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.

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