953 S 23rd St, Richmond, IN 47374

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Building Details:

953 S 23rd St is located in Richmond, IN.

Summit Realty Group has been retained as the exclusive investment advisor in the REO sale of Country Club Apartments, a 312-unit property located in Richmond, Indiana. Country Club was placed into Receivership in 2011 and has benefitted from professional management since February 2012. The acquisition of Country Club presents an opportunity to create value through stabilization of the property.

INVESTMENT HIGHLIGHTS
VALUE-ADD
Significant upside exists in continued lease-up and rehab of down units. All market-ready units at Country Club are leased, comparable market occupancy in Richmond is 91%.

Rents at Country Club currently average $0.56 psf, well below the comparable property average of $0.70 psf.

Country Club is currently assessed at $5,582,000 - providing an opportunity for an immediate tax appeal upon a sale.

LOCATION
Richmond, Indiana is located between Dayton and Indianapolis and is home to Reid Hospital, the largest employer in the county. The city also boasts several major universities such as Indiana University East, Ivy Tech, Purdue College of Technology and Earlham College. These higher learning centers combine to educate nearly 9,000 and employ more than 2,000.