Case study
Highland Pointe Apartments
Stabilized Workforce Housing
Highland Pointe Apartments is a 133-unit workforce housing community in Indianapolis, Indiana that was acquired as part of a four-property value-add portfolio during a period of operational underperformance and below-market occupancy.
Following acquisition, the property underwent a full re-tenanting and interior renovation strategy that improved operations, supported a refinance returning a substantial portion of investor equity, and ultimately led to a successful disposition despite multiple unforeseen property casualty events during the hold period.
This case study is one of a selection from the firm’s investments and is not representative of every investment. Figures are unaudited and are presented on a gross basis unless otherwise noted. Past performance is not indicative of future results. A complete schedule of investments is available on request.
Highland Pointe Apartments
133 Units – Workforce Housing Indianapolis, IN
$10,175,000
Total Capitalization
May 2019
Purchased
October 2025
Sold
Value-Add
Acquired as part of a four-property, $49M value-add fund in Q2 2019
First disposition from the 2019 Fund
Fully re-tenanted property with ~25% interior renovation program
Managed insurance claims and restoration following 3 separate fire events during the hold period
Refinance completed in Month 44, returning 92% of initial investor equity
Financial
$9.3M Purchase Price ($70k/unit)
$14.1M Sale Price ($106k/unit)
$2.35M Investor Equity
$6.2M Investor Distributions
Return Metrics
18.6%
Realized IRR
2.64x
Realized Equity Multiple
6.5 Years
Hold Period
