indiana apartment overview brochure 2018 web.pdf · • world headquarters of eli lilly, simon...
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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
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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)
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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
Source: Bureau of Labor Statistics
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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4 5Multihousing Investment Advisors
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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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5Please visit www.TAmulti.com for more information
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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
2 Bd/ 2 Ba
3 Bed
4 Bed
Average RentAvg Rent / Sq. Ft.
Studio
1 Bed
2 Bd/ 1 Ba
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Property Developer Type Status Units
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
Source: Bureau of Labor Statistics
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
Source: Tikijian Associates
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
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6 7Multihousing Investment Advisors
EVANSVILLE
MELODY HILL
NEWBURGH
HIGHLAND
University ofSouthern Indiana
University ofEvansville
66
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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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4 Bed
Average RentAvg Rent / Sq. Ft.
Studio
1 Bed
2 Bd/ 1 Ba
Occupancy Rate
Entir
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4-Ce
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1-No
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Property Developer Type Status Units
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%
5%
6%
7%
8%
9%
10%
(8,000)
(6,000)
(4,000)
(2,000)
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2,000
4,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)
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Annual Change in Employment
Unemployment Rate
Total Establishment Employment -Evansville MSA 9/18 = 164,300 Jobs
Source: Bureau of Labor Statistics
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
Source: Tikijian Associates
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
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University ofSouthern Indiana
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-
7Please visit www.TAmulti.com for more information
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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
Avg. Rent $546 N/A $460 N/A N/A $787 $497Avg. $ / SF $1.21 $.95 $2.30 $.97Avg. Rent $695 $751 $627 $620 $641 $1,245 $901Avg. $ / SF $1.00 $.98 $.94 $.93 $.92 $1.95 $1.28Avg. Rent $792 $884 $737 $695 $733 $1,416 $977Avg. $ / SF $.87 $.86 $.87 $.78 $.82 $1.36 $.99Avg. Rent $1,053 $1,153 $930 $832 $735 $1,593 $1,446Avg. $ / SF $1.04 $1.14 $.91 $.82 $.74 $1.66 $1.30Avg. Rent $1,245 $1,269 $1,225 $820 $748 $2,187 N/AAvg. $ / SF $1.02 $1.02 $.99 $.65 $.61 $1.87Avg. Rent $1,625 N/A $1,296 N/A $765 $2,700 N/AAvg. $ / SF $1.10 $.86 $.56 $1.74
2 Bd/ 2 Ba
3 Bed
4 Bed
Average RentAvg Rent / Sq. Ft.
Studio
1 Bed
2 Bd/ 1 Ba
Occupancy Rate
Entir
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1-No
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5-Ca
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4-W
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2-Fa
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3-Ea
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Property Developer Type Stage Units
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%
1%
2%
3%
4%
5%
6%
7%
8%
9%
10%
11%
12%
13%
(10,000)
(8,000)
(6,000)
(4,000)
(2,000)
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2,000
4,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018(T-12)
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ploy
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t (Jo
bs)
Annual Change in EmploymentUnemployment Rate
Total Establishment Employment -South Bend MSA 9/18 = 144,000 Jobs
Source: Bureau of Labor Statistics
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
Source: Tikijian Associates
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
-
8 9Multihousing Investment Advisors
Bloomington
Monroe CountyAirport
GriffyReservoir
University Lk
37
46
37
46
45
446
48
45
10TH STREET
WA
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3RD STREETATWATER AVENUE
COLLEG
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1
2
3
4
5
6
1
2
3
4
5
6
NORTHEASTSOUTHWESTDOWNTOWNCAMPUS
4645
45
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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
Average RentAvg Rent / Sq. Ft.
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
Property Developer Type Stage Units
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)
Une
mpl
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Chan
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Em
ploy
men
t (Jo
bs)
Annual Change in EmploymentUnemployment Rate
Total Establishment Employment -Bloomington MSA 9/18 = 76,900 Jobs
Source: Bureau of Labor Statistics
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
Source: Tikijian Associates
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
-
9Please visit www.TAmulti.com for more information
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
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4
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4
2
1
3
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52
DEVELOPMENT STAGEP������
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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
e M
arke
t
5-Ca
mpu
s
2-Ce
ntra
l
Total Properties
RENTS
Property Developer Type Stage Units
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)
Une
mpl
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Chan
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Em
ploy
men
t (Jo
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Annual Change in EmploymentUnemployment Rate
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
Source: Tikijian Associates
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
-
10 11Multihousing Investment Advisors
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
DEVELOPMENT STAGEP������
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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
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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
e M
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Lake
Co
LaPo
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o
Porte
r Co
Total PropertiesTotal Units
Occupancy Rate
4 Bed
Avg Rent / Sq. Ft.
Studio
1 Bed
2 Bd/ 1 Ba
2 Bd/ 2 Ba
3 Bed
Property Developer Type Stage Units
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
mpl
oym
ent R
ate
Chan
ge in
Em
ploy
men
t (Jo
bs)
Annual Change in EmploymentUnemployment Rate
Total Establishment Employment -Northwest Indiana Region 9/18 = 282,200 Jobs
Source: Bureau of Labor Statistics
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
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
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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
-
11Please visit www.TAmulti.com for more information
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
-
12 13Multihousing Investment Advisors
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
*
-
13Please visit www.TAmulti.com for more information
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
10-Year Annual Growth
20-Year Annual Growth
5-Year Annual Growth
30-Year Annual Growth
Source: Tikijian Associates
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
Source: Tikijian Associates
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
Source: Tikijian Associates
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.
-
14 15Multihousing Investment Advisors
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%
Source: Tikijian Associates
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.
Source: Tikijian Associates
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
Source: Tikijian Associates
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.
-
15Please visit www.TAmulti.com for more information
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
-
16 17Multihousing Investment Advisors
Indianapolis Apartment Development
CARMEL
FISHERS
ZIONSVILLE
GREENWOOD
PLAINFIELD
AVON
BROWNSBURG
GREENFIELD
WESTFIELD
31
86TH ST
MERI
DIAN
ST465
136
36
40
52
36
71ST ST
62ND ST
56TH ST
46TH ST
38TH ST
30TH ST
79TH ST79TH ST
KESSLER BLVD56TH ST
46TH ST
96TH ST
106TH ST
116TH ST
131ST ST
146TH ST
KEYSTONE AVE
MICHIGAN RD
COLLEGE AVE
16TH ST10TH ST
RAYMOND STWASHINGTO
N ST
THOMPSON AVE
EDGEWOOD AVE
SOUTHPORT RD
STOP 11 RD
CO. LINE RD
MANN
RD
MOOR
ESVIL
LE R
D
SHELBYVILLE RD
ARLINGTON AVE
EMERSON AVE
FRANKLIN ROADPOST RD
GERMAN CHURCH RD
21ST ST
79TH ST
86TH ST
126TH ST
OLIO RD
HAGUE RD
CUMBERLAND RD
MOORE RDLAFAYETTE RD ZIONSVILLE RD
32
238
38
MOORESVILLE
267
NOBLESVILLE
38
65
74
70
74
70
69
421
9
70
INDIANAPOLISINT’L AIRPORT
40
135
31
WHITELAND RD
SPRING MILL RDHA
ZEL D
ELL R
D
13
134
DAN JONES RD
DANVILLE
LEBANON
39
W 200 S
ALLIS
ONVI
LLE
RDBIN
FORD
BLVD
431
3767
267
144
132
32
GRAY
RD
T�� C���(151 - MR)
E������(126 - MR)
T�� W��������(93 - MR)
T�� Q������� R���� N����
(196 - MR)
37
D����� C���� F����(240 - MR)
S������� D���� II(160 - MR)
OAK ST
T������ ��C����� L���
(210 - MR)
E�������� S�����A���������
(65 - AF)
P��� 66 F����(108 - MR)
S HIGH SCHOOL RD
AMERIPLEX PKWY
LYNHURST DR
RONALD REAGAN PKWY
SHERMAN DR
LAFAYETTE RD
SEE DOWNTOWNDEVELOPMENT MAP
M�����(236- MR)
161ST ST
BODE
N RD
T�� W������(90 - MR)
U���� G����(172 - MR)
FIVE POINTS ROAD
HICKORY ROAD
MAIN STREET
65
SHERMAN DRIVE
MCFARLAND ROAD
MADISON AVENUE
LONDON ROAD
HURR
ICAN
E RO
AD
CLARK SCHOOL ROAD
KENTUC
KY AVE
MOUNT COMFORT ROAD
FRANKLIN ROAD
T�� MK(99 - MR)
C������ G���(93 - MR)
T�� G�����(274 - MR)
SMITH VALLEY ROADMORGANTOWN ROAD
S����� C������(68 - AF)
R���� H����(86 - MR)
S���������� F����(25 - MR)
C����� O���(205 - MR)
S����� F����(269 - MR)
T�� L��� U���� F����(128 - MR)
M����� H������� C�����(64 - AF)
N���� �� N���(186 - MR)
RONALD REAGAN PKWY
T�� A�������(208 - MR)
E��� P��� ��P���� C�������
(274 - MR)
B������� F����(54 - AF)
R���������� ��B�������� II
(42- MR)
C�� C���� ��R����� C�������
(120 - MR)
S���� R�� L����(32 - MR)
A��� L������(280 - MR)
E������ �� G�������� S������
(180 - MR)
S�������� S�����(132 - MR)
G����� C����� S�����(60 - AF)
H������� I�������� F����
(32 - MR)
E��� � M��� F����(117 - MR)
MONON TRAILSEE NORTHSIDE
DEVELOPMENT MAP
INDIANAPOLIS
K������ C����(64 - AF)T�� A�����(303 - MR)
W������� T�������� D�������
(66 - MR)
Pendleton
865
465
32
69465
65
32
238
37
1938
421
31
WESTFIELD
CARMEL
NOBLESVILLE
ZIONSVILLE
FISHERS
INDIANAPOLIS
WHITESTOWN
MCCORDSVILLE
FORTVILLE
KEYSTONE AVE
116TH ST
MAIN ST
CARMEL DR
SPRING MILL RD
SMOKEY ROW RD136TH ST
146TH ST
TOWNE RD
SHELBOURNE RD
FORD RD
ZIONSVILLE RD
PLEASANT VALLEY RD
OAK ST
106TH STHAZEL DELL PKW
Y
GRAY RD
OAK RIDGE RD
CAREY RD
161ST ST
116TH ST
96TH ST
CUMBERLAND RD146TH ST
GREENFIELD AVE
SOUTHEASTERN PKWY
ALLIS
ONVIL
LE R
D
OLIO RD
106TH ST
126TH ST
131ST STO����� �� M���(203 - MR)
F���� �� 146(368 - MR)
B���� V���� II(134 - MR)
W������� R����(136 - MR)
T�������� R����(122 - MR)
T�� F������ S�����
(102 - MR)
H������(257 - MR)
A����(303 - MR)
M�������� �� N���������� II(334 - MR)
O�� O�� S�� II(81 - MR)
S��������� S������(192 - MR)
B������ C�������(24 - MR)
S������ �� ��� M����(256 - MR)
T�� P���������(237 - MR)
32 | U���� �� N����������(210 - MR)
S����(211 - MR)
T�� R������� �� M������(208 - MR)
C����� M������ F����(209 - MR)
P��������(300 - MR)
A��� �� Z���������(218 - MR)
M��� �� Y��� ��F������ D�������
(260 - MR)
T�� L�������(83 - MR)
T�� K����� C��� C�����
(81 - MR)
B���������� II(66 - MR)
MONON TRAIL
Northside New Development
D���������� S����
P������
U���� C�����������
R������� C��������
S����� H������
N����� �� U����
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M����� R���
(123)(AF)(MR)
-
17Please visit www.TAmulti.com for more information
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
MASSAC
HUSETT
S AVE
MERI
DIAN
ST
NEW YORK ST
10TH ST
16TH ST
ILLIN
OIS
STRE
ET
22ND ST
OHIO ST
CAPI
TOL A
VE
DELA
WAR
E ST
WASHINGTON ST
EAST
ST
COLLEGE AVE
31
31
4040
P�������� M���
(236 - MR)
65 70
70
70
65
MICHIGAN ST
WES
T ST
10TH ST
MICHIGAN ST
S HA
RDIN
G ST
BELM
ONT A
VE
E RI
VERS
IDE
DR
30TH ST
LAFAYETTE RD
T�� W��� (334 - MR)
360 M����� S�����(292 - MR)
O����� P���� II(39 - AF)
747 C������(39- MR)
V��(248 - MR)
F����(64 - MR)
C������� ��L������ S�����
(111 - MR)
A���� �� T����(107 U���� / 256 B���)
9 �� C���� II(219 - MR)
MLK
JR S
T
C���W�� 2.0(402 - MR)
SHELBY ST
PROSPECT ST
PENN
SYLV
ANIA
ST
SOUTH ST
PENN
SYLV
ANIA
ST
COLLEGE AVE
21ST ST
P�����(77 - MR)
M���� L����(142 - MR/AF)
L���� �� P������ S�����
(145 - MR)
F������� F�� S�����(73 - AF)
918 F��� W���� A��.(80 - MR)
10TH ST
CENTRAL AVE
16TH ST
10TH ST
RURA
L STR
EET
KEYS
TONE
AVE
NUE HOYT AVENUE
WASHINTON STREET
SOUTHEASTERN AVENUE
STAT
E AV
ENUE
PLEASANT
RUN PKW
Y
NEW YORK ST
632 MLK(30 - MR)
R��������� �� B���� 20(65 - MR)
C���’� E��(105 - MR)
YANDES ST
R������ S����� F����(32 - MR)
T�� A������(132 - MR)
T�� A�������(132 - MR)
946 MLK(20 - MR)
R��������(208 - MR/AF)
CAPI
TOL A
VE
FALL C
REEK P
KWY D
R
ILLIN
OIS
ST
28ND ST
29TH ST
25TH ST
BURTON AVE
TALB
OTT S
TT�� E’����(24 - MR)
H������� C������S���
(175 - MR)421
K���� F������ L����(304 - MR)
E��� (118 - MR)
MONON TRAIL
B����������(157- MR)
P��� D����(188 - MR/AF)
D���������� S����
P������
U���� C�����������
R������� C��������
S����� H������
N����� �� U����
A���������
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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
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
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18 19Multihousing Investment Advisors
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)
Source: Tikijian Associates
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
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19Please visit www.TAmulti.com for more information
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
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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
Hannah Ott, CCIMSenior Managing Director
Duke HardySenior Managing Director
Cameron BenzAnalyst
Kimberly FetzerManaging Director
John BakerDirector
Christine NealisMarketing Director
TIKIJIAN ASSOCIATES2018 MARKET SHARE
#1 MARKET SHAREINDIANAPOLIS 2018-YTD
6,920TOTAL UNITS
54% BY
NUM
BER
OF
UNIT
S51% BY DOLL
AR
VOLU
ME