Highlights

• Indiana’s 3rd fastest growing county
• Ability to increase rents
• Rent comparables 5% higher for lesser quality
• 3 million sq. ft. of e-commerce space
  (Walmart, Amazon, FedEx)
• Previous owner used 3rd party management
• High occupancy

Metrics

• Total Square Footage:  270,000

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Highlights

• Located near 2nd largest FedEx Superhub
• Easy interstate access
• Located near upscale shopping and Indianapolis International Airport
• Economies of scale with sister property (Bristol)
• Immediate management cost reduction per unit of $1,900
• Current rents $200 per unit below competitors
• Apartment interiors recently upgraded without rent increases applied
• Dynamic employment in logistics & e-commerce

Metrics

• Total Square Footage: 343,338

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Highlights

• Immediate management cost reduction per unit of $900
• Highest average income in Indianapolis MSA
• Desirable school system
• Easy commute to over 5,000 medical jobs
• Prior management deemed weak
• Record population growth since 2000: Westfield (229%), Noblesville (105%), Carmel (45%) and Fishers (135%)

Highlights

• Located on Main Street in the middle of Indianapolis’s most affluent northern suburb of Carmel
• Record population growth since 2000: Westfield (229%), Noblesville (105%), Carmel (45%) and Fishers (135%)
• Current submarket rent comparable properties have average rents $537+ per unit higher than The Gallery
• Ability to reduce management cost by $800 per unit per year through managerial efficiencies
• Extensive value-add to units and amenities (new pool, dog park, grilling area)
• Short term hold (2-3yrs vs 5-7 typical hold)

Metrics

• Total Square Footage: 63,274

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Highlights

• 90% value increase in under 3 years
• All initial capital returned after a cash-out refinance (investors still retain their equity shares)
• Renovation resulting in ~$200 in per door rent increases.
• Ancillary revenue is up ~60% (applications fees, pet rent, water/sewer, trash, garage rent, admin fees, etc.)

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Highlights

• 7-year business plan was achieved in 3 years
• Significant management expense reduction
• Replaced roofs, full interior renovation, redesigned sewage system and plumbing

Economics

• Targeted Hold time: 7 yrs
• Realized Hold Time: 3 Yrs
• Targeted IRR: 17%
• Targeted Equity Multiple: 2.09X
• Realized Equity Multiple: 2.55X

Highlights

• Shared management teams with sister property within close proximity which resulted in reduced maintenance expenses.
• Light upgrades to units and amenities

Economics

• Targeted Hold Time: 7 yrs
• Hold Time: 3 yrs
• Targeted IRR: 19%
• Realized (Net) IRR: 23%
• Targeted Equity Multiple: 2.8X
• Realized Equity Multiple: 1.8X

Highlights

• 10-year business plan was achieved in year 4; exceeding multiple and IRR return projections.
• Infused $3M into unit and common area upgrades
• Fully renovated 200 Units
• Substantial capital expenditures: roofs, clubhouse pool

Economics

• Targeted Hold Time: 10 yrs
• Hold Time: 4 yrs
• Targeted IRR: 17%
• Realized (Net) IRR: 23%
• Targeted Equity Multiple: 3.3X
• Realized Equity Multiple: 2.33X

Highlights

• Ideally located in Champaign (250k population), home to the University of Illinois (45k students)
• Strong market employment including IBM, Kraft Heinz, FedEx, Yahoo!, AMD, Caterpillar, John Deere and Dow Chemical
• Resort-style clubhouse and pool, state-of-the-art fitness center, yoga studio, full indoor basketball court, 1500sq ft business center, coffee bar, dog park, sand volleyball court, car care center, sundeck, grilling stations, and tennis court

Metrics

• Total Square Feet: 333,970

Highlights

• Positioned strategically within Carmel, IN
• Voted #1 “Best Places to Live” by Niche.com #3 by Money Magazine

One of the fastest-growing cities in the nation

• Infusing $5,732/unit in renovations: flooring, lighting, hardware, appliances, countertops, etc.

Metrics

• Total Square Feet: 289,458

Highlights

• Upgraded the amenity package with a new poolside fitness center and business center in the old fitness location and bark park.
• Expense reduction through a more hands-on management approach
• Ideally located adjacent to Dayton mall and other bustling employment
• Easy commute to region’s largest employers (I-75, I675, SR 725 and SR 743)

Metrics

• Total Square Feet: 218,002

Highlights

• Renovated all 112 units in the first two years solely with in-house maintenance team changing to modern grey paint scheme, adding new black appliances, new flooring, new countertops, new nickel hardware
• Major Amenity Upgrades: Replaced several roofs, new playground equipment, redecorated clubhouse, replaced all exterior and common area lighting with LED fixtures, parking lot repairs and seal coat/restripe
• Total rent grew 29.6% during operations
• Average rent grew 19% during operations

Metrics

• Targeted Hold Time: 10 yrs
• Hold Time:7 yrs
• Targeted IRR: 17%
• Realized (Net) IRR: 27.3%
• Realized Equity Multiple: 4.21X

Highlights

• $1.062M in capital expenditures completed organically over the 4 year hold period, ranging from common area painting, washer/dryer hookup installation, balcony repairs, roof replacements, green repairs (done completely in-house), masonry repairs, and HVAC replacement.
• Average lease rent grew 19% over 4 year hold period (avg 4.8% Y-o-Y)
• Total rent income grew 22.6% over 4 year hold period (avg 5.7% Y-o-Y)
• NOI grew 81% final BAM T12 versus previous owner T12 ($796k to $1.44mm)
• Total Operating Expense reduction of $675/unit from the previous owner

Metrics

• Hold Period: 4 years
• Actual IRR: 37% (Target – 19.261%)
• Actual Equity Multiple: 3.2x (Target – 2.79x)

Highlights

• Renovated 200 units
• Major amenity upgrades: new leasing center, renovated fitness center, upgraded playground, new dog park, new bocce ball court
• Average rent growth of 22.9% during operations
• Total rent income grew 21.4% during operations

Metrics

• Targeted Hold Time: 10 yrs
• Hold Time: 3.5 yrs
• Targeted IRR: 33%
• Realized (Net) IRR: 32%
• Targeted Equity Multiple: 2.3X
• Realized Equity Multiple: 2.42X