INDIANA APARTMENT Overview Brochure 2018 WEB.pdf · • World Headquarters of Eli Lilly, Simon Property Group and Anthem all located downtown • Over 135,000 workers downtown with

Multihousing Investment Advisors

INDIANA

APARTMENTMARKET

2018

2 3Multihousing Investment Advisors

National Employment and Apartment Market Statistics

National Employment Data• US unemployment rate at lowest in 49 years - 3.7% in October 2018• Manufacturing jobs growing at highest rate in 23 years• Labor participation rate is steady in spite of Baby Boomers retiring at the

rate of 10,000 per day• Job growth averaging over 210,000 per month in 2018 - higher than five

of the last seven years• Average wages up 3.1% over last year

National Multifamily Fundamentals• Apartment Occupancy - 95.8% at end of 3Q18 - highest since 2001 peak • Apartment Rents - up 2.9% year over year • 233,000 new units delivered through 3Q18 - Est. 300,000+ for full-year • Apartment construction expected to slow slightly in 2019 due to

increasing interest rates, higher construction costs and tightened lending standards

• Demand for apartments will continue to spur strong occupancy as an estimated 1.53M new households will form in 2019, up from 1.23M in 2018

National Apartment Sales • Cap rates averaging 5.6% throughout first three quarters of 2018, not yet

impacted by rising interest rates • Multifamily investment sales on pace to break record of $159.6 Billion

set in 2016

Indiana Economic Overview

Continued Strong Employment • State unemployment stands at 3.0% in September, compared with 4.1%

nationally• State continues to set employment records in 2018 with 2,710,900

Hoosiers employed in the private sector at the end of September 2018, up from 2,691,600 one year ago

• 20,700 jobs added in the last 12 months

Indiana – A State that Works for BusinessNational Rankings• Top 5 US States for Business (Chief Executive 2018)• 1st in the US for Manufacturing Workforce (Business Facilities 2017)• 2nd Best Business Infrastructure (CNBC Top States for Business 2018)• 2nd Best Property Tax Index (Tax Foundation 2018)• 5th Best Cost of Doing Business (CNBC’s Top States for Business 2018) • 8th Best for State Business Tax (Tax Foundation 2018)• Purdue University 15th worldwide for university-issued patents (2018)• 5th Most New Tech Jobs (Forbes 2017)• 2nd Best Cost of Living (CNBC 2017)

Fiscally Sound• AAA Bond Rate – Standard & Poor’s, Fitch and Moody’s• Tax cuts scheduled every year through 2021• Balanced budgets and “rainy day” reserves

Strong Job Creation throughout StateIndianapolis | Infosys, a global consulting and technology services company, will establish a U.S. Education Center to train workers and will increase its workforce in Indiana by 3,000 by the end of 2023. The company will expand into a $245 million, 141-acre campus.

Carmel | GEICO, one of the country’s fastest-growing auto insurers, plans to expand its operations in central Indiana, creating up to 1,474 new jobs by the end of 2022.

Ft. Wayne | Sweetwater, the country’s largest on-line retailer of audio gear, and music instruments, plans a major expansion and will add 1,009 new jobs.

Jeffersonville | United Collection Bureau Inc., a business process outsourcing and accounts receivable management firm, will build a new call center in Clark County, creating up to 621 new jobs by 2022.

Indianapolis | Republic Airways will establish a flight training academy to train hundreds of students and aviation professionals. The company plans to add more than 600 new, full-time jobs here.

Hobart | Illinois based Daifuku Wynright picks Hobart for manufacturing of high-tech materials handling system and will add 582 new jobs.

Mishawaka | California-based electric vehicle company, SF Motors, will establish a manufacturing facility, acquiring AM General’s commercial plant and creating up to 467 new jobs by 2020.

Whitestown | Rockwell Automation, a publicly traded industrial automation firm, is relocating from Illinois and Tennessee to Indiana and will create up to 231 new jobs.

Diverse Economy Aerospace and Aviation• GE Aviation is building a $100 million jet engine manufacturing facility in

Lafayette, the largest manufacturing facility for Rolls-Royce civil aero jet engines outside the U.K.

• Recent expansions by Raytheon and Alcoa Advanced Manufacturing• Leading the nation in manufacturing job growth • Elkhart – Goshen area (RV Capital of the World) ranks 3rd in nation for

job growth in 2018• Home to the second largest automotive industry in the nation• Home to auto assembly plants for Honda, Subaru and Toyota (only state

in US to have all three)• Indiana is the US largest steel producerAgribusiness• Indiana contributes roughly $31.2 billion to the GDP annually• Over 107,500 Hoosier jobs in agricultural production, processing and

related businesses• Leading producer of corn, soybeans, hogs, poultry, popcorn, and tomato

productsInformation Technology• Indy Ranked 5th among “Cities Creating the Most Tech Jobs” (Forbes)• 21 Indiana tech firms made Inc. 5000’s Fastest Growing Companies List • Ziprecruiter, a job search engine, includes Indianapolis among the 6 US

cities where start-ups are thriving

Economic Overview

3Please visit www.TAmulti.com for more information

Life Sciences• 2nd largest exporter of life science products • Orthopedics capital of the world (50% of US orthopedics)• Home to the world’s largest private medical device manufacturerLogistics• Shortest distance to median center of US Population• 1st in number of pass-through highways• Home to the 2nd largest FedEx air hub worldwide• 3rd in total freight railroads• 7th in waterborne shipping Motorsports• With more than 2,100 motorsports companies, Indianapolis and Indiana

are well-known as the Racing Capital of the World

Indianapolis Economic Overview

National Recognition• Carmel – 2018 Best City to Live in America – CNN Money Magazine• Fishers – 2017 Best City to Live in America – CNN Money Magazine• Indianapolis – 2018 Best Airport in America – Conde Nast Traveler• Indianapolis – 2018 #1 Convention City in the US – USA Today• Indianapolis – 2017 America’s 20 Favorite Food Cities – Food and Wine

Strong Employment and Continuing Job Growth • 15,000 new jobs added in the last 12 months • Unemployment rate at 2.9%

Vibrant Downtown• Home to city’s pro football, basketball, baseball and soccer• Outstanding theaters featuring Broadway shows, Indianapolis Symphony

and world class entertainment• Nationally recognized for its wide variety of fine dining options• Outstanding walkability score of 96 - “Walkers Paradice”• Home to 30,000 student Indiana University Purdue University

Indianapolis, including IU law school, medical school and dental school• World Headquarters of Eli Lilly, Simon Property Group and Anthem all

located downtown• Over 135,000 workers downtown with 7,270 new jobs added last year• The Number of market rate apartment units downtown have more than

doubled since 2010• More than $5B invested in downtown CBD in last 8 years

Brisk New Downtown DevelopmentPlanned• Indy will add 235,000 sqft to the convention center in extensive expansion• Kite Realty to build Hilton 38-story tower with 600 hotel rooms next to

convention center• National design firm selected to plan best utilization of the more than 58

miles of the White River running through IndianapolisOpen or Under Construction• 360 Market Square opened a 28-story, 292-unit Class A+ property with a

42,000 sqft Whole Foods Grocery• Penrose on Mass nearing completion of $45M mixed use project

including 236 Class A+ apartments and 40,000 sqft of retail shops and restaurants

• Construction commenced on 15-story, 316 room Hyatt Hotel

• Construction under way of 402-unit CityWay 2.0, Class A+ apartments and 29,000 sqft of commercial space

• Construction beginning on the 12-acre, $300M Bottleworks District mixed use development

Job GrowthState of Indiana – Number of New Jobs

(180,000)

(160,000)

(140,000)

(120,000)

(100,000)

(80,000)

(60,000)

(40,000)

(20,000)

0

20,000

40,000

60,000

80,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

Chan

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Total Establishment Employment -State of Indiana 9/18 = 3,167,700 Jobs

Source: Bureau of Labor Statistics

2018 Done

Job GrowthIndianapolis MSA – Number of New Jobs

(45,000)

(40,000)

(35,000)

(30,000)

(25,000)

(20,000)

(15,000)

(10,000)

(5,000)

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

Chan

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Total Establishment Employment -Indianapolis MSA 9/18 = 1,089,700 Jobs


2018 Done

Unemployment RateIndiana & Indianapolis MSA

4.6%

5.9%

10.3% 10.4%

9.1%8.3%

7.7%

6.0%

4.8%4.4%

3.5%3.0%4.2%

5.2%

8.8%

9.6%

8.7%8.1%

7.4%

5.7%

4.5%4.1%

3.3%2.9%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

11.0%

12.0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(9/18)

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Indiana Indianapolis MSA Source: Bureau of Labor Statistics

2018 Done

Economic Overview


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Indiana Average Rent and Occupancy(Avg Rent / Avg Rent per sqft / Avg Occupancy)

Source: US Census Bureauthrough ESRI

2018 Estimates

Source: Tikijian Associates

PopulationStatisticsIndiana 6,746,700

Cities Indianapolis MSA: 2,053,700

Indianapolis: 864,500

Fort Wayne MSA: 440,000Fort Wayne: 264,200

Evansville MSA: 320,500Evansville: 122,000

South Bend MSA: 325,900South Bend: 103,800

Fishers: 97,400

Carmel: 92,100

Bloomington: 85,200

Hammond: 78,500

Lafayette: 75,400

Gary: 74,700

Muncie: 69,100

Noblesville: 64,400

Terre Haute: 61,900

Anderson: 55,000

Elkhart: 52,300


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Fort Wayne

80 5 20 12 11 13 11 818,758 666 6,141 1,754 2,194 2,967 2,938 2,09895.5% 95.5% 96.2% 94.1% 90.6% 97.5% 97.2% 94.8%

$702 $645 $794 $621 $503 $587 $765 $803$.82 $.89 $.88 $.81 $.61 $.67 $.90 $.95

Avg. Rent $516 $521 $479 $590 $390 $435 $439 $584Avg. $ / SF $1.12 $1.01 $1.21 $1.15 $1.35 $1.09 $1.52 $1.12Avg. Rent $596 $642 $668 $529 $513 $511 $657 $660Avg. $ / SF $.90 $.89 $.92 $.90 $.71 $.76 $1.00 $1.02Avg. Rent $685 $789 $786 $666 $536 $602 $775 $751Avg. $ / SF $.75 $.87 $.85 $.73 $.58 $.63 $.80 $.94Avg. Rent $851 $981 $873 $778 $571 $653 $861 $1,112Avg. $ / SF $.81 $.71 $.83 $.81 $.56 $.66 $.86 $.92Avg. Rent $970 $1,164 $1,164 $841 $643 $779 $1,035 $1,157Avg. $ / SF $.77 $.68 $.91 $.70 $.57 $.60 $.82 $.84Avg. Rent $725 N/A N/A N/A $628 $1,020 $1,142 N/AAvg. $ / SF $.55 $.49 $.63 $.73

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41 North RealAmerica Senior Planned 268

Bonterra Domo Development Market Under Construction 221

Electric Works Ph I Cross Street / Green Street / Biggs Market Planned 170

Skyline Tower Ash / Great Lakes Capital Market Complete 124

Superior Lofts RealAmerica Market Under Construction 72

Triangle Park BND Development Market Under Construction 68

Ash Senior Homes ASH Holding Senior Planned 60

River's Edge UP Development Affordable / Specialty Planned 56

Prosperity Heights - Scholar House BWI Affordable Complete 44

Slocum Pointe Keller Development Affordable Planned 43

The Landing The Model Group Market Under Construction 34

Bottle Works Lofts Miller-Valentine Affordable Under Construction 31

Totals 1,191

New Construction

Recent SalesProperty Buyer UnitsSt. Joe Place Sundance Real Estate Advisors 144

Anthony Apartments Private Investment 54

Totals 198

2.7%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

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(15,000)

(10,000)

(5,000)

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5,000

10,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

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Annual Change in EmploymentUnemployment Rate

Total Establishment Employment -Ft. Wayne MSA 9/18 = 230,000 Jobs


Job Growth / Unemployment RateFort Wayne MSA – Number of New Jobs

90.7%90.1%

91.2%

92.4% 92.5%

93.7%93.2%

95.7%95.2%

94.3%

95.5%

86%

88%

90%

92%

94%

96%

98%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Ft. Wayne Historical Occupancy


2018 Done

Top EmployersCompany # EmployeesParkview Health Systems 4,710

Lutheran Health Network 4,301

Fort Wayne Community Schools 4,230

General Motors (SUVs / Trucks) 3,909

Lincoln Financial Group 1,970

City of Fort Wayne 1,814

Allen County Government 1,605

BFGoodrich (Tire Manufacturing) 1,580


EVANSVILLE

MELODY HILL

NEWBURGH

HIGHLAND

University ofSouthern Indiana

University ofEvansville

66

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62

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66

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Evansville

72 16 31 13 1212,203 3,367 5,088 2,074 1,67493.9% 94.1% 93.3% 96.1% 92.3%

$712 $740 $685 $786 $643$.82 $.85 $.79 $.89 $.78

Avg. Rent $500 N/A $501 N/A $350Avg. $ / SF $1.07 $1.08 $.67Avg. Rent $604 $619 $607 $609 $563Avg. $ / SF $.87 $.91 $.86 $.84 $.84Avg. Rent $709 $741 $689 $750 $699Avg. $ / SF $.79 $.82 $.76 $.82 $.81Avg. Rent $872 $905 $840 $942 $692Avg. $ / SF $.77 $.84 $.71 $.81 $.61Avg. Rent $971 $1,046 $936 $1,090 $785Avg. $ / SF $.77 $.80 $.78 $.84 $.62Avg. Rent $1,463 $881 $896 $1,700 $659Avg. $ / SF $1.31 $.63 $.63 $1.70 $.44

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Warrick Trail Chandler Real Estate Market Under Construction 348

Richmond Park Spurling Development Senior Under Construction 175

Post House Scannel Properties Market Planned 144

McCurdy Building Kunkel Group Market Complete 100

Central Lofts AP Development Affordable Under Construction 62

Carpenter Court Pioneer Development Affordable Complete 45

Garvin Lofts ECHO Housing Corp. Affordable Complete 27

Totals 901

New Construction

Recent SalesProperty Buyer UnitsEagle Village (Student) Kahuna Investments 128

Rathbone Fetter Properties 58

Totals 186

2.9%

0%

1%

2%

3%

4%

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6%

7%

8%

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(8,000)

(6,000)

(4,000)

(2,000)

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4,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

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Unemployment Rate

Total Establishment Employment -Evansville MSA 9/18 = 164,300 Jobs


Job Growth / Unemployment RateEvansville MSA – Number of New Jobs

92.4%

91.2%91.8%

93.1% 92.7%93.3% 93.3%

94.4% 94.6%93.7% 93.9%

86%

88%

90%

92%

94%

96%

98%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Evansville Historical Occupancy


2018 Done

Top EmployersCompany # EmployeesDeaconess Hospital 5,600

Toyota Motor Manufacturing (SUV / Trucks) 5,000

St. Mary's Medical Center 3,638

Evansville Vanderburgh School Corp. 3,214

University of Southern Indiana (Enrollment 10,820) 2,895

Berry Plastics (Injection-molded Plastics) 2,699

SKANSKA (Commercial / Industrial Contractors) 2,425

T.J.Maxx (Distribution) 1,500

Koch Enterprises, Inc. (Auto Parts Manufacturing) 1,409

Vectren Corporation (Utilities) 1,200

Old National Bank Corp. 1,160

EVANSVILLE

MELODY HILL

NEWBURGH

HIGHLAND

University ofSouthern Indiana

University ofEvansville

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46 8 17 4 7 6 412,955 2,840 5,516 1,185 2,072 944 39895.5% 93.9% 98.1% 84.5% 95.6% 98.0% 96.6%

$834 $882 $738 $685 $706 $1,625 $1,069$.97 $.97 $.91 $.80 $.79 $1.72 $1.20

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Eddy Street Commons Ph II Kite Realty Market Under Construction 407

Villas on Fir Watermark Residential Market Under Construction 390

University Village Redevelopment

Notre Dame / Holladay Properties Market Planned 252

Mill at Ironworks Flaherty & Collins Market Under Construction 232

Commerce Center Matthews Market Planned 140

Hellenic Senior Living AHEPA Management Company Senior Under Construction 136

Berlin Flats TWG / Berlin Market Under Construction 120

Liberty Tower Washington Square Realty Market Under Construction 83

La Salle RealAmerica Market Complete 67

Totals 1,827

New Construction

Recent SalesProperty Buyer UnitsCarriage House (Elkhart) Piterman Real Estate 230

Williamsburg on the Lake (Elkhart) Piterman Real Estate 190

Georgetown Legacy Varin Property Management 200

Woodwind (Elkhart) Brown Capital Group 95

Golden Oak Village Preinceton Enterprises 80

Greenleaf Hunters Pond (Elkhart) Brown Capital Group 76

Totals 871 3.2%

0%

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2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

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Total Establishment Employment -South Bend MSA 9/18 = 144,000 Jobs


2018 D

Job Growth Unemployment RateSouth Bend MSA – Number of New Jobs

91.6%

89.5%

85.7%

87.9% 88.1%

90.4%

91.8%92.9%

92.3%

94.0%

95.5%

84%

86%

88%

90%

92%

94%

96%

98%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

South Bend Historical Occupancy


2018 Done

Top EmployersCompany # EmployeesBeacon Health System 6,913

University of Notre Dame (Enrollment 12,124) 5,590

South Bend Community School Corporation 3,489

AM General (National Headquarters) 2,858

Trinity Health / Saint Joseph Regional Medical Center 2,534

Roman Catholic Diocese of Fort Wayne - South Bend 1,698

Indiana University South Bend (Enrollment 7,574) 1,489

St. Joseph County 1,132


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4

5

6

1

2

3

4

5

6

NORTHEASTSOUTHWESTDOWNTOWNCAMPUS

4645

45


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17TH STREET

BLOOMINGTON

A�� V�� II(140 - MR)

S�� H��(92 U��)

U�� S�� P� II(60 - MR)

T�� A��(54 - MR)A�� W��

(33 - MR)

U�� C��(149 - AF)

E��(180 - MR)

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S�� C��(233 U��)

C��S��(64 - MR)

B-L�� H��(34 - AF)

H�� C��(139 U��)

R�� C��(125 U��)

Top Employers

92 14 24 29 9 9 711,563 1,430 3,822 3,933 1,188 690 50094.5% 98.9% 92.1% 94.5% 96.0% 96.8% 94.4%

$1,019 $989 $986 $892 $1,010 $1,590 $1,590$1.12 $1.11 $1.14 $.99 $1.00 $1.67 $1.43

Avg. Rent $683 $567 $675 $850 N/A $631 $635Avg. $ / SF $1.68 $1.94 $1.69 $1.57 $1.68 $1.49Avg. Rent $802 $729 $794 $791 $731 $1,113 $859Avg. $ / SF $1.21 $1.23 $1.19 $1.16 $1.14 $1.65 $1.34Avg. Rent $826 $1,047 $792 $754 $699 $1,355 $1,038Avg. $ / SF $.97 $1.22 $.97 $.85 $.86 $1.67 $1.01Avg. Rent $1,189 $954 $1,204 $1,159 $937 $1,609 $1,838Avg. $ / SF $1.16 $.98 $1.20 $1.06 $.96 $1.65 $1.63Avg. Rent $1,328 $1,302 $1,361 $1,049 $1,173 $2,244 $2,191Avg. $ / SF $1.02 $.91 $1.14 $.80 $.91 $1.80 $1.47Avg. Rent $2,125 $1,932 $1,727 $1,371 $2,051 $2,503 $3,124Avg. $ / SF $1.36 $1.36 $1.39 $.73 $1.21 $1.63 $1.68

3 Bed

4 Bed


Studio

1 Bed

2 Bd/ 1 Ba

Total UnitsOccupancy Rate

1-No

rth

2-Ea

st

2 Bd/ 2 Ba

RENTS

3-So

uth

4-W

est

5-Do

wnt

own

Total Properties

Entir

e M

arke

t

6-Ca

mpu

s


Evolve CA Ventures Student Complete 279

Ethos HM Mac Student Under Construction 180

Union on Crescent Annex Affordable Affordable Planned 149

The Lakes Luxury Renaissance Rentals Market Under Construction 148

Adams Village Ph II Regency Multifamily Market Under Construction 140

CitySide Cedarview Market Complete 64

Urban Station Ph II HM Mac Student Planned 60

The Annex Annex Student Living Market Planned 54

Park South Dwellings Market Under Construction 41

B-Line Heights Pedcor Affordable Planned 34

Alley Works David Howard Market Planned 33

Totals 1,182

New Construction

Recent SalesProperty Buyer Units

Smallwood on College The Pierce Company 233

Heritage Apartments Hunter Management 153

The Park On Morton The Preiss Company / TH Real Estate 152

Hoosier Court Hunter Management 139

Regency Court Hunter Management 125

Sassafras Hill Hunter Management 92

Totals 894

3.2%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

(2,000)

(1,500)

(1,000)

(500)

0

500

1,000

1,500

2,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

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Total Establishment Employment -Bloomington MSA 9/18 = 76,900 Jobs


2018 Done

Job Growth / Unemployment RateBloomington MSA – Number of New Jobs

94.7% 95.1%

93.0%

94.3%

95.5%96.0%

94.8%94.2% 94.4%

95.6% 96.0%

94.5%

86%

88%

90%

92%

94%

96%

98%

100%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Bloomington Historical Occupancy


2018 Done

Company # EmployeesIndiana University - Bloomington (Enrollment 43,200) 7,000

Cook Group (Pharmaceuticals) 3,300

Indiana University Health - Bloomington 2,246

Monroe County School Corporation 1,182

Baxter Healthcare Pharmaceuticals 1,100

City of Bloomington 690

General Electric (Refrigeration Plant) 650


Lafayette / West Lafayette

LAFAYETTE

WEST LAFAYETTE

SHADELANDDAYTON

Zoo

PurdueUniversity

26

65

38

38

26

25

26

25

231

231

52

25

26

52

526443

43

231

O�� F��(262 - MR)

W�� L�� P� II(115 - MR)

MARQ(99 - MR)

T�� P��(54 - MR)R�� C��

(300 - MR)

C�� L��(193 U��)

H� V��(73 - MR)

1

2

3

4

5

EASTCENTRALSOUTHW. LAFAYETTECAMPUS

4

2

1

3

5

52


U�� C��

R�� C��

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(AF)

(MR)

A�� D�� P��

(375 - MR)

T�� H�� P��(260- MR)

T�� H��(300 - MR)

T�� S�� F�� P� II(132 - MR)

S�� C�� C��(76 - MR)

Top Employers

71 15 10 12 25 911,577 2,595 1,173 2,245 4,210 1,35496.4% 95.4% 96.8% 95.8% 97.0% 96.7%

$894 $758 $740 $710 $1,125 $876$1.00 $.87 $.93 $.91 $1.06 $1.28

Avg. Rent $618 $420 $471 $604 $677 $691Avg. $ / SF $1.48 $1.40 $1.09 $1.30 $1.76 $1.64Avg. Rent $688 $668 $658 $634 $776 $717Avg. $ / SF $1.03 $.98 $.92 $1.00 $1.14 $1.16Avg. Rent $800 $785 $912 $705 $809 $1,049Avg. $ / SF $.90 $.84 $.88 $.86 $.88 $1.43Avg. Rent $969 $881 $889 $889 $1,080 $1,019Avg. $ / SF $.97 $.81 $.95 $.84 $1.06 $1.15Avg. Rent $1,245 $938 $960 $1,030 $1,364 $1,319Avg. $ / SF $.95 $.74 $.84 $.85 $1.01 $1.27Avg. Rent $1,824 $985 N/A N/A $1,826 N/AAvg. $ / SF $1.18 $.90 $1.18

4 Bed

Avg RentAvg Rent / Sq. Ft.

Studio

1 Bed

2 Bd/ 1 Ba

3 Bed

Total Units

3-So

uth

4-W

est L

af.

2 Bd/ 2 Ba

1-Ea

st

Occupancy Rate

Entir

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5-Ca

mpu

s

2-Ce

ntra

l

Total Properties

RENTS


Aspire at Discovery Park Balfour Beatty Student Under Construction 375

The Hub Core Spaces / Campus Up Student Complete 300

Rise at Chauncey CA Ventures Student Under Construction 300

Overture Flats Domo Development Market Complete 262

The Hub Plus Core Spaces / Campus Up Student Under Construction 260

Trail Side Flats Ph II Van Rooy Market Compete 132

Wabash Landing Ph II Sheehan Company Market Under Construction 115

MARQ Deylen Realty Market Complete 99

Star City Crossing Milakis Homes Market Under Construction 76

Hi Vine Weida Apartments Student Under Construction 73

The Press Weinstein / Nelson Market Complete 54

Totals 2,046

New Construction

Recent SalesProperty Buyer UnitsOverture Flats Regency Multifamily 262

The Cottages on Lindberg Horizon Realty Advisors 193

Totals 455

2.6%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

(5,000)

(4,000)

(3,000)

(2,000)

(1,000)

0

1,000

2,000

3,000

4,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

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Total Establishment Employment -Lafayette MSA 9/18 = 109,700 JobsSource: Bureau of Labor Statistics

Job Growth / Unemployment RateLafayette / West Lafayette MSA – Number of New Jobs

93.0%

90.7%

92.6% 92.9%93.1% 93.0% 93.3%

94.3% 94.5%

95.9%96.4%

86%

88%

90%

92%

94%

96%

98%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Lafayette Historical Occupancy


2018 Done

Company # EmployeesPurdue University (Enrollment 40,451) 15,304

Suburu of Indiana (Outback / Legacy Lines) 3,300

Caterpillar Large Engine Center 1,800

IU Health Arnett 1,699

Wabash National (Corporate Headquarters) 1,500

Franciscan St. Elizabeth Hospital 1,235

Oerlikon Fairfield (USA Headquarters) 1,233

Alcoa / Lafayette Operations 1,000

State Farm Insurance 700


CARMEL

FISHERSZIONSVILLE

GREENWOOD

PLAINFIELD

AVON

BROWNSBURG

GREENFIELD

WESTFIELD

31

136

3640

52

36

LAFAYETTE RD

32

238

38

32

267

NOBLESVILLE38

421

9

40

13531

13

134DANVILLE

39

431

37

67

267

132

32

37

69

70

465

70

465

74

70

65

65 74

Northwest Indiana

HAMMOND

GARY

IL

CALUMET CITY

PORTAGE

MERRILLVILLE

VALPARAISO

MICHIGAN CITY

EAST CHICAGO

SCHERERVILLE

HOBART

CROWN POINT

LA PORTE

GRIFFITH

CHESTERTON

WESTVILLESOUTH HAVEN

WHITING

WINFIELD

NEW CHICAGO

KINGSFOD HEIGHT

WANATAH

KINGSBURY

HIGHLAND

Indiana DunesNational

Lakeshore

Indiana DunesState Park

Kingsbury Fishand Wildlife Area

Calumet PrairieNature Preserve

130

41


U�� C��

R�� C��

A�� R��

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(AF)

(MR)

90

94

65

90

80

20

12

12421

41

30

30

30

35

6

6

20

20

12

20

35

35

41

231

421

51149

4939

42

2

39212

249

53

55

53

152

912

312

2

L�� P�� (95 - S��)

P�� F�� S��

(304 - MR)

E�� C��(170 - MR)

L�� V��(407 - MR)

G�� E�� W��(171 U��)

A�� C��(138 U��)

S��P�� C��(160 - S��)

A�� L��(100 U��)

C�� D��(83 U��)

M��(52 U��)ANCO R��

(+/-350 - MR)

R�� C�� C��

(110 - S��)

N��P�� L��(200 - MR)

65

Top Employers

53 30 7 1613,568 9,141 1,408 3,01993.3% 92.3% 94.0% 96.0%

$867 $886 $647 $909$.98 $.99 $.84 $1.01

Avg. Rent $553 $596 $461 $559Avg. $ / SF $1.19 $1.30 $.98 $1.19Avg. Rent $765 $817 $574 $752Avg. $ / SF $1.05 $1.08 $.89 $1.09Avg. Rent $842 $861 $671 $839Avg. $ / SF $.94 $.97 $.78 $.90Avg. Rent $1,056 $1,039 $836 $1,181Avg. $ / SF $.99 $.97 $.81 $1.11Avg. Rent $1,119 $1,064 $1,018 $1,283Avg. $ / SF $.94 $.91 $.78 $1.06Avg. Rent $1,135 $890 N/A $2,839Avg. $ / SF $.87 $.70 $1.77

Avg Rent

RENTS

Entir

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Lake

Co

LaPo

rte C

o

Porte

r Co


Occupancy Rate

4 Bed

Avg Rent / Sq. Ft.

Studio

1 Bed

2 Bd/ 1 Ba

2 Bd/ 2 Ba

3 Bed


Lakes of Valparaiso Weiss Entities Market Complete 407

ANCO Redevelopment Flaherty & Collins Market Planned 350

Promenade at Founders Square Holladay Properties Market Under Construction 304

NewPorte Landing Flaherty & Collins Market Planned 200

Eagle Crossing In Good Company Market Under Construction 170

StoryPoint of Chesterton StoryPoint Senior Under Construction 160

Residences at Coffee Creek

Residences Senior Living Senior Under Construction 110

Lake Park Senior RealAmerica Senior Under Construction 95

Totals 1,796

New Construction

Recent SalesProperty Buyer UnitsGolden Estates West BLVD Capital 171

Arbor Crossing MGM Management 138

Abbey Lane Crown Properties 100

Canden Damada Pinnacle Group 83

Mayfield Private Investor 52

Totals 544

4.1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

(20,000)

(18,000)

(16,000)

(14,000)

(12,000)

(10,000)

(8,000)

(6,000)

(4,000)

(2,000)

0

2,000

4,000

6,000

8,000

10,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

Une

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Total Establishment Employment -Northwest Indiana Region 9/18 = 282,200 Jobs


Job Growth / Unemployment RateNorthwest Indiana Region – Number of New Jobs

96.9%96.0%

94.6% 95.0%95.4%

94.7%

92.6% 92.5%93.4%

92.8%93.3%

86%

88%

90%

92%

94%

96%

98%

100%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018Source: Tikijian Associates

2018 Done

Northwest Region Historical Occupancy

HAMMOND

GARY

IL

CALUMET CITY

PORTAGE

MERRILLVILLE

VALPARAISO

MICHIGAN CITY

EAST CHICAGO

SCHERERVILLE

HOBART

CROWN POINT

LA PORTE

GRIFFITH

CHESTERTON

WESTVILLESOUTH HAVEN

WHITING

WINFIELD

NEW CHICAGO

KINGSFOD HEIGHT

WANATAH

KINGSBURY

HIGHLAND

Indiana DunesNational

Lakeshore

Indiana DunesState Park

Kingsbury Fishand Wildlife Area

Calumet PrairieNature Preserve

130

41


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90

94

65

90

80

20

12

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41

30

30

30

35

6

6

20

20

12

20

35

35

41

231

421

51149

4939

42

2

39212

249

53

55

53

152

912

312

2

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(+/-350 - MR)

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(110 - S��)

N��P�� L��(200 - MR)

65

La Porte

Company # EmployeesArcelorMittal (Steel / Manufacturing) 8,539

Franciscan St. Margaret Health 5,347

Community Hospital 5,100

US Steel Corp (Steel / Manufacturing) 5,000

NIPSCO (Utility) 4,600

Methodist Northlake 4,385

White Lodging (Hospitality) 2,012


Indianapolis Data Snapshot

CARMEL

FISHERSZIONSVILLE

GREENWOOD

PLAINFIELD

AVON

BROWNSBURG

GREENFIELD

WESTFIELD

31

136

3640

52

36

LAFAYETTE RD

32

238

38

32

267

NOBLESVILLE38

421

9

40

13531

13

134DANVILLE

39

431

37

67

267

132

32

37

69

70

465

70

465

74

70

65

65 74

93.7%

Indianapolis Average Rent

Indianapolis Average Occupancy

4.5% from 2017

$942 AVG RENT

$0.99 RENT/SQFT

93.5% OCC

$770 AVG RENT

$0.87 RENT/SQFT

93.9% OCC

$1,198 AVG RENT

$1.46 RENT/SQFT

93.2% OCC

$677 AVG RENT

$0.78 RENT/SQFT

93.0% OCC

$781 AVG RENT

$0.88 RENT/SQFT

94.3% OCC

NORTHIndianapolis Average Rent

$858

0$1.43/SQFT

$641

1$1.09/SQFT

$767

2

1 Ba

$0.85/SQFT $737

3$0.81/SQFT

$1,054

4$0.94/SQFT

$1,362

$1.16Avg. Rent/SQFT

-94.4%

Occupancy

WestDowntown

East

South

Clas

s

Clas

s

Clas

s$0.90Avg. Rent/SQFT-

94.5%Occupancy

$0.81Avg. Rent/SQFT

-91.8%

Occupancy

2$0.92/SQFT

$993

2 B

a


Indianapolis Rental Market StatisticsTotal Apartment Base (units) 152,700Number of Communities (all) 820Number of Communities (> 200 units) 350Average Community Size (units) 186Average Occupancy Rate (2018) 93.7%Median Occupancy Rate (2018) 95.1%Rent Growth Rate (2017 to 2018) 4.5%Annual Rent Growth (2013 to 2018) 3.5%"Same Store" Annual Rent Growth (2017 to 2018) 2.8%"Same Store" Annual Rent Growth (2013 to 2018) 2.6%"Same Store" Annual Rent Growth (2008 to 2018) 2.2%* Total Apartment Base in units (152,700) and communities (820) equals all properties in the metro area, including properties still under construction, fully subsidized properties, and smaller properties not part of the Tikijian Associates Annual Rent Survey. The total units (142,255) and properties (729) shown in the occupancy and rent chart, below, are properties which are included in the Tikijian Associates Annual Rent Survey.

Indpls Dwntwn North South East West Indy Indy IndyMetro Indpls Metro Metro Metro Metro Class Class Class

Area Area Area Area Area Area A B CTotal Properties 729 126 214 133 111 145 163 322 244

Total Units 142,255 11,463 52,314 25,886 18,081 34,511 35,650 64,423 42,182Occupancy Rate 93.7% 93.2% 93.5% 94.3% 93.0% 93.9% 94.4% 94.5% 91.8%

4.5% 5.9% 4.3% 3.3% 4.0% 4.1% 3.4% 7.2% 5.2%Average Rent $858 $1,198 $942 $781 $677 $770 $1,136 $815 $688

Average Rent / Sq. Ft. $.95 $1.46 $.99 $.88 $.78 $.87 $1.16 $.90 $.81Avg. Rent $641 $855 $619 $558 $500 $521 $1,110 $643 $535

Avg. $ / SF $1.43 $1.77 $1.33 $1.39 $1.21 $1.24 $1.97 $1.33 $1.35Avg. Sq. Ft. 447 484 466 402 412 419 564 483 396Total Units 4,306 1,173 1,200 498 598 837 492 1,581 2,233

Avg. Rent $767 $1,049 $825 $696 $605 $663 $1,000 $719 $625Avg. $ / SF $1.09 $1.50 $1.12 $.99 $.91 $.97 $1.32 $1.03 $.94

Avg. Sq. Ft. 706 701 737 699 668 682 759 700 665Total Units 53,861 6,194 20,079 9,159 5,668 12,761 14,378 24,244 15,239

Avg. Rent $737 $954 $822 $726 $642 $724 $951 $764 $666Avg. $ / SF $.85 $1.10 $.91 $.83 $.75 $.86 $1.03 $.87 $.79

Avg. Sq. Ft. 867 863 900 872 854 846 926 877 846Total Units 26,284 768 6,165 6,469 5,577 7,305 2,480 11,786 12,018

Avg. Rent $993 $1,546 $1,056 $885 $762 $883 $1,221 $918 $770Avg. $ / SF $.92 $1.40 $.95 $.84 $.73 $.83 $1.09 $.86 $.73

Avg. Sq. Ft. 1,084 1,101 1,114 1,052 1,041 1,058 1,119 1,069 1,057Total Units 43,815 2,810 19,926 7,181 4,205 9,693 14,870 20,527 8,418

Avg. Rent $1,054 $1,947 $1,183 $972 $840 $974 $1,383 $991 $886Avg. $ / SF $.81 $1.46 $.86 $.78 $.68 $.76 $1.03 $.77 $.69

Avg. Sq. Ft. 1,302 1,335 1,369 1,254 1,239 1,276 1,338 1,292 1,289Total Units 12,930 294 4,764 2,382 1,840 3,650 3,147 5,753 4,030

Avg. Rent $1,362 $2,581 $1,278 $992 $943 $968 $2,435 $946 $1,025Avg. $ / SF $.94 $1.80 $.83 $.73 $.64 $.68 $1.66 $.68 $.67

Avg. Sq. Ft. 1,443 1,430 1,541 1,363 1,465 1,428 1,469 1,389 1,528Total Units 1,058 224 180 196 193 265 283 531 244

Overall Rent Growth (2017 - 2018)

3 Bedroom

4 Bedroom

Studio

1 Bedroom

2 Bedroom/ 1 Bath

2 Bedroom/ 2 Bath

*


Same Store Rent GrowthIndianapolis Metro Area

2.8%2.6%

2.2% 2.1%

3.1%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

1-Year 5-Year 10-Year 20-Year 30-Year

1-Year Annual Growth






2018 Done

Indianapolis Rental Market Statistics

2018 marked the 33rd consecutive year of year-over-year rent growth in the Indianapolis Metro. Although market rates have consistently grown, the early 2000’s saw “Effective Rents” (rents after concessions) actually decrease due to a boom in single-family home buying. Due to market strength and the increasing use of revenue management software, in recent years, concessions are now used less often.

Rent in the Indianapolis Metro grew at a robust 4.5% rate in 2018.

Average Rent per Square Footby Year Built & by Class – Indianapolis Metro Area

$1.16

$0.90

$0.81

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

Class A Class B Class C

$1.23

$0.95$0.98 $0.97

$0.83 $0.83

$0.97

$0.65

$0.70

$0.75

$0.80

$0.85

$0.90

$0.95

$1.00

$1.05

$1.10

$1.15

$1.20

$1.25

2010's 2000's 1990's 1980's 1970's 1960's Prior to1960's

Includes some downtown

rehabsSource: Tikijian Associates

By Year Built By Class

2018 Done

Historical Average Rent Growth RateIndianapolis Metro Area

4.5%

1.1%

4.5% 4.6%

4.1%

3.7%

1.8%

2.7%

3.9%

2.9%

5.6%

2.3%

1.7%

3.3%

2.5%

3.3%

1.7% 1.2%

0.5% 0.5%

1.3%1.8%

3.0%

0.9% 0.8%

2.7% 2.5%

2.1%

2.8%

2.2%

5.8%

2.9%

4.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

Aver

age

Rent

Gro

wth

Rat

e


2018 Done

2.7%32 Yr. Avg.

Historical Average RentIndianapolis Metro Area

$356 $3

72$3

76 $393 $4

11 $428 $4

44$4

52 $464 $4

82 $496 $

524

$536

$545 $5

63 $577 $5

96 $606

$613

$616

$619

$627 $6

38 $657

$663

$668 $6

86 $703 $7

18 $738 $7

54$7

98 $821 $

858

$300

$350

$400

$450

$500

$550

$600

$650

$700

$750

$800

$850

$900

Aver

age

Rent


2018 DoneAverage rents at newer properties and Class A properties greatly exceed rent at older Class B and C properties. The wide gap is primarily due to the facts that (a) developers must charge higher rents due to increasing land acquisition and construction costs; and (b) almost all new construction is at the very highest end of the market with expensive unit finishes and community amenities.

“Same Store Rent Growth” is the rent growth of properties that have been in existence during an entire respective survey period. Properties built within that study period are not included in that period. The periods for which annual growth is the lowest include the years in which home-buying reached its peak in Indianapolis.


Indianapolis Rental Market Statistics

2.9%

3.5%

2.7%

4.1%

-1.4%

1.5%

4.9%

3.4%

2.7%

1.4%

2.2% 2.1% 2.3% 2.1%

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

Annual Rental Revenue Growth30 Property Sample – Class A & B – Well Managed

2013-2018Average

2.0%


In 2018:Properties with rent revenue growth = 25Properties with rent revenue declines = 5

2018 Done

Overall Market Vacancy RateIndianapolis Metro Area

5%

6%

7%

8%

9%

10%

11%

12%

13%

14%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Proj.

Vaca

ncy

Rate

• 2019 vacancy rate forecast assumes 3,400 units absorbed as compared to 3,400 units actually absorbed in 2018 • We are projecting 3,600 units will be delivered in 2018, hence the projected vacancy increases to 6.7%.• Average annual absorption has been 3,400 units since 2010 and 2,150 since 1984.


2018 Done

Occupancy continues to be supported by strong demand attributed to steady job growth, individuals who prefer the rental lifestyle and those who are unable to buy a home. Student debt as well as a shortage of available houses and higher prices for those on the market are common reasons one might not be able to purchase.

New Apartment Units (% of Base) vs. Market Vacancy Rate

Indianapolis Metro Area

7.1%

9.7%

11.2%

9.4%

7.7%

8.8%8.1%

7.1%

6.2%

6.8%

8.1%

6.4%

8.9%

9.2%

9.2%

9.3%

10.4%

12.0% 12.2%

11.0% 10.4%

9.9%

9.2%

10.7%

9.2%

8.6%8.3%

7.9%

8.0%

7.2%

6.9%

6.8% 6.3%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

11%

12%

13%

1986

1987

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

New Units as a % of Base Vacancy RateSource: Tikijian Associates

2018 Done

Occupancy Rate by ClassIndianapolis Metro Area

85%86%87%88%89%90%91%92%93%94%95%96%97%98%99%

100%

Class A Class B Class C

2010 2011 2012 2013 2014 2015 2016 2017 2018


2018 Done

Tikijian Associates conducts an annual rental revenue study of 30 Class A and B well-managed properties. Rental revenue growth for this sample group has been consistent at 2.1%-2.3% for the past 4 years. The reason this is lower than the Indy Metro average rent growth is the larger market includes the very high rents commanded by the newest properties while the sample reflects more “same store” rent growth.

This shows a growing demand for lower cost properties and a rising affordable housing shortage. It should be noted that the C Class of properties often reflects more significant occupancy movements due to greater occupancy declines when older properties become distressed and greater increases when older properties are purchased and rehabbed.

This chart shows the number of new apartment units completed in a given year as a percentage of the overall inventory. The 2018 vacancy rate is the lowest since 1994, in spite of the delivery of new units. While new construction is active, many of the new projects are smaller than 1980’s and 1990’s construction due to more dense urban-oriented development.


Total Residential Building PermitsState of Indiana

Source: US Census Bureau, Residential Construction Branch (includes condos, senior housing, etc.)

10 yr. Avg. = 16,100 (total)

5 yr. Avg. = 18,450 (total)

2018 Done

to 9/18

33,8

38

26,0

37

20,4

92

12,3

04

10,0

39

10,5

50

9,83

5

11,0

89

12,6

39

12,6

99

13,4

61

14,8

03

16,5

97

16,6

98

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

Num

ber o

f Ann

ual P

erm

its

Single Family (1 - 4 units) Multifamily (5+ units)

Total Residential Building PermitsIndianapolis Metro Area

Source: US Census Bureau, Residential Construction Branch (includes condos, senior housing, etc.)

5 yr. Avg. = 8,500 (total)

2018 Done

to 9/18

13,2

32

9,99

2

7,55

4

4,56

1

3,73

2

4,08

8

3,77

7

4,14

4

5,19

1

5,21

6

5,22

3

6,14

2

6,37

2

7,16

1

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)

Num

ber o

f Ann

ual P

erm

its

Single Family (1 - 4 units) Multifamily (5+ units)

10 yr. Avg. = 7,200 (total)

Multifamily Building Permitsas a % of Total Housing Permits

15%12%

9%

31%29%

23% 23%

14%

34%36%

41%

22%

15% 16%

12% 11%14%

23%

14%15%

19% 20%

28% 27%29%

19%17%

20%

17%

20%

25%

32%

20% 21%

29%

33% 34%36%

38%

33% 32% 32%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Indy MSA Indiana National

to 9/18

Source: US Census Bureau, Residential Construction Branch

2018 Done

New Apartment DevelopmentIndianapolis Metro Area

1,09

9

2,52

6

2,48

4

1,75

2

2,83

9

1,93

9

3,52

3 3,81

5

3,13

8

2,54

7

1,71

2

3,60

0

2,42

1

1,86

8

1,73

6

1,48

2

800

2,88

0

2,79

0

3,47

8

1,63

1

1,74

2

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018T-12

2019Proj.

Num

ber o

f Uni

ts

Placed in Service (Tikijian Associates) Building Permits (US Government)

Source: Tikijian Associates survey of developers & US Census Bureau, Residential Construction Branch

2018 Done

to 9/18

New ConstructionNorthside Apartment Development

Indy North, Carmel, Fishers, Noblesville, Westfield & Zionsville

0200400600800

1,0001,2001,4001,6001,8002,0002,2002,4002,6002,8003,000

Num

ber o

f Uni

ts

Indy North Carmel Fishers Noblesville Westfield Zionsville

1,202

878774

455

184344 400

735

1,096935 795

1,021

1,733 1,732 1,781

700

1,2821,068

901

New Units Delivered

Source: Tikijian Associates survey of developers

551

2018 Done

1,621

Downtown Apartment DevelopmentIndianapolis Downtown

124 88 133163

83 680

90

236165

406509

991

516

1,369

911

510

1,009

613

1,245

667

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

Num

ber o

f Uni

ts

New Units Delivered

Source: Tikijian Associates survey of developers

2018 Done


Indianapolis Apartment Development

CARMEL

FISHERS

ZIONSVILLE

GREENWOOD

PLAINFIELD

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31

86TH ST

MERI

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40

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Indianapolis Downtown Development

2017 Starts Units 2018 Expected Starts Units 2019 Expected Starts UnitsMarket Rate Market Rate Market RateCityWay 2.0 - Buckingham 402 Promenade - Justus 300 Avon Landing - CityScape Residential/Hageman 280The Gables - Herman & Kittle 274 The Yard at Fishers District - Watermark 260 Aria of Zionsville - CityScape Residential 218Echo Park at Perry Crossing - Sila Capital 274 Harmony - J.C. Hart 257 Polk Dairy 16th/Monon - TWG Development 188Satori Pointe - CRG Residential 269 The Proscenium - AndersonBirkla 237 Harrison College Site - Milhaus 175Mosaic - Herman & Kittle 236 9 on Canal II - IPA 219 Point at Block 400 - Haven Campus / F&C 172Penrose on Mass - J.C. Hart 236 Spark - Hageman Group / Envoy 211 Samaritan Seniors @ Binford - Samaritan Cos. 13232 Union - TWG Development 210 Railyard at Midtown - Barrett & Stokely 208 Avant II - Edward Rose of Indiana 130Carmel Midtown Flats - J.C. Hart / Old Town Dev. 209 Riverview - Strategic Capital Partners / Goodwill 208 The Ardmore - Deylen / Gershman 126The Arbuckle - Flaherty & Collins 208 Notch at Nora - TWG Development 186 East & Main Flats - Rebar Development 117Union Green - Scannell Properties 172 Echelon at Greenwood Springs - Garrett Cos. 180 City's End - J.C. Hart / Jackson Development 103The MK - Milhaus Development 100 Southern Dunes II - Sheehan 160 The Levinson - Rebar Development 83The Wilshaw - Scannell & Loftus Robinson 90 The Assembly - TWG Development 132 Wren North & South at City Center - Pedcor 75River House - JTM Commerical 86 The Line Urban Flats - J.C. Hart 128 Woodland Terrace of Danville - Justus 66Roberts School Flats - Core Redevelopment 32 Cox Creek at Reagan Crossing - Freeman Development 120 Holland Playfair at City Center - Pedcor 60The E'laan - Sheikh 24 Edge - Milhaus 118 Totals - market rate 1,925Totals - market rate 2,822 The Kent at City Center - Pedcor 83

918 Ft. Wayne Ave - Citadel / Rubicon 80 2019 Expected Starts Units2017 Starts Units Historic Irvington Flats - Core Redeveloopment 32 AffordableAffordable Slate Run Lofts - Muesing Management 32 German Church Senior Apartments - TWG / T&H 60Stokes Commons - Hoosier Housing Partners 68 Totals - market rate 3,151 Totals - affordable 60Minnie Hartmann Center- TWG / Near East 64 Totals - all 2019 1,985Totals - affordable 132 2018 Expected Starts UnitsTotals - all 2017 2,954 Affordable

Kinnley Court - Keller Development 64Broadway Flats - Development Services 54Oxford Place II - TWG 39Totals - affordable 157Totals - all 2018 3,308

Indianapolis Metro Area Construction Starts - 2018

2018

VIRGINIA AVE

INDIANA AVE

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2018





2018


2018 was another very active year for apartment sales. More than 12,900 apartment units will have changed hands in the Greater Indianapolis market by the end of the year, up 3.8% over 2017. The total dollar volume of sales increased by 11.7% to $878,000,000 in 2018 (up from $786,000,000 in 2017).

Actual cap rates for B and better properties dropped again in 2018 falling to 5.5% from 5.6% last year. Forecast cap rates (based on buyers’ forecast net operating income) also fell in 2018 dropping to 6.4% from 6.7% in 2017. The drop evidences willingness of buyers to accept lower yields. Sale prices of Class B or better properties in the Indianapolis Metro increased from 2017 due to overall strong competition and the sale of several Class A properties this year.

The universe of apartment investors interested in Indiana continues to expand. The increase in prospective buyers is the result of a combination of factors. First, a huge amount of capital from virtually all over the world continues to flow into the US seeking investment in real estate, and multifamily is generally viewed as the most attractive class of real estate. Secondly, steady and strong apartment fundamentals (rents and occupancies) in the Midwest offer higher current yields than available in many other markets. Finally, soaring prices in core markets and larger high-growth areas have driven many investors toward the more “reasonably priced” assets in secondary and tertiary markets.

The most sought-after property type continues to be “value-add” properties, especially value-add properties in B or better locations. These properties offer buyers the best opportunity to significantly enhance rents through upgrades of units and amenities. The underwriting of increased rental income has allowed buyers to stretch to reach the higher prices commanded in this highly competitive market.

Interest rate increases in 2018 have not negatively impacted sale prices or cap rates. Lenders have narrowed loan spreads somewhat to dampen the full impact of the Fed’s rate increases. Due to strong (and increasing) demand for apartment investments, buyers have accepted lower yields and/or adjusted their forecast post-sale rents to win deals.

The most active buyer type continues to be private equity. This includes equity syndicators with small investors, larger networks of high net worth individuals, real estate funds and family offices. Institutional investors are also more actively looking in Indianapolis, generally through funds or with a joint venture partner.

There has been no shortage of debt financing in 2018 to close acquisitions. Fannie Mae and Freddie Mac have been active in Indiana and the fact that Indiana remains a “pre-review” state has been no real impediment to financing, as waivers of the pre-review restrictions seem to be easily obtained. Many buyers are striving to achieve “green” status through environmental improvements - not only to benefit the planet but also to reduce their interest rate. To finance their value-add rehabs, many buyers are closing purchases with bridge loans and putting a permanent HUD or agency loan in place after renovations. HUD is still a viable financing option here but some buyers who have used HUD loans in the past have recently favored agency loans that offer periods of interest only payments in order to increase current yield.

Apartment Sales TransactionsAll Indianapolis Metro Properties

8,900

6,100

4,800

13,100

9,000 9,300

6,800

8,800

11,800 12,400 12,900

$878

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Mill

ions

of D

olla

rs

Num

ber o

f Uni

ts

Units Sold Total Consideration (millions)


Done 2018

Average Sale Cap RatesIndianapolis Metro Area - Class B or Better

6.6%

8.6%

6.7%

7.2%

6.6% 6.5% 6.4%6.0%

5.8% 5.6%5.5%

8.2%

9.6%

8.8%8.6%

7.2% 7.2%

6.7%6.4%

6.6% 6.7%6.4%

5.0%

5.5%

6.0%

6.5%

7.0%

7.5%

8.0%

8.5%

9.0%

9.5%

10.0%

10.5%

11.0%

Cap

Rat

e

Actual Cap Rate Forecast Cap RateSource: Tikijian Associates

2018 Done

Average Price per UnitClass B or Better, Over 100 Units

Indianapolis Metro Area

$45,800

$40,600

$55,800

$44,900

$77,100

$88,600 $88,000

$97,400

$106,500

$97,600

$104,000

$56

$41

$56$49

$77

$92 $92

$93

$111$110 $110

$40$45$50$55$60$65$70$75$80$85$90$95$100$105$110$115$120

$40,000$45,000$50,000$55,000$60,000$65,000$70,000$75,000$80,000$85,000$90,000$95,000

$100,000$105,000$110,000$115,000$120,000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Pric

e pe

r Squ

are

Foot

Pric

e pe

r Uni

t

Price per Unit Price per Sq. Ft.Source: Tikijian Associates

2018 Done

Sales Activity


Cottages of Fall Creek 753 UnitsIndianapolisDouble Creek Flats 240 UnitsPlainfield

Fountain Parc 240 UnitsIndianapolis

Overture Flats 262 UnitsLafayette

The Win 24 UnitsIndianapolisSmallwood228 Units

Bloomington

Flats at Switch 102 UnitsFishers

Westlake 1,381 UnitsIndianapolis

Indy Portfolio 602 UnitsIndianapolis

Salem on 56th &Retreat Northwest

724 UnitsIndianapolis

NW Indy Portfolio 1,427 UnitsIndianapolis

Overlook at Valley Ridge & Summerwood on Towne

624 UnitsIndianapolis

Selected 2018 Indiana Apartment Sales

Multihousing Investment Advisors

WWW.TAMULTI.COM

FIND US ON:

3755 E. 82nd St., Suite 265, Indianapolis, IN 46240 - P(317) 578-0088 - F(317) 570-3677

George Tikijian III, CCIMSenior Managing Director

[email protected]

Hannah Ott, CCIMSenior Managing Director

[email protected]

Duke HardySenior Managing Director

[email protected]

Cameron BenzAnalyst

[email protected]

Kimberly FetzerManaging Director

[email protected]

John BakerDirector

[email protected]

Christine NealisMarketing Director

[email protected]

TIKIJIAN ASSOCIATES2018 MARKET SHARE

#1 MARKET SHAREINDIANAPOLIS 2018-YTD

6,920TOTAL UNITS

54% BY

NUM

BER

OF

UNIT

S51% BY DOLL

AR

VOLU

ME

Documents

INDIANA APARTMENT Overview Brochure 2018 WEB.pdf · • World Headquarters of Eli Lilly, Simon Property Group and Anthem all located downtown • Over 135,000 workers downtown with