1426-1496 N Kinser Pike - Apartments FOR SALE


Bloomington, IN 47404- Downtown Bloomington IN
$15,200,000 USD
513-633-2926
1426-1496 N Kinser Pike, Bloomington, IN for Sale
$15,200,000 USD
Apartments - FOR SALE
1/26
null | 6.68% Cap Rate

1426-1496 N Kinser Pike
Bloomington, IN 47404
Downtown Bloomington IN


HIGHLIGHTS

  • 73 Units | 219 Bedrooms | 6.30% CAP Rate
  • Townhome-Style Product
  • Flexible Occupancy
  • Recent Capital Investment
  • Strong University Demand Drivers
  • Highly Attractive Location

OVERVIEW

Lee & Associates is pleased to present for sale Crimson Crossing, a well-located student housing community in Bloomington, Indiana. Situated on approximately 5.07 acres within walking distance of Indiana University’s Bloomington campus, the property offers an exceptional opportunity to acquire a value-add asset in one of the Midwest’s most stable and recognizable university markets. Crimson Crossing consists of 219 beds across 73 townhome-style units, offering a desirable unit mix tailored to student renters. The townhome configuration provides residents with a more private, residential living experience compared to traditional garden-style apartments, which has consistently driven strong leasing performance. The community features ample off-street parking, a key amenity in the immediate submarket, and is located approximately a quarter mile from Indiana Memorial Stadium, Simon Skjodt Assembly Hall, and the primary Indiana University campus shuttle hub, providing convenient access to academic buildings, athletic facilities, and campus life. Over the past two years, current ownership has invested approximately $1 million in capital improvements, strategically enhancing both the interior finishes and major building systems. Of the 73 total units, 21 have undergone renovations. Sixteen of these units received comprehensive, top-to-bottom upgrades, including new flooring throughout the entire unit, new kitchen cabinetry, upgraded countertops, upgraded bathroom vanities, and new, upgraded appliance packages. These renovations position the units competitively within the Bloomington student housing market and support premium rental rates. The remaining five renovated units received partial upgrades, including new flooring on the main level, new kitchen cabinetry, upgraded countertops, and new appliance packages. In addition to the full and partial unit renovations, ownership has completed flooring replacements in 10 additional units, replaced many of the HVAC systems to improve efficiency and reliability, and upgraded appliances in numerous other units throughout the community. These improvements meaningfully reduce near-term capital expenditure needs while providing a clear path for continued value creation through further interior upgrades on the remaining classic units. Crimson Crossing represents a compelling opportunity to acquire a proven, townhome-style student housing asset with strong in-place cash flow, significant recent capital investment, and continued upside potential in a supply-constrained location adjacent to Indiana University.

FOR SALE DETAILS

PRICE

$15,200,000 USD

PRICE/SF

$132 USD /SF

# OF UNITS

103

PRICE/UNIT

$147,573

CAP RATE

6.68%

% LEASED

78%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Crimson Crossing

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Garden

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

2004

PARKING SPACES

219

LAND DETAILS

LAND ACRES

4.72 AC

LAND SF

205,531 SF

ZONING

-

APN/PARCEL ID

53-01-30-074-500.000-005,53-05-28-300-039.000-005,53-05-28-300-055.000-005,53-05-28-300-165.000-005,53-05-28-300-181.000-005

ASK ABOUT THIS PROPERTY

Matthew SnyderLee & AssociatesMore Info
513-633-2926

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Matthew SnyderLee & AssociatesMore Info
513-633-2926

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.