Looking for a Value-Add Multifamily investment in Indianapolis? Take a look at Private Reserve. For more information visit our website HERE.
- 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.
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.
- 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.
- 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)
- 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
- 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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