We’ve expanded our Indianapolis portfolio today with the $57 million acquisition of The Coil. The closing adds an additional 151 units to the market. The Coil marks our seventh acquisition of the year and the first of five acquisitions in November.
Under the leadership of Sal Gracia and general manager Courtney Vecheck, we have plans to improve the net operating income by 90 percent in 24 months, with huge opportunities for other income and expense reduction.
Courtney was an Indianapolis market founder in December 2020 when we acquired The Domain at Bennett Farms. Now, she’s looking forward to the new challenge ahead and the market’s growth.
“I’m incredibly excited,” Courtney said. “We have an amazing team, and I look forward to what we’re going to accomplish together.”
This luxury property, located in the Broad Ripple submarket, comes with a unique traffic driver.
“On the first floor of the property, there is a Fresh Thyme grocery store. It’s the only grocery store in all of Broad Ripple,” director of analytics Tyler Oberly said.
“The demand in this area also outstrips supply. When I shopped the competition, no one had any available units to tour.”
Our Coil team includes:
- Courtney Vecheck, general manager
- Hannah Carter, sales
- Adam Hutchinson, lead tech
- Quenten Turman, turn tech
We look forward to seeing our team at The Coil knocking it out of the park!