Correll Commercial Iub Ds V FC& MC Page 2
INVESTMENT SUMMARY
This property was rehabilitated between 2003 and 2005. The following is a summary of the unit types.
Monon Court Apartments
The Village at Fall Creek Apartments
3605 / 3609 Balsam Avenue
· 5 Studios
· 24 1-Bedrooms
· 1 Laundry Room
3606 / 3610 Balsam Avenue
· 7 Studios
· 24 1-Bedrooms
3520-3534 Fall Creek Parkway
· 1 2-Bedroom
· 22 1-Bedrooms
· 5 Studios
· 1 Office
· Maintenance
· Laundry Room
(There are 5 units between the two Monon Court
Apartment buildings which are offline and need to
be renovated.)
(Three (3) units that are offline and need to be
renovated.)
The Village at Fall Creek property consists of a cluster of three vintage buildings that face Fall Creek Parkway and are at the
corner of Fall Creek and Balsam Avenue. The property is adjacent to the Monon Trail, a city wide bike trail, which was com-
pletely revitalized at this location in 2004. The properties along Fall Creek Parkway represent an eclectic collection of archi-
tectural styles dating back to the 1930's, and the subject property has curb appeal that conforms with this historic district.
The Monon Court buildings are leased by one entity to fulfill a specific government housing program. The Homeless Initiative
Program (HIP) or Threshold Project has a contract for 46 of 60 units in these buildings.
HIP Program
The two Monon Court buildings are similar to each other and have rental rates of $475 for a studio unit and $500 for a one
bedroom. The Homeless Initiative Program (HIP) has a one year contract for 46 units. This means that regardless of underly-
ing occupancy this organization pays the rents for these units. This includes 4 units that are used for on-site offices. The HIP
organization provides housing and programs for individuals that are homeless. The program strives to transition individuals
into jobs and self dependency. A typical apartment could roll over 2 or more times a year or it could be occupied for over 2
years. Since the organization leases the units the tenants do not have lease rights. Based upon discussions with ownership
we understand that the HIP organization is responsible for prepping units for occupancy. This may include painting or carpet
replacement and minor maintenance items. These costs will be billed back to the organization by ownership.
THE VILLAGE AT FALL CREEK AND MONON COURT
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CORRELL COMMERCIAL
7399 North Shadeland Avenue Indianapolis, Indiana 46250
www.richcorrell.com
Tel: 317-842-0007
Fax: 317-842-0008
Mobile:317-507-0009
