Investment Overview

Marcus & Millichap is pleased to exclusively present the Windmill Apartments, located in the Western suburbs of Indianapolis, Indiana, between Brownsburg and Avon. This multifamily property was built in 1980 and consists of three buildings and (33) units, including fifteen (15) studio units, seventeen (17) one-bedroom units, and one (1) two-bedroom unit. Current ownership has spared no expense in enhancing the property, completing roughly $190,000 of interior renovations in 28 units, $200,000 constructing 4 new units, $27,000 for two new boilers and one new furnace, and $160,000 in common area and exterior renovations. These improvements include new signage, gutters, landscaping improvements, new mailboxes, repaving the parking lot, installation of an internet/tv package, and improvements to the common area hallways. These renovations have not only improved the aesthetics but also the functionality and comfort of the units, making them more appealing to potential residents. In total, over $550,000 in CAPEX projects have been completed at Windmill Apartments in the past three years, ensuring that the property is in top condition and poised for future appreciation. Windmill Apartments is located in the west suburbs of Indianapolis, nestled between the cities of Avon and Brownsburg, which have lower than-average vacancy rates of 4.4% and 3.9%, respectively, according to CoStar Analytics. These two submarkets have also reported 7.3% and 8.5% Year-Over-Year rent growth from 2021 – 2023, significantly exceeding the national and Indianapolis averages. The property is in the highly coveted Brownsburg School District, ranked #4 Best School District in Indiana for 2024 by Niche. Brownsburg Community School Corporation has been the highest-performing school corporation in Indiana for the past eight years. The property is located just three miles from nearly 5.3 million square feet of industrial space, with another 1.5 million square feet being built. Within a 10-mile radius of the property, large employers such as Amazon, UPS, Salesforce, and Eli Lilly have brought thousands of permanent jobs to the area providing many employment opportunities for residents. The apartments are near recreational attractions such as Eagle Creek Park, Eagle Creek Golf Club, Indianapolis Motor Speedway, and Lucas Oil Indianapolis Raceway Park, offering a vibrant lifestyle for potential residents. The Windmill Apartments is a high-cash-flow opportunity with a property in excellent condition. Instead of spending money on areas which don’t provide a direct return on investment, new ownership can focus on operations and further improvements to the property. There is additional space for either community amenities or additional units to be constructed, 5 more units could be renovated, and in-place rents are estimated to be approximately 8% under-market. With the rare combination of condition, location, and day-1 cash-flow, the Windmill Apartments provide a coveted opportunity to own apartments in Indianapolis.