INDIANAPOLIS, IN - Emma Capital Investments announced the acquisitions of The Retreat Northwest, a 336-Unit Community located at 1130 Racquet Club Drive North, Indianapolis; The M Club Apartments, (formerly named Salem at 56), a 388-unit community located at 7007 Courthouse Drive, Indianapolis; and The Aura Apartments (formerly named Courtyards at Kessler), located at 3035 W. 39th St., Indianapolis (the "Properties"). The Retreat Northwest and M Club Apartments have closed and The Aura Apartments is slated to close at the end of May. These are Emma Capital's first investments in Indianapolis, adding to Emma Capital's total U.S. portfolio to date of approximately 7,500 apartment units in 30 transactions.
The Retreat Northwest was built in 1976 and contains 336 residential units situated on 55 acres. The property is located on the border of Carmel in Hamilton County, the most affluent suburb in Indianapolis. The County was designated in 2013 as CNN Money's top place to live due to its strong economy, affordable living and top-ranked schools. The Retreat Northwest has a large unit mix, offering seven different floor plans made up of one-, two- and three-bedroom units and averaging 1,035 square feet per unit. The property boasts a well-maintained community in which residents enjoy a relaxing, comfortable lifestyle with beautiful landscaping and an attractive amenity package.
The M Club Apartments is a 338-unit apartment community built in 1978. The property is located on the north side of 56th Street just east of I-465, the 'ring road' of Indianapolis, providing excellent and quick highway accessibility and convenience to Indianapolis CBD, entertainment district, shopping malls and schools. The property contains a mix of studio, 1-bedroom and 2-bedroom units over six different floor plans, catering to a variety of residents' needs and tastes. The property is beautifully landscaped with a strong amenity package which includes both indoor and outdoor swimming pool, tennis court, volleyball court, state of the art fitness center, high speed internet, garages and covered parking.
The Aura apartments, a 125-unit community built in 1970/1974 is located on 38th Street, just 100 yards from the very highly travelled Interstate 65 which runs through the Indianapolis core. Its proximity to downtown allows residents to be in close proximity to live/work/play areas, at a significant discount to downtown multifamily properties. Nestled in a residential neighborhood with high end homes, the property further provides access to a number of outside amenities including Riverdale Park and White River. The property consists of three-story wood-frame constructed buildings with brick exteriors and pitched asphalt roofs and extremely large units ranging from 1,000-1,500 square feet. Amenities at the property include a swimming pool, new fitness center, business center, and gated access controlled entrances.
"We are extremely excited about our expansion into the Indianapolis market," stated founding Partner and Co-Owner Haya Zilberboim. "Indianapolis has been on our radar for investment for a number of years, as we have been attracted to the strength and diversity of the Indianapolis economy with its skilled work-force and excellent quality of life. With the purchase of the three Properties, we have obtained an immediate significant and strong presence in the market from which we can grow and expand. Approximately 90% of the units in the portfolio contain original finishing thus providing Emma Capital with the opportunity to immediately focus on market supported unit interior value-add upgrades."
"With the consummation of these transactions, Emma Capital will have closed 30 transactions and purchased approximately 7,500 units across seven different US markets in just over five and a half years," added Partner and Co-Owner Oz Cohen. "This tremendous growth is a testament to our hard work, attention to detail, strong execution and a never-ending commitment to excellence. As we expand into the Indianapolis market, we continue to execute on our growth strategy with quality assets in strong markets. We will continue to expand our presence in our current markets in all multi-family property classes, as well as grow into other submarkets such as Louisville, KY and Tampa, FL."
"All three of the properties present tremendous opportunities for Emma Capital to enhance value," added Brian Rakowski, Emma Capital's Asset Manager for the Indianapolis and Florida Markets. "The fundamentals of each property are very strong and large amounts of capital were invested by the previous owners into the skeleton of the Properties. We are eager to implement our vision for the Properties and to provide first-class services to our residents."