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.

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