Impressive Rent Growth: From April of 2022 to March of 2023, rents increased from an average of $588/month to $720/month. As leases are renewed and vacant units are filled, new ownership will have the opportunity to increase NOI by raising rents to the current market rate of $819.
Water Reimbursement Opportunity: Current ownership recently installed new water/sewer meters in all units on the property. As of February 2023, the property is recovering close to 100% of its expense, and new ownership will benefit from this recovery going forward.
Recent Roof Replacement: All Apartment Village roofs have been replaced since 2016, with 3 replaced in January 2022.
High Submarket Rent Ceiling: Top of the market 2BD rents in the submarket are renting for nearly $400 more than Apartment Village, providing new ownership ample room to continue pushing rents over time.
Proximity to Evansville’s Best Retail: Apartment Village is ideally positioned within 10 minutes of Evansville’s premier shopping centers, including:
Evansville Demand Drivers: The Evansville area is home to several large employers, including:
Central Location to Major U.S. Markets: The total population within a 300-mile radius of Evansville is 43,287,941, and Evansville is under a 4-hour drive from major MSA’s including St. Louis, Indianapolis, Cincinnati, Louisville, and Nashville.
THIS CONFIDENTIALITY AGREEMENT (“Agreement”) is made and agreed to by The Kirkland Company (“Broker”), exclusive listing broker for the Property, and (“Buyer”) regarding the sale of the property known as Apartment Village (“Property”) located in Evansville, Indiana. The obligation of confidentiality undertaken pursuant to this Agreement shall survive the terms of the Broker’s listing agreement with the Owner.
BUYER HAS REQUESTED information from Broker for the purpose of evaluating a possible acquisition of the Property. The Owner of the property has instructed Broker to deliver information concerning the Property, much of which is highly confidential, only to those potential purchasers who sign this Agreement. To receive an Offering Memorandum (“Offering Memorandum”) please read, sign and return this Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation.
THEREFORE, THE PARTIES AGREE, in consideration of the covenants and agreements contained herein, as follows:
In connection with your interest in a potential, negotiated acquisition of those certain properties listed in Exhibit A hereto (individually or collectively as the context may require, the “Property”) from [Seller] (individually or collectively as the context may require, the “Company”), you have requested certain information concerning the Property from the Company and its affiliates and its and their respective directors, officers, members, partners, employees, representatives, agents and/or advisors (including without limitation, attorneys, accountants, consultants and financial advisors) (individually or collectively as the context may require, the “Company’s Representatives”). In consideration of furnishing you with the Evaluation Material (as defined herein), the Company requests your agreement to the following: