Value Add Opportunity - Lighthouse Landings Apartments is a 336 Unit Class A Property in a Class A Location - Adding Value to this property is as simple as Increasing the Occupancy to 95% using Professional Property Management - the property is priced Well Below Replacement Cost (only $68,155/unit) with an Assumable FNMA first mortgage in place at 5.68% interest and 68.9% Loan to Value (Loan has supplemental provisions to increase the loan amount twice) - Using current street rents the Proforma Cap Rate is 7.63%  (less modest concessions that will burn off).

This property is well located on the desirable south side of Indianapolis, Indiana.  Built in 2001 the property consists of 23 two-story buildings with 336 units on approximately 38 acres with 2 lakes.  Features include a Large Clubhouse with Community Room, Executive Business Center, Swimming Pool with Sundeck and Hot Tub, Car Care Center, State of the Art Fitness Center, Sand Volleyball and Basketball Court, Full Size Washer/Dryer in each unit, and Vaulted Ceilings.