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highland pointe

Proven Value-Add Opportunity in North Side Indianapolis

133 Units | Built 1967

5480 North Michigan Road

Indianapolis, IN

The Opportunity

Berkadia Real Estate Advisors have been exclusively retained to offer qualified investors the opportunity to purchase Highland Pointe Apartments, a conventional 133-unit multifamily asset located close to Indianapolis’ most desirable submarket, Meridian Kessler.

PROVEN VALUE ADD OPPORTUNITY

  • Interior renovations have been completed on approximately 9% of the property.
  • These units have received marginal cosmetic upgrades and have been well received by the market and are achieving a premium of $80 to $100 over non-renovated units.
  • A systematic approach to upgrading the remaining 91% of the ‘classic’ units will strengthen revenues and increase NOI to inherently create additional value

 

Investment Highlights

  • 133 Conventional Market Rate Units
  • Year Built: 1967
  • Average Square Feet: 891
  • Average Market Rent: 743
  • Average Rent Per Square Foot: $0.83

THE PROPERTY

Highland Pointe is a 133-unit apartment community situated in the city of Indianapolis, Indiana. Built in 1967, this property comprises three, garden-style buildings encompassing 119,670 square feet of rentable space on 15 acres of land. This property's desirable unit mix consists of 36 one-bedroom floor plans measuring 685 square feet, 72 two-bedroom floor plans measuring 900 square feet, 16 two-bedroom townhomes spanning 1,050 square feet, and 9 three-bedroom townhomes measuring 1,490 square feet, with an average unit size of 900 square feet. Professionally managed, this beautifully landscaped community features well maintained grass areas, trimmed shrubbery, and mature shade trees, and flower-lined walk paths. Community amenities at this property include a picnic area, swimming pool, basketball court, laundry facilities, playground, clubhouse, covered parking, and 24-hour maintenance.

Select units have also undergone renovations and updates as well.

UNIT Amenities

  • Central Air / Heating
  • Ceiling Fan
  • Custom Blinds
  • Two-Tone Paint
  • Refrigerator
  • Dishwasher
  • Additional Storage
  • Balcony / Patio*
  • Washer / Dryer Connection in Townhomes
  • *Renovated Units

*Select Units

COMMUNITY Amenities

  • Sparkling Swimming Pool
  • Clubhouse with Coffee Bar
  • Playground
  • Bark Park
  • Bike Trail
  • Carports
  • On-Site Laundry Facilities

THE LOCATION

ECONOMIC SNAPSHOT

DOCUMENT CENTER

CONTACT US

Investment Advisors

CHRIS BRUZAS

Director

chris.bruzas@berkadia.com

312.845.3093

ALEX BLAGOJEVICH

Managing Director

alex.blagojevich@berkadia.com

312.845.3088

CHICAGO OFFICE

125 South Wacker Drive Suite 400

Chicago, IL 60606

312.957.7391 | Fax: 312.957.7871

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.
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