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Park Place at Fox Hill

PROVEN VALUE-ADD OPPORTUNITY IN NORTH SIDE INDIANAPOLIS

60 Units | Built 1970

1349 Saddlebrook Court

Indianapolis, IN

The Opportunity

Originally developed in 1970, Park Place at Fox Hill offers five two-story apartment buildings consisting of 15 one-bedroom/one-bathroom units and 45 two-bedroom/one-bathroom units, all of which have been well maintained. Park Place offers individually metered electricity and gas in all units. The units have spacious floor plans that could benefit from cosmetic updating. Currently, rents are significantly below market, posing a tremendous opportunity for a new owner to overhaul the properties kitchens, baths and flooring to notably push rents. Additionally, adding washer/dryer hookups in the units would enable further rent bumps. Ownership has invested significant capital into the property consisting of landscape renovations, parking lot resurfacing, new exterior lighting on all buildings and much more. Situated in a dynamic location next to the Meridian Kessler neighborhood, Park Place is within two miles of the thriving entertainment district of Broad Ripple. The two-story architecture, park-like setting and location creates a phenomenal opportunity to enhance value through continued upgrades to achieve higher rents.

 

Investment Highlights

  • Well Maintained Property in Quiet Setting next to Solomon Park
  • Significant Rent Bump Opportunity through Interior Renovations
  • Less than 2 Miles from Booming, Broad Ripple Neighborhood

THE PROPERTY

Park Place at Fox Hill is a 60-unit garden-style apartment community located in Indianapolis, Indiana. The apartment was originally built in 1970 and features wood frame construction. Unit mix for the property is made up of 15 one-bedroom units, each measuring 750 square feet, and 45 two-bedroom units, each measuring 950 square feet. Average unit mix for the property is 900 square feet. A charming brick exterior, professionally manicured lawn, and mature trees decorate the outside of the apartment complex. 

UNIT Amenities

  • Fully Equipped Kitchen
  • Spacious Floor Plans
  • Private Patio / Balcony

COMMUNITY Amenities

  • Central Laundry Facilities
  • Quiet, Secluded Neighborhood 
  • Pet Friendly* 
  • Park-like Setting with Large Outdoor Spaces 
  • Washington Township School District 

THE LOCATION

ECONOMIC SNAPSHOT

DOCUMENT CENTER

CONTACT US

Investment Advisors

CHRIS BRUZAS

Director

chris.bruzas@berkadia.com

312.845.3093

ALEX BLAGOJEVICH

Managing Director

alex.blagojevich@berkadia.com

312.845.3088

CHICAGO OFFICE

125 South Wacker Drive Suite 400

Chicago, IL 60606

312.957.7391 | Fax: 312.957.7871

Berkadia.com

Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.   This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada. 

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