4.01.2015

Multifamily Investment Opportunity: Carmel Creek

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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.

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