Average household incomes within one mile of the community are $113K and are expected to increase by 18% over the next five years. Tempest Homes has an A+ Better Business Bureau Accreditation.ĭemand for BTR communities has steadily increased as renters prefer the privacy and larger size of a home, without the burden of homeownership.Īffluent Resident Profile in High Growth AreaĪvalon Bluff is primed for a high-level resident profile.
Indy’s logistics hub (98M SF of facilities), northwest side and downtown employment corridors can be accessed quickly from the property.īuild-To-Rent Product by Respected BuilderĪvalon Bluff is a build-to-rent (BTR) community developed by Tempest Homes, a well-respected Great Lafayette-based company founded in 2002. Ideally located on Indy’s west side, Astoria Park is adjacent to fast-growing and high-income Hendricks County, and proximate to significant high-wage employers. Immediately west of the property is Eagle Creek Park and Reservoir, a very popular landmark for nature lovers, with more than 1 million visitors annually. Located directly on a major thoroughfare, Astoria Park benefits from its visibility to nearly 45,000 vehicles per day along 38th Street. HIGH TRAFFIC LOCATION ADJACENT TO EAGLE CREEK Additional yield could be obtained with the suggested enhancements.
#Office sharing indianapolis in 46219 upgrade
A full upgrade could be completed on the remaining 302 classic units to match the current upgrades, and more community amenities could be added. Updated items include 20 roof replacements since 2019, a clubhouse relocation with new fitness center, new outdoor amenities, updated unit interiors, painting, gutters and downspouts, signage, and lighting, in addition to numerous other improvements.Ī $181 average rent premium is being achieved on the 168 units upgraded by the current owner. More than $12 million has been spent improving the property since 2011. WELL-MAINTAINED: $12M+ SPENT ON IMPROVEMENTS The asset is offered at less than $140K per unit with a very attractive 6.2% trailing cap rate. The physical occupancy has averaged 94%+ over the last few years and delinquency is very low. Lush landscaping, expansive lakes with fountains, extensive amenities and popular unit layouts attract residents to Astoria Park.
STRONG PERFORMING | <$140K/UNIT | 6.2% T-3 CAP RATE
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