Summit Pointe

About Summit Pointe

2007-BUILT <$170K/UNIT | 4.3% FIXED RATE ASSUMABLE LOAN

Summit Pointe presents the opportunity to acquire an exceptional 2007-built property at an attractive basis of less than $170K per unit within an affluent, high-growth immediate area. The appealing existing loan can be assumed at a low 4.3% fixed interest rate with the interest only period still remaining and the potential for a supplemental loan for a blended rate of 5.02%.

IDEAL OPPORTUNITY TO GROW REVENUE

By upgrading 234 units to a luxury-grade finish level and introducing popular amenities, Summit Pointe’s position among its competition could be elevated to top-of-the-market. Doing so could increase market rents by $211/unit, on average, equating to over $648,000 in additional annual income. Additionally, R&M expenses could be lowered by purchasing washer/dryer machines the property is currently leasing.

EXCEPTIONAL FINANCIAL PERFORMANCE

Investors have the opportunity to inherit impressive operations, including historically strong occupancy and 5.6%+ lease tradeout over the last three months. Additionally, total revenue growth was 10.7% for 2022.

DISTINCTIVE PROPERTY WITH POPULAR UNIT FEATURES

This low-density property offers lush landscaping, two large scenic lakes, attractive exterior architecture and all exterior private entries. The meticulously designed units offer spacious floor plans, full size washer/dryer connections, plenty of storage space, 9’ ceilings, elegant crown molding in living rooms, six-panel doors, and the added bonus of both front and back balconies or patios in most units.

FLOURISHING GREENWOOD: FAST-GROWING & AFFLUENT

The property is within the city of Greenwood (Johnson County—4th fastest growing in the state), a sought-after affluent south suburb of Indianapolis with a wealth of employment options. Summit Pointe’s immediate area enjoys impressive demographics such as 65% population growth and an average household income of $111K. Greenwood is known for well-performing schools and is proximate to downtown Indianapolis, offering additional employment and top-notch amenities.