Emma Capital Solidifies Its Presence in Indianapolis with the Purchase of The Courts I and Courts II Apartments, a Combined 484 Units, at a Purchase Price of USD 38,500,000
TORONTO, Feb. 7, 2019 /PRNewswire/ -- Emma Capital Investments Inc. ("Emma Capital") is pleased to announce the acquisitions of (i) Courts I, a 148-Unit Community located at 2000 W. 79th Street, Indianapolis; and (ii) Courts II, a 336-Unit property located at 8002 Harcourt Road, Indianapolis; (the "Properties"). These are Emma Capital's 36th and 37th purchases in the United States, bringing its total acquired apartments to date to approximately 9,500.
The Properties were built in 1967 and 1973 respectively and are located next to each other. Currently, the Properties are being operated as one property. It is the intention of Emma Capital to run each of the Properties separately. The Courts I offers four different floor plans, with an overall average unit size of approximately 1,010 square feet. All units have washer/dryer appliances. The Courts II offers five different floor plans with an overall average unit size of approximately 1,098 square feet. The floorplans are some of the largest in the submarket. Both Properties boast well-maintained communities in which residents enjoy relaxing, comfortable lifestyles with attractive amenity packages. Specifically, each community features a swimming pool, a children's playground, a pet park, a fitness center and beautiful landscaping.
"We are extremely excited about these acquisitions," stated founding Partner and Co-Owner Haya Zilberboim. "With the addition of these properties we currently have 1,829 units in the Indianapolis market. The Seller has maintained the Properties in excellent condition, and has recently installed new windows, sliding doors, and siding. This fact, coupled with our strength in the Indianapolis market, provides Emma Capital with a great opportunity to efficiently leverage our resources to immediately focus on rent growth initiatives and capital improvement projects such as income-boosting unit interior upgrades."
"The Courts I and II Apartments purchases represent another strong investment opportunity for Emma Capital in the Indianapolis market," added Partner and Co-Owner Oz Cohen. "The Properties are located on Indianapolis's north side, which is considered the city's most desirable location from both a commercial and residential perspective. We are very happy with the performances of our current holdings in Indianapolis and continue to focus on other Mid-West markets such as Columbus, Ohio as well as new Southern markets such as Dallas, Austin, San Antonio and Tampa."
"The submarket has achieved strong rent growth over the past number of years and is forecast to continue to grow through 2020," added Brian Rakowski, Emma Capital's Asset Manager for the Indianapolis and Florida Markets. "Moreover, the Property is in a densely developed area on the employment-rich north side of Indianapolis, which is relatively affluent with an extremely low unemployment rate at 3.3%. We believe that such demographics present strong opportunities for Emma Capital."
About Emma Capital
Emma Capital was founded in 2012 and specializes in the identification, financing, acquisition and operation of multi-family residential complexes, particularly in the Sun Belt and Midwestern states in the U.S. The typical Emma Capital project involves 100+ class "B" apartment communities with value-add opportunities, delivering strong cash flow and long-term appreciation while preserving capital. To date, Emma Capital's portfolio consists of total asset value of approximately US$1.2 Billion of property and approximately 9,500 units in the Phoenix, Atlanta, Charlotte, Nashville, Orlando, Indianapolis and Raleigh/Durham markets.
For further information:
Please contact:
Haya Zilberboim
[email protected]
(647) 686-5594
Oz Cohen
[email protected]
(416) 731-4849
SOURCE Emma Capital Investments
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