7975 Red Mill Drive, Indianapolis, IN 46226 - multi-family property

Detailed information about multi-family property which situated in Indianapolis (46226) city, Indiana state on 7975 Red Mill Drive.

Additional Information: INVESTMENT RATIONALE Summit Realty Group has been retained as the exclusive investment advisor in the sale of Red Mill Apartments, a 164-unit community located in Indianapolis, Indiana. Red Mill is comprised of unique, low-density, walk-up buildings in a park-like setting. The property has the advantage of washer and dryer hookups in 80% of the units. Red Mill enjoys 93% occupancy and an 83% renewal rate. INVESTMENT HIGHLIGHTS THE OPPORTUNITY The acquisition of Red Mill presents the opportunity to purchase a stabilized REO asset at less than $17,000 per unit. VALUE ADD OPPORTUNITY The current occupancy at Red Mill is 93%, allowing for unit upgrades and rental increases. The property has a significant number of senior residents, and lends itself to being converted to a dedicated senior community. LOCATION Walmart recently constructed their new concept “neighborhood store” practically adjacent to Red Mill. Other new development to the adjacent area includes an assisted, memory-care facility. Red Mill is located in Lawrence Township, a well-known northeast trade area of Indianapolis approximately 15 minutes from downtown Indianapolis. Major area employers include Defense Financing and Accounting Services, CVS (Distribution Center), Exel, Finish Line, Genesis Casket, Ingersoll Rand, Logo Athletic, MacAllister Machinery, Reebok, Schneider National Trucking and Von Duprin. There are a variety of dining options nearby, including many locally-owned restaurants that populate Lawrence’s International District. The area is also known for its parks and recreation, including the 1,700-acre Fort Harrison State Park and Golf Course (a Pete Dye- designed course). In addition Red Mill is nearby Lawrence Village, a 100-acre mixed-use development that includes the Lawrence campus of Ivy Tech Community College, a nationally ranked soccer facility, a state-of-the-art YMCA, office, retail and residential product.