Summerlake Meadows — Sale in Pendleton, IN

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Pendleton, IN 46064
  • Size: 59,520 SF

Description

The Kuroiwa Group is pleased to present the exclusive offering of Summerlake Meadows Apartments, a 48-unit multifamily community located in Pendleton, Indiana. Constructed in 2018, the property features spacious 1,240-squarefoot two-bedroom floor plans, each equipped with private patios and one-car attached garages. Asset performance has been exceptional, with the property currently operating at 98 percent occupancy. Situated on nearly five acres, Summerlake Meadows offers a low-density, neighborhood-style living environment that differentiates the asset from traditional garden-style apartment communities. Summerlake Meadows benefits from a strategic location just off Interstate 69, providing residents with direct access to the rapidly expanding eastern Hamilton County corridor. The property is located just seven minutes from Hamilton Town Center in Fishers, a premier lifestyle destination offering a wide range of retail, dining, and entertainment options. This proximity positions the property to benefit from the continued population growth and economic expansion occurring throughout the northeastern Indianapolis suburbs. Summerlake Meadows presents a compelling opportunity to acquire a newer vintage asset in one of the highest growth corridors within the Indianapolis MSA. With effective in-place rents averaging $1,416 per month at Summerlake Meadows, there is clear upside in rental rates based on comparable properties. The comp average Two-Bedroom rents in the immediate or adjacent markets is $1,739 per month, making the average rent gap between the property and comp average $323 per month. Additionally, Summerlake Meadows’ 1,240 square foot floor plans average 188 square feet larger than the average two-bedroom comp. Investment Highlights: • Quality Real Estate – 2018 Vintage, Low Density Community with Large Floor Plans and Attached Garages • Compelling Pricing Relative to Market – Offered at $177K per Unit – Market Sales for 2018 and Newer Vintage Average $209k

Market Context

This multifamily in Pendleton, IN is listed for sale across 59,520 SF. It has been on the market for 137 days. Compare it against other multifamily listings for sale in Pendleton, IN — view the full market.

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