Room to Grow Rents: Nearby properties are renting for over $280+ per unit higher than Vivo Living Bloomington. Market rents are anticipated to grow by 6.4% in 2022 and 4.1% in 2023 and have averaged an annual gain of 7.0% in the past year, according to CoStar. New ownership could also explore renting by the bed to lower cost for the tenant while increasing revenue for ownership.
Turnkey Asset Following $2.2 Million Renovation: Vivo Living Bloomington offers an investor 89 turnkey units with minimal deferred maintenance. The property has been fully renovated, including new cabinets, a new parking lot, new amenities, new furniture, and various other interior renovations. The final Certificate of Occupancy was issued on 9/26/2022.
Excellent Amenities Package: The property offers its tenants an excellent amenities package, including:
Vacant retail space: The property has 5,100 SF of vacant retail/restaurant space included. Potential uses could include renting the space, adding more units, converting to self-storage, or selling. New ownership will have the opportunity to explore the different use or sale options for this vacant space for additional income.
Bloomington Rankings: As one of Livability’s Top 100 Best Places to Live, Bloomington has gained national recognition for its growing economy and lifestyle. The city ranks include:
Convenient Location to Demand Drivers: The property allows tenants quick access to many of Bloomington’s best Demand Drivers, including:
Top Ranked, Large University: Vivo Living Bloomington is a 3-minute drive from the University of Indiana. Indiana has 71,000+ students enrolled with 87% of its students living off-campus. In addition, the university supports 44,500+ jobs in the community. University of Indiana has an economic impact of $9.9 billion dollars as the town is centered around the University.
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 Vivo Living Bloomington (“Property”) located in Bloomington, 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: