8005 Cardinal Cir - Summerlake Meadows 48 Unit Apartment Building Offered at $11,774,540 CAD at a 6% Cap Rate Pendleton, IN 46064

The Kuroiwa Group is pleased to present the exclusive offering of Summerlake Meadows Apartments, a 48-unit multifamily community located in Pendleton, Indiana. Constructed in 2018, the property features spacious 1,240-squarefoot two-bedroom floor plans, each equipped with private patios and one-car attached garages. Asset performance has been exceptional, with the property currently operating at 98% occupancy. Situated on nearly five acres, Summerlake Meadows offers a low-density, neighborhood-style living environment that differentiates the asset from traditional garden-style apartment communities.
Summerlake Meadows benefits from a strategic location just off Interstate 69, providing residents with direct access to the rapidly expanding eastern Hamilton County corridor. The property is located just seven minutes from Hamilton Town Center in Fishers, a premier lifestyle destination offering a wide range of retail, dining, and entertainment options. This proximity positions the property to benefit from the continued population growth and economic expansion occurring throughout the northeastern Indianapolis suburbs.
Summerlake Meadows presents a compelling opportunity to acquire a newer vintage asset in one of the highest growth corridors within the Indianapolis MSA. With effective in-place rents averaging $1,416/mo at Summerlake Meadows, there is clear upside in rental rates based on comparable properties. The comp average 2-Bedroom rents in the immediate or adjacent markets is $1,739/mo, making the average rent gap between the property and comp average $323/mo. Additionally, Summerlake Meadows’ 1,240 square foot floor plans average 188 sqr ft larger than the average 2-bedroom comp.