162-unit multi-family apartment community located on the southwest side of Bloomington, IN. The property was completed in 1997 and features a mix of Two, Three and Four bedroom apartment and townhouse units.
Units are large, averaging over 1,000 square feet, and feature private entrances, updated kitchens , and in-unit laundry. The property has an extensive amenity package that includes a fitness center, game room, sand volleyball court, half basketball court, horse shoe court, picnic and grilling areas, walking trails and a disc golf course.
This property is located on the southwest side of Bloomington right off IN-37 at the IN-45/Bloomfield Road interchange. This is a growing area of the Bloomington, IN MSA; within a mile proximity of the property there has been population growth of nearly 70% from 2000-2013. The greater Bloomington metropolitan area boasts a total population of 192,714.
This property has undergone a significant transformation under current ownership, with many capital improvements and strong rent growth. Hidden Hills now caters to a high caliber tenant and rents approximately 15% of units by-the-bed to students at a substantial rate premium. There is the potential to increase that percentage and continue to roll old leases to new market levels. Monthly revenue numbers have increased over 33% in the last 18 months with further upside going into the next school year cycle. This deal is offered free and clear of existing debt for a new owner to take advantage of low interest rates and long term debt.
In August 2014, Forbes Magazine ranked Bloomington, Indiana as the #1 city in the country on its list of “Top 10 Best Cities for Work-Life Balance”. The rankings take into account the average number of hours an individual works each week and the time it takes people to get to work, as well as median income and cost of living. Bloomington’s top ranking is indicative of a vibrant community with thoughtful urban planning which lends itself to a walkable, enjoyable city-living experience. There is also plenty of natural beauty to behold with thousands of mature trees lining the streets and a number of pristine lakes nearby. The surrounding area is also the source of Indiana limestone, a type of Salem limestone, which is touted as the highest quality quarried limestone in the country. The limestone extracted from around Bloomington was used extensively in the rebuilding of Chicago after the Great Chicago Fire, and is even used as the facade of New York’s famous Empire State Building.
Bloomington is in southern central Indiana and serves as the county seat of Monroe County. Bloomington has been home to the flagship campus of the Indiana University System since it was founded in 1820. Just over 80,000 people live in the city, while the Metropolitan Statistical Area, which includes Greene and Owen counties, as well as Monroe, had a population of 192,714 as of the 2010 Census.
Indiana University Bloomington (IU) is the flagship campus of the Indiana University System and is one of the founding members of the prestigious and storied Big Ten Conference. It was established in 1820 and graduated its first 10 students in 1830. In the almost two centuries since, IU’s student population has grown to more than 42,000 and has come to be regarded as one of the premier public research universities in the world, attracting students from all 50 US states and more than 150 different countries. IU is renowned for a number of things, varying from its breathtaking campus with abundant trees and stunning structures made from local limestone, to the controversial Kinsey Institute and the world-famous Little 500 bicycle race. Forbes Magazine recently ranked IU-Bloomington as the 18th best public university in the country.
IU-Bloomington’s impressive campus spans almost 2,000 acres and includes abundant green space. There are 14 degree granting schools offering a wide variety of majors. IU is a leading university in such diverse areas as music, business, the arts and humanities, the life sciences, law, library and information science, technology, education, journalism, nursing, and public affairs.
