- Proven Value-Add Strategy for Substantial Return on Investment
- Huge Upside Potential on 60% of Units | Average Rent Premiums of $250+
- Great Connectivity | Proximate to Key Demand Drivers
- Opportunity to Achieve More than $700,000 in Additional Revenue
- Offered Free & Clear of Existing Debt
Proven Value-Add Strategy for Substantial Return on Investment
Constructed partially in 1973 (40%) and completed in 1989 (60%), Lochwood Apartments has a proven business plan for moderate unit modernizations. New ownership has the extraordinary opportunity to continue this successful business plan, enabling capture of significant rent premiums and outsized returns. Furthermore, the Southern Indiana submarket experienced strong rent growth of 3.3% in 2023 while absorbing 730 units. This is drastically more than the 251 units slated to deliver in 2024 and indicates a thriving local market.
Huge Upside Potential on 60% Of Units | Average Rent Premiums of $250+
By upgrading cabinets, countertops, flooring, lighting and appliances, new ownership can achieve an effective rent increase average of $250 per unit (monthly) in upside on 60% of the units, as evidenced by the rent premiums already being achieved on renovated units at the asset. Additionally, the floor plans in the expansive 2BR/2BA units are perfect for a $1,500 conversion to 3BR/2BA and subsequent rent increase of $142 per month.
Great Connectivity | Proximate to Key Demand Drivers
Lochwood is situated between two major retail corridors that offer a multitude of restaurants, retail outlets, grocery stores, and office space – with easy access to Indiana Highway 62 and Interstate 65 providing efficient access to downtown Louisville in less than 7 miles or 15 minutes.
