325 Norma DrEvansville, IN 47712
Valore at Pine Hills
Asset ClassMultifamily
Overview
- Major $880k+ CapEx Spend: Current ownership has invested over $880,000 in renovations at Valore at Pine Hills, including unit interiors (flooring, carpets, paint, lighting, countertops, appliances), roofs, exterior paint, landscaping, dog parks, signage and HVAC systems.
- Proven Value-Add Opportunity: Approximately 20 units remain in classic condition, offering immediate upside through interior renovations as leases expire. Renovated units are achieving rent premiums of approximately $70 per month, underscoring clear demand and providing a scalable path to NOI growth.
- Additional Upside Avenues: New ownership can unlock further value through targeted enhancements, including interior upgrades such as fresh paint and stainless-steel appliances, landscape improvements, and technology updates like converting the clubhouse to a fob access system for after-hours resident use. Ownership may also capitalize on underutilized green space by adding resident amenities in the courtyard area between buildings.
- Evansville Projected Market Rent & Vacancy: According to CoStar, Evansville, Indiana, is projected to experience a significant rise in market rent accompanied by declining vacancy rates through 2029. This trend reflects the city’s growing demand for housing and a tightening rental market.
- Limited New Supply Enhancing Demand: With only 268 units delivered in the past year and minimal inventory growth anticipated, existing properties are well-positioned to benefit from sustained demand.
325 Norma DrEvansville, IN 47712
Sales Team
Listing provided by Revere CRE