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.

6.19.2015

Multifamily Investment Opportunity: Williamsburg on the Lake - Elkhart, IN

For more information about this opportunity visit our website.


Investment Highlights

Well-Maintained Community Offered For Sale by Original Developer: Williamsburg on the Lake was built in 1974 by respected developer The Gene B Glick Company. The community has been owned and managed by Glick since construction. The property has been very well maintained and has benefitted from long term, stable ownership.

Offered Free and Clear - Very Well Poised to Obtain Attractive New Permanent Financing:
The long term stabilized operations with history of high occupancy and current occupancy of over 98% will assist in securing new financing.  Historical occupancy since 2013 has averaged between 94.8% and 97%. Occupancy and performance have been bolstered by many years of strong management and excellent property maintenance.

Numerous Value-Add Opportunities to Further Enhance Revenue:
Williamsburg on the Lake represents the opportunity to acquire a well-performing property while still offering the potential to increase value through both exterior and inter property updates and upgrade.

Exterior and Common Area Potential Value Add Strategies:
  • Paint the exterior siding and shutters to update the color scheme
  • Add bark-park to one of the many open grassy areas
  • Upgrade pool area by removing the fence to allow for more seating on patio area at rear of leasing office; remove the kiddie pool and covert to splash pad; and convert the large pool to a sport pool
  • Install water/sewer submeters or initiate bill-back program
Update Clubhouse:
  • Expand the fitness facility by removing additional bathroom and sauna to make room for  more equipment.
  • Add a business center or wi-fi café
  • Redecorate the clubroom and kitchen area
Minor Interior Unit Potential Updates:
  • Install vinyl wood plank flooring in the kitchen, dining room and living room
  • Update kitchen countertops with new granite-look Formica top
  • Install, brushed nickel light fixtures, plumbing fixtures and door hardware
  • Add two-tone paint scheme to add warmth and dimension to unit

Picturesque Setting on 20 acres with Two Lakes, Mature Weeping Willows and Ample Green Space:
The property is situated on nearly 20 well-landscaped acres offering two lakes and many mature trees, including large weeping willows that border the lakes. Both the clubhouse and the community pool overlook one of the lakes and offer beautiful views.

Positive Economic Development in Elkhart Area Bolstering Local Economy:
In 2014, Elkhart County reported over $108 million in new investment. These investments are expected to create 1,661 new jobs within next three years. The unemployment rate for the county was just 4.5% in March 2015, the fifth lowest in Indiana.

Project Based HAP Contract In Place for 13% of the Units:
24 units receive a rent subsidy through a project based HAP contract.

Available for purchase with neighboring community, Carriage House – 230 Units:
Williamsburg on the Lake can be purchased individually or together with Carriage House, the next door property also owned and developed by the Gene B. Glick Company.

Multifamily Investment Opportunity: Carriage House - Elkhart, IN

For more information about this opportunity visit our website.

Well-Performing Apartment Community with Project-Based HAP Contract on 59% of the Units Offered for Sale: Carriage House is an extremely well performing, stable property located in Northern Indiana. Occupancy has averaged over 95% for more than 3 years. Bolstering the strong occupancy of the property is the fact that 136 of the 230 units receive a rent subsidy through a project-based HAP contract.

Well-Maintained Community Owned by Original Developer for More than 40 Years: The property was built in 1970 by respected developer The Gene B Glick Company. The community has been owned and managed by Glick since construction. Carriage House has been very well maintained and has benefitted from long term, stable ownership.  

Offered Free and Clear - Very Well Poised to Obtain Attractive New Permanent Financing:
Long term stabilized operations with history of high occupancy and current occupancy of over 98% will assist in securing new financing.  Historical occupancy has averaged between 96.7% and 97.6% since 2012.

Numerous Value-Add Opportunities to Further Enhance Revenue:
While Carriage House is a very well performing property; opportunities still exist to increase value through minor property upgrades:

Potential Modest Interior Unit Updates:
  • Install vinyl wood plank flooring in the kitchen, dining room and living room
  • Update kitchen countertops with new granite-look Formica top
  • Install, brushed nickel light fixtures, plumbing fixtures and door hardware
  • Add two-tone paint scheme to add warmth and dimension to unit
  • Update Clubhouse:
  • Add a business center or wi-fi café
  • Redecorate the clubroom and kitchen area
Attractive Mostly Brick Colonial Style Buildings are Situated on Nearly 20 Acres: The property has a mostly brick exterior finish which is both beautiful and low maintenance. Carriage House offers its residents plenty of green space on almost 20 well-landscaped acres. The time less colonial style buildings also feature brick finish on common area hallway walls promoting easy care of these high traffic areas.

Positive Economic Development in Elkhart Area Bolstering Local Economy: In 2014, Elkhart County reported over $108 million in new investment from existing or new companies. These investments are expected to create 1,661 new jobs within next three years. The unemployment rate for the county was just 4.5% in March 2015, the fifth lowest in Indiana.

Project Based HAP Contract In Place for 59% of the Units:
136 units receive a rent subsidy through a project based HAP contract.

Available for purchase with neighboring community, Williamsburg on the Lake – 190 Units:
Carriage House can be purchased individually or together with Williamsburg on the Lake, the neighboring property also owned and developed by the Gene B. Glick Company.