Investment Overview

Marcus & Millichap is pleased to present the Breeza 32 Apartments, a 33-unit multifamily community located in the vibrant submarket of Greenwood, IN. Built in 1968, Breeza 32 offers immediate upside through a continuation of the current ownership’s unit enhancement program and long-term organic growth with the surrounding area’s strong demographics and projected growth. The property features an attractive unit mix and amenities including a variety of 1-bedrooms, 2-bedrooms, 3-bedrooms, and onsite garage ports. Average unit sizes range from 882 – 1,121 square feet, which are significantly larger than the majority of comps with similar vintage in the Greenwood submarket. LOCATION Situated in Johnson County, one of the fastest-growing counties in Indiana, Greenwood offers a favorable investment climate supported by strong demographic and economic fundamentals. The suburb has seen consistent population growth of over 2% annually in recent years, driven by affordable housing, quality schools, and close proximity to Indianapolis' employment centers. Greenwood’s multifamily market remains tight, with low vacancy and rising demand fueled by in-migration and limited new apartment construction. The city’s blend of suburban comfort and metro accessibility makes it an increasingly attractive destination for renters priced out of the Indianapolis core. The Indianapolis MSA continues to demonstrate strong multifamily performance, with occupancy levels hovering near 95% and annual rent growth averaging 3–4 percent as of mid-2025. OPPORTUNITY Breeza 32 Apartments is well-positioned in the market to experience significant growth. Across all unit types, average rental upside is approximately $131 per month, with little to no capital injection needed to achieve this increase, which would increase in-place average rent from $983 to $1,114 per month. While class A communities in Greenwood are achieving average monthly rents upwards of $1,700 for two-bedroom units, Breeza 32 maintains average in-place rents closer to the $1,100 range—providing a compelling affordability gap of ~$600 per month. This affordability advantage appeals directly to the growing segment of renters seeking quality housing without the premium price tag, particularly as housing costs across Central Indiana continue to rise. As newer developments cater to higher-income tenants, Breeza 32 remains well-insulated from supply-side competition and is poised to benefit from continued demand for attainable workforce housing. This dynamic not only supports strong long-term occupancy but also leaves room for strategic rent growth through unit upgrades while still maintaining a value-oriented position in the market.