Spanish Oaks Apartment Homes

3645 Wingate Court, Indianapolis, Indiana 46235

  • Property Subtypes Other
  • Gross Building Area 628,632 SF
  • Building Status Existing
  • Property Use Type Investment
  • Class of Space N/A
  • Total Land Size 50.83 Acres
  • Sale Terms Cash to Seller
  • Cap Rate Undisclosed
  • Last Updated 2/6/2020
  • Status expired

Overview / Comments

• Spanish Oaks Apartment Homes current owner has owned the property over 10 years which creates the possibility of obtaining BOTH ACQUISITION AND RENOVATION TAX CREDITS USING SECTION 42 LIHTC . • Buyer can place new financing on the property at today’s attractive interest rates. • The prior renovation needs to be completed and updated to increase the occupancy above 87% . • Spanish Oaks is Suburban Workforce Housing, but downtown Indianapolis is only about 20 minutes away via Post Road and I-70. • Resident paid electricity with individual air conditioning units and some landlord paid gas heat. • The property offers substantial upside for a buyer who completes the prior renovation and leases up Spanish Oaks Apartment Homes is an 824 Unit garden apartment community located on the far east side of Indianapolis at 3645 Wingate Court Indianapolis, Indiana 46235. This is the perfect Section 42 LIHTC Low Income Tax Credit Opportunity because the CURRENT OWNER HAS OWNED THE PROPERTY OVER 10 YEARS. This creates the Possibility of obtaining BOTH ACQUISITION AND RENOVATION LIHTC TAX CREDITS. The property includes 70 Two Story apartment buildings. The unit rentable square footage is 628,632 including 48 Studios (510 SF), 276 One Bedroom One Bath (620 SF), 340 Two Bedroom One Bath (814 SF), 112 Two Bedroom One and ½ Bath Townhouse (950 SF) units, and 48 Three Bedroom Two Bath (1039 SF) units . The property is located on a 50.83 acre site with two story Garden Apartment Homes constructed of wood frame with brick veneer and various types of exterior siding. The apartment buildings have both pitched and flat roofs. Some of the apartments have a washer/dryer hook ups and several of the units have washers and dryers. Most units have tenant paid electric Heat and Air Conditioning (some units have landlord paid gas heat and hot water). Surface Parking is available and provided free to the tenants. Covered parking is available for $20/month. The Spanish Oaks Apartment Homes were built in 1972 and the apartments were partly renovated in 2008.

Additional Details

  • Tax ID/APN 49-08-21-130-013.000-701
  • Property Visibility N/A