7100 Sharon Rd, Newburgh, IN 47630

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INVESTMENT SUMMARY
Summit Realty Group has been retained as the exclusive investment advisor in the sale of Sharon Woods Apartments, a 56-unit property located in Newburgh, Indiana – a high-end suburb of Evansville, IN. Sharon Woods is being offered on an as-is, where-is basis. Offers should be submitted in a standard letter of intent format.

INVESTMENT HIGHLIGHTS

THE OPPORTUNITY
Sharon Woods was built in two phases (1997 and 2002) utilizing low-income-housing tax credits (LIHTC). The property was placed into receivership in August of 2012, and was transferred via deed-in-lieu in July 2013. All current tenants are qualified under the LIHTC guidelines and restrictions, and current rents are below the maximum allowable.

VALUE-ADD
Current rents at Sharon Woods are $0.60 per square foot - well-below LIHTC maximums, and significantly below the competing property average ($0.69 psf).

Sharon Woods is being offered at $21,428 per unit, well below replacement cost.

The property is currently leasing from a wait list, proving demand and an opportunity for rent increases.

LOCATION
Sharon Woods is located in Newburgh, Indiana, part of the Evansville MSA, and one of the fastest growing counties in the State. Due to the award-winning school systems and low property tax rates, Newburgh is a very highly regarded suburb. The average household income within five miles of Sharon Woods is $89,833, 37% higher than Evansville.
Both Newburgh and Evansville boast major employers such as ALCOA, Toyota, Deaconess Hospital, St. Mary’s Medical Center, and Mead Johnson.

Sharon Woods is located just eight miles from Eastland Mall, an enclosed regional mall that includes tenants such as Macy’s, JC Penney and Old Navy. In addition, new retail has recently been developed two miles from the property and includes a Wal-Mart Superstore and numerous “B” shops and restaurants. Home Depot, Best Buy, Fresh Market and Target are also located on the E Lloyd Expressway within five minutes of Sharon Woods.

Newburgh is already very well-located in respect to interstate travel, and will benefit greatly from the expansion of Interstate 69 (currently underway).