Indiana Apartment Complex
RealtyMogul.com, the online real estate capital platform connecting accredited and institutional investors to real estate investment opportunities, announced today that it has successfully crowdfunded the English Village Apartments, a large multi-family community located in southeast Indianapolis. RealtyMogul.com’s accredited investors used its online crowdfunding platform to help the project’s sponsor, Birge & Held, purchase the property.
“This transaction follows another recent funding of ours that was also in the Indianapolis area,” said Jilliene Helman, CEO of Realty Mogul. “The English Village complex represented an opportunity for our investors to participate in a multi-family residential project with potential value-add rental upside through Birge & Held’s planned renovation program. The Indianapolis area is a large metropolitan area and the demand for apartment assets there is solid. Our investors were also attracted by the fact that new development seems to be limited in the southeast Indianapolis submarket, so that competition to this property will likely remain low for some time.”
The English Village Apartments were built in 1988 and contain 208 units within 13 two-story townhomes-style buildings. The 140,320 square foot property already operates in the 90%-93% occupancy range and is in the midst of a renovation program that Birge & Held intends to complete. The complex is close to major freeway arteries and lies near the industrial employment centers of East Indianapolis, in addition to being only 15 minutes from the downtown area
“This property represented a chance to manage a solid value-add opportunity in an apartment complex in the southeast Indianapolis submarket,” said Andrew Held, president of Birge & Held. “The in-place renovation program has already resulted in average rental increases of $57/unit/month, and we intend to continue this rehabilitation work. We own two other properties in the immediate vicinity, so not only are we quite familiar with the market dynamics of the area, but we believe we can bring additional management efficiencies that may assist in reducing expenses at the property.”
Birge & Held is a national real estate and private equity firm focused on the multi-family sector. Since its inception in 2008, Birge & Held and its affiliates have acquired and manage over $130 million in multi-family assets across the country. Through private equity and creative debt structures, Birge & Held continues to grow its portfolio of assets and believes that it can continue to generate strong returns for its investors.
RealtyMogul.com is an online marketplace for real estate investing, connecting borrowers and sponsors to capital from accredited and institutional investors. RealtyMogul.com gives investors tools to browse investments, do due diligence, invest online and have 24/7 access to an investor dashboard to watch how their investments are performing.
RealtyMogul.com partners with private real estate companies and investment-purpose borrowers to provide these companies with access to a broader capital pool, as well as tools for investor communications and distributions. As a result, the platform functions as a bridge between investors and real estate companies looking for funding. RealtyMogul.com offers equity securities through North Capital Private Securities Corp., member FINRA/SIPC.
For more information on how to become a real estate investor or to seek capital through the RealtyMogul.com marketplace, please visit www.realtymogul.com.