back program that is based upon the actual or prorata usage would increase fee revenue and also likely reduce the overall water/sewer cost as residents become more aware of their usage.
Renovate the Existing Clubhouse and Add Property Amenities:
  • The property’s clubhouse is currently closed and in need of repairs. However the overall size of the clubhouse is ample for this property of this size
  • Renovation of the existing clubhouse will assist in leasing efforts and provide an ideal location for resident functions and amenities.
  • Addition of a fitness facility and business center within the clubhouse will assist in making the amenity set at Private Reserve more competitive with the surrounding rental properties.
  • The community’s pool area is quite large. Renovating the area and adding patio furniture will provide an excellent summer months amenity.
  • The property has ample green space for the addition of a bark park and several pet stations in various locations.
  • Provide a gated community to residents: Private Reserve does have a main entry gate that when made operable will add to resident appeal
  • The existing tennis courts and shuffleboard courts are well located near the clubhouse and as-renovated are attractive amenities.
  • General exterior and curb appeal renovation potential exists through exterior paint touch ups, repair of the patio fence enclosures and solving the property’s ground water run-off issues (likely will require additional property grading and improvement to the current gutter/roof systems)
Very Large All Townhome Unit Styles with Attractive Unit Amenities:
  • All unit styles at Private Reserve are multilevel and townhomes style units with private entrances.
  • The average unit size is over 1,500 square feet with some of the units as large  as 2,265 square feet.
  • A portion of the units have finished walk out basements complete with  a fireplace in the basement and large laundry room
  • All units have washer / dryer connections.
  • Each unit has a private, fenced patio area that also includes a storage area for the resident.
  • Cable television is included in the rent for each unit style
Located in the Desirable Northwest Indy Submarket
  • Private Reserve is located just south of the intersection of Harcourt Road and 79th Street. The property is just one mile south of 86th Street, one of the primary east/west thoroughfares spanning Indianapolis’ affluent far north side.

4.01.2015

Multifamily Investment Opportunity: Carmel Creek

Looking for Value-Add Opportunity in Indianapolis? Take a look at this! Visit our website HERE for more information.


Rare Opportunity to Purchase Large 614 Unit Value - Add Property Priced at $17,264 per Door:
  • The acquisition of Carmel Creek apartments represents an opportunity most buyers covet – a property in a stable location which offers the opportunity to significantly increase value through investment in upgrades of common areas and unit interiors.
  • The asking price of $10,600,000 is only $17,264 per unit. Sales comparables in the westside Indy submarket for stabilized properties of similar age have have averaged $41,560 per unit and as high as $69,300 per unit since 2013.
Numerous Value Add Strategies Exist to Increase Revenue and Enhance Property Performance
Bring All Units Back Online and Make Available for Lease:
  • There are currently and estimated 170+/- units that are down and an additional estimated 145+/- units that are not rent ready. Bringing these units back online will allow for a much higher and stabilized occupancy commensurate with the surrounding market.
Implement a Property Wide Water / Sewer and Gas Bill Back Program:
  • The property currently charges a flat, fixed utility fee to some of the units but not all units.
  • Implementing a water/sewer and gas bill back program that is based upon the actual or prorata usage would increase fee revenue and also likely reduce the overall water/sewer and gas cost as residents become more aware of their usage.
Renovate the Existing Clubhouse and Add Property Amenities:
  • Renovation of the existing clubhouse will assist in leasing efforts and provide an ideal location for resident functions and amenities.
  • Addition of a fitness facility and business center within the clubhouse will assist in making the amenity set at Carmel Creek competitive with the surrounding rental properties.
  • The community’s pool area is large and following the renovation and addition of patio furniture will provide an excellent summer months amenity.
  • The property has ample green space for the addition of  bark parks and several pet stations throughout the property.
  • General exterior and curb appeal renovation potential exists through exterior paint touch ups, new landscaping, concrete and asphalt repair, new signage and roof and gutter repair / replacement.
Very High Visibility with Frontage on Busy Thoroughfare and Interstate I465:
  • Carmel Creek is located directly on High School Road a main north/south thoroughfare on the city’s west side with an average daily traffic count of over 88,000 cars.
  • The property benefits from additional exposure and visibility from Interstate 465, the city’s main interstate system.
Attractive Unit Mix Includes Various Garden and Townhome Floor Plans, Appealing to a Large Resident Pool:
  • Each unit at the property has a private entrance and there are no common area hallways which assists in lowering maintenance costs.
  • Carmel Creek has 394 flat style units consisting of a mix of one bedroom and two bedroom styles.
  • The property offers 220 townhome style units with 130 two bedroom townhomes and 90 three bedroom townhomes.
  • Each townhome style unit has washer/dryer connections.
Located in the Desirable Indianapolis Westside Submarket
  • The immediate neighbors of Carmel Creek consist of single family residences to the east across High School Road, retail / commercial property to the north and south and direct frontage on I465 to the west.
  • Beautiful Eagle Creek Park and Reservoir is just three miles to the northwest of Carmel Creek.  Eagle Creek is the 4th largest city park in the nation with over 1,400 acres of water and more than 3,900 acres of land. Amenities and activities offered at Eagle Creek include a restaurant, sailing club, fishing, fitness course, nature center, boat ramp and slips and beach.
  • The community is located within fifteen minutes of the Indianapolis International Airport, downtown Indianapolis, and over sixty-five million square feet of office/industrial/warehouse/flex space located near the airport and along the interstates on greater Indianapolis’ west side.

3.02.2015

Multifamily Investment Opportunity: Park Greenwood

A new multifamily investment opportunity in Greenwood, IN. Visit our website HERE for more information.


Outstanding Value-Add Opportunity in a Truly Great Location with Stable Occupancy
Value Add Opportunities
  • Current Rental Rates Below Market: The current rental rates at Park Greenwood are between 12% - 19% below the rentals rates of the surrounding competing properties providing the opportunity to substantially increase rents. Based upon the current rental rates of the competition, there is the potential to raise rental rates by $100 per month per unit following unit updates.
  • Strong Upside Potential through Unit Upgrades: The property’s current rental rates allow for rent growth to be achieved through unit upgrades. Competing properties nearby command higher rent by offering units with recent interior updates. Items such as kitchen and bathroom updates, installation of hardwood laminate flooring, updated plumbing and light fixtures would assist in achieving rental rates increases.
  • Clubhouse Renovation Potential: Park Greenwood has a large, two story clubhouse overlooking the community’s large pool. The second floor is currently under-utilized and would be an ideal area for additional resident amenities and functions. Further renovation of the clubhouse’s first floor would assist in improving the property’s presentation to prospective residents.
  • Property Exterior and Hallway Updates:  The property has an attractive most brick exterior. Updating the exterior paint scheme and additional landscaping will improve the curb appeal to the property. The common area hallways have new exterior doors. Fresh carpet and paint will improve the overall look of these hallways.
  • Ability to Increase Water/Sewer Utility Recovery Income and Add Trash Fee: The property does currently bill back residents for water/sewer. However the current owner implemented a low monthly flat fee bill-back of $25 - $45 per unit based on unit style. Currently the flat fees collected equate to 50%+/- recovery. By implementing a water/sewer RUBS programs where the bill-back to residents is based upon a pro rata share of the actual bill, water/sewer utility income recovery could increase by more than $40,000 per year (assuming 85% recovery). Also, the property does not currently bill-back residents for trash providing the new owner the opportunity to introduce this fee for new residents and at renewals.
The Location
  • Park Greenwood is an extremely well-located community on the south side of Indianapolis in the suburb of Greenwood.
  • Because of its proximity to Indianapolis and its excellent school system, Greenwood has experienced consistent population growth for many years.
  • The property is very near the intersection of US 31 and Fry Road, both of which are major thoroughfares that contain a great deal of commercial real estate.
  • Park Greenwood offers its resident close proximity to the Southside’s best shopping and dining
  • Immediately northeast of Park Greenwood is Simon’s Greenwood Park Mall, the second largest Indianapolis regional mall, containing 1.2 million SF.
  • US 31 is lined with endless opportunities for shopping, dining and entertainment all very near Park Greenwood.
  • The Community Hospital South Campus, containing many additional specialty medical facilities, is just one mile from Park Greenwood, and St. Francis Hospital is located just 4 miles northeast of the property.
  • There are also three major grocery stores within one mile of the property which include high-end grocers Fresh Thyme Farmers Market and Earth Fare.
  • Traveling Downtown is quite convenient, as the property sits 11 miles directly south of the city’s center.
  • The Indianapolis Airport is also close at hand just 15 miles to the northwest.

2.04.2015

Multifamily Investment Opportunity: The Fort

This is a Brand New Class A Luxury Apartment Community for sale! For more information, visit our website HERE.


Investment Highlights

New “Best-in-Market”, Class A Luxury Apartment Community
  • 224-Unit Asset Completed in 2013
  • Beautifully Designed Building Exteriors
  • Exceptional Floorplans, Interior Finishes and Amenities
In Contemporary Urban Setting with Outstanding Walkability
  • Within Unique and Growing Enclave of “Lawrence Village at the Fort”
  • Near Numerous Employment Centers, Retail Shops and Restaurants, Including New Triton Brewery
  • Next to Beautiful Fort Harrison State Park
  • Near “The Fort Golf Resort,” a Pete Dye Designed Championship Course Rated among Indiana’s Best
  • Numerous Community Events & Festivals
  • Target Area for New Development
Club Caliber Community Amenities - “Best Overall Amenities” Award in 2013
  • Luxury Pool and Hot Tub
  • Indoor Basketball Court 
  • State-of-the-Art Cardio / Weight / Exercise Room
  • Personal Work-out / Yoga Room Complete with Pre-Loaded Exercise Videos
  • Spacious Club Room with Gourmet Kitchen, Game Area, TV/Lounge Area with Free Wifi
  • Business Center and Conference Room Available to Residents
  • Ample Green Space for Walking, Jogging and Biking
  • Controlled Access Common Hallway Doors
High–End Unit Finishes
  • Custom Cabinetry with Under-Cabinet Lighting
  • Stainless Steel and Black Appliances
  • Nine-foot or Ten-foot  Minimum Ceiling Height
  • Brushed Nickel Hardware Throughout
  • Oversized Garden Tubs
  • Large Walk-in Closets
  • Full Size Washer / Dryer Connections In Each Unit
  • Wood Laminate Flooring
  • Unique Architectural Features Including Arched Entry Ways
  • Screened Patios
  • Private Garage Parking - Some with Direct Unit Access
Highly Successful Initial Lease-up
  • 95%+ Occupancy for Last 12 Months
  • 98.7% Current Occupancy with Virtually No Concessions Offered
Opportunity to Implement Revenue Management Software to Continue Increasing Rental Rates

Limited Competition Risk with No Planned or Under-construction Multifamily Product Nearby

Competes for Downtown and Far Northside Residents by Offering Comparable Amenities

Current Rental Rates Average $1.08 per square foot while Comparable Age and Quality Class A Properties Average Well over $1.20 at Keystone at the Crossing and Downtown

Fifteen Minute Drive to Downtown and Only Ten Minutes to Keystone at the Crossing Area, Home to Indianapolis’ Highest-end Retailers (Including Saks Fifth Avenue, Nordstrom, Tiffany’s) and the City’s Best Restaurants.

Offered Free and Clear and Well-positioned for New Permanent Financing or Cash Purchase

1.20.2015

Multifamily Investment Opportunity: Eagle Lake Landing

A recently renovated 277 unit property is now available in Speedway/Indianapolis, IN. Click here for more information.


Investment Highlights


Recent $6,300,000 Renovation: Eagle Lake Landing  was completely renovated in 2011. This top-to-bottom renovation included:
Brand New Modernized and Upgraded Unit Interiors:
  • All new entry doors to units, two panel interior doors, mirrored closet doors, new trim and casing and new light and electrical fixtures
  • Upgrades to HVAC systems
  • Completely new kitchen appointments, including new cabinets and counter tops, appliances, and plumbing fixtures
  • New bathroom finishes including vanities with cultured marble tops, tile tub surrounds and plumbing fixtures and bath accessories
  • Addition of washer/dryer machines in all units
  • New floor coverings, custom window coverings, new trim accents and two-tone paint 
Extensive Exterior Improvements:
  • New roofs, windows and patio doors
  • Seal coat and select replacement of parking lots and drive lanes
  • Repair and/or replacement of sidewalks
  • Full exterior painting
  • Balcony repairs and upgrades
  • Extensive new landscaping
  • New signage
  • New exterior lighting
Brand New Clubhouse: Including fitness/health center, tanning, business center and leasing and management office

Common Hallway Redecoration: All hallways throughout the property were refurbished with new doors, paint, carpet, and lighting.

History of High Occupancy: Current occupancy is 94% and trailing twelve month occupancy is 95%.

Exceptionally Convenient to Downtown CBD, Interstates and Major Employment Centers: The property is less than one mile from I-465 (Indianapolis’ interstate beltway) with short drive times to Indianapolis International Airport, Indianapolis downtown CBD and Indiana University–Purdue University Indianapolis (30,000 students), and the highest concentration of distribution/warehouse space in the city (near the airport and clustered along the interstates.

Large Units with Sixteen Different Floor Plans: Units average a spacious 1,075 square feet and offer many attractive features, including private patios and balconies, master suites, gourmet kitchens, extra-large bathrooms and large closets.
 
Quiet Lakeside Atmosphere: Eagle Lake Landing sits on a large lake and offers residents a quiet peaceful atmosphere.
 
In Solid Rental Market: The Indianapolis west side submarket averaged 91.0% occupancy in 2014.
 
Desirable Speedway Location: Speedway is home of the Indianapolis Motor Speedway and is currently implementing a multiyear plan to attract business and tourism to capitalize on its fame as “The Racing Capital of the World”.