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”.

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