Investment Overview

Marcus & Millichap is pleased to present The Tower Apartments, a 41-unit multifamily highrise located in Anderson, Indiana. Originally constructed in 1929 and extensively renovated in 2019, the building combines historic character with modern interior finishes. The 2019 renovation included 250K of exterior tuckpointing, all new unit electricals, new HVAC, new flooring, and all unit kitchens and baths. The asset features strong in-place income and operational stability, offering investors a turn-key acquisition with immediate cash flow. The property is offered free and clear of existing debt and offers an opportunity to acquire a renovated, stable asset in the Anderson Market. LOCATION The Tower Apartments is strategically located at 1109 Jackson Street downtown Anderson. The property is located within minutes of the $77.3M SAICA Cardboard plant, RPM Transmissions new production facility, and the Wigwam Redevelopment. In addition to these new developments within Anderson, local employment is being driven by the expansion of the Old Dominion Warehouse alongside I-69 and the RaceTrac Retail Development Project that is investing $16M into enhancing the local community. OPPORTUNITY The property’s excellent location, coupled with being recently renovated, offers the prospective investor the opportunity to acquire a stabilized, turn-key asset in a growing market. In addition to the 40 apartment units, the asset provides two additional income streams: A recently leased retail space on the first floor, and a cell tower contract that was recently put into place. With no Inventory under construction in a 5-mile radius, the current condition of the asset, and local economic momentum positions the Tower Apartments as a low-risk, high-potential acquisition in the Indianapolis MSA.