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.

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.