6.19.2015

Multifamily Investment Opportunity: Carriage House - Elkhart, IN

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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.

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