Investment Highlights

Location: Indianapolis, IN
No. of Buildings: 23
No. of Units: 258

Date Acquired: June 24, 2022
Purchase Price: $37.25M

• Outstanding market traction on rent increases

• Proven submarket demand for value-add program

• Major cap-ex previously invested in mechanical systems allowing us to focus on revenue-producing enhancements

• Well-amenitized property with strong position among competitors

Closer Look

The Jameson is located in the desirable Northside Indianapolis market. The property possesses an attractive layout mix: 71% of units are the popular 2-bed/2-bath floorplan and 14% of units are a unique single-story, cottage style. It has received significant recent investments including new roofs, new fiber cement siding, patio railings, club house renovations, and interior finishes in a majority of the units that are best in peer group, allowing us to focus on further revenue producing enhancements instead of curing deferred maintenance and speeding the elimination of loss to lease. The asset is very well positioned among competitors and we anticipate the project will produce an attractive cash flow yield during our hold period.

Indianapolis’ population has grown at twice the national rate, reaching an average of 1.01% annually between 2018-2020 compared to a national annual average of 0.50%. Over 266 monthly periods between January 2000 and February 2022, Indianapolis had a lower unemployment rate than the U.S. in 244 of those periods, or 91.7% of the time. It had a lower unemployment rate than the nation in EVERY monthly period since February 2015.