Indy Apartments Change Hands for $19M
- Jul 26, 2016
Indianapolis—HPI Real Estate Opportunity Fund IV LLC, a fund managed by Hamilton Point Investments, has acquired The Bristol, a 211-unit Class A apartment building in Indianapolis, for $19.45 million.
The acquisition includes the 22-acre property plus an additional nine-acre site that is entitled and permitted for the development of 112 additional units.
“We like Indianapolis a lot for it business friendly atmosphere, a dynamic market and stable solid growth. The submarket in particular is growing quickly,” Matthew Sharp, Hamilton Point Investments’ co-founder and managing principal, told MHN. “The property itself is 2004 high quality construction with large units and we bought it for well below replacement costs.”
Originally constructed in 2004, the Bristol offers one-, two- and three-bedroom units, averaging 1,039 square feet in size, with nine-foot ceilings and all standard luxury amenities. All units include full size washer/dryer connections, dishwasher, large closets and air conditioning. Many offer private patios and balconies, which overlook the properties’ two picturesque ponds with fountains.
“HPI buys relatively new properties (built in the last 15 years) in growing markets for below replacement cost,” Sharp said. “Bristol hits each of those requirements squarely.”
According to Sharp, the company will complete modest unit interior upgrades and curb appeal common area improvements.
The property is conveniently located 10 minutes from the Indianapolis Airport and the AmeriPlex Business Park, a growing Class A industrial park, whose current employers include PepisCo, FedEx, Indiana Department and more.
Marcus and Millchap’s recent Indianapolis 1Q16 report cited Indianapolis employers will create 25,000 jobs this year, an increase of 2.4 percent over last year.