TownePlace Suites Keystone & Park 100

OM & Deal Room

https://www.marcusmillichap.com/properties/172358/towneplace-suites-keystone-and-park-100

 

• 4.1 percent 10 year average Y-O-Y rent growth (Keystone & Park 100)
• Potential to enhance and add amenities to the unused dining area (Keystone & Park 100)
• 94+ percent 10 year average occupancy (Keystone & Park 100)
• Immediate access to the Fashion Mall at Keystone (Keystone)
• Easy access to Interstate 465 and situated near Carmel and Fishers (Keystone)
• Easy access to Interstate 465 and situated near Brownsburg and Zionsville (Park 100)

Portfolio Description

OM & Deal Room

https://www.marcusmillichap.com/properties/172358/towneplace-suites-keystone-and-park-100   Keystone Marcus & Millichap is pleased to present the TownePlace Suites Indianapolis Keystone hotel conversion. The property currently operates as an 82- room hotel and will be converted to 82 apartment units consisting of (56) studios, (4) one-bedroom, and (22) two-bedrooms. The hotel has been well maintained and needs minimal work to convert the property to an apartment complex. The hotel is already primed with key amenities such as a pool, fitness center, laundry room, and business center to attract potential residents. Along with the current amenities, there is an opportunity to convert the lounge and reception area of roughly 900 square feet for additional amenities. Current ownership already has 100 percent of approvals necessary for the conversion. Keystone Suites is located in a northern submarket of Indianapolis near Carmel and Fishers. The submarket has proven to be a stable rental environment with occupancy rates reliably above 94 percent. Along with the steady occupancy rates, this submarket of Indianapolis projects over 3 percent rent growth over each of the next three years and has averaged over 4.0 percent the last 10 years. Across the street from the property, the Fashion Mall at Keystone has announced a redevelopment project with plans to create a “modern, sophisticated, Class A office space.” The project will add new dining and entertainment options, along with 100,000 square feet of office space. The Fashion Mall includes various high end retail shops, dining, and entertainment. It is also a key employer in the area and the additional office space is expected to add a plethora of jobs near the property. With the ability to enjoy steady occupancy and consistent rent growth, an investor has the opportunity to immediately achieve cash flow and own 82 units in a high growth submarket of Indianapolis. New ownership can focus on completing the conversion, furthering the main floor amenities, and achieving expected cash flow in a submarket of Indianapolis that has shown consistent year-over-year rent growth and occupancy.   Park 100 Marcus & Millichap is pleased to present the TownePlace Suites Park 100 hotel conversion. The property currently operates as a 94-room hotel and will be converted to 94 apartment units consisting of (68) studios, (4) one-bedroom, and (22) two-bedrooms. The hotel has been well maintained and needs minimal work to convert the property to an apartment complex. The hotel is already primed with key amenities such as a pool, fitness center, laundry room, and business center to attract potential residents. Along with the current amenities, there is an opportunity to convert the current lounge and reception are of roughly 900 square feet into additional amenity space. The project has received approvals from the (1) Park 100 Owners Association, (2) Pike County Residents Association, (3) city staff, and (4) a hearing examiner. There has been no pushback to this point and the last two remaining steps are approvals from the metropolitan board and city council. Park 100 is nestled in a suburb of northwest Indianapolis between Zionsville and Brownsburg. This submarket has experienced over 8 percent year-over-year rent growth the last four years and projects to be over 3.5 percent the next three years. Along with the strong rental growth rates, the submarket boasts an occupancy rate over 92 percent. The immediate area is home to a significant portion of the city’s industrial economy, The Park 100 industrial park encompasses approximately 1,800 acres with over 20 million square feet of leasable space. It is the largest industrial park in the region and serves as a central hub for transportation and logistics. The park provides stable employment for renters and the opportunity for people to move nearby. An investor has the opportunity to enjoy the steady occupancy and rent growth of this submarket and achieve immediate cash flow while adding over 90 units in a high growth submarket in Indianapolis. New ownership can focus on gaining the remaining approvals and completing the conversion to achieve expected cash flow in a submarket of Indianapolis that has shown consistent year-over-year rent growth and steady occupancy.