The Approach: Class A Multifamily
Deal Overview
Total Raise
$6M
Minimum Investment
$250K
Hold Period
3 Years
LP IRR
25%
Return on Equity
1.9x
The Approach is a Class A, 318-unit multifamily development located in Westfield, Indiana — one of the fastest-growing cities in the state and a leading market for multifamily investment. Investors are projected to receive a 25% internal rate of return (IRR) over the three-year investment period, with an equity multiple of 1.9x.
Westfield offers a unique combination of strong economic growth and a high quality of life in the broader context of Hamilton County, whose residents are the most highly educated and highest earning in the state. Westfield’s population increased by approximately 45% between 2010 and 2020 and has grown another 24.4% from 2020 to 2023, a trend expected to continue thanks to a robust job market and the city’s appeal as a desirable suburban market just outside Indianapolis.
Investment Highlights
- Shovel-Ready Site: Fully approved with zoning and permits; site work underway for quick market entry.
- Strong Returns: ~$6M LP equity opportunity with projected 25% IRR and 1.9x equity multiple over 3 years.
- Prime Location: 35 minutes from Indianapolis, on a 16-acre site near downtown Westfield, along a major retail corridor.
- High-Growth Market: Serves a rapidly growing population of professionals, families, and high-income earners.
- Modern Layout: Two four-story and five three-story buildings with a mix of 1-, 2-, and 3-bedroom units.
- Upscale Amenities: Clubhouse, fitness center, resort-style pool, co-working spaces, and expansive green areas.
Project Overview
| Project Name | The Approach |
|---|---|
| Number of Multifamily Units | 318 |
| Location | 550 E 181st Street, Westfield, Indiana 46074 |
| Acres | 16 acres |
| Net Rentable Square Feet | 333,139 |
| Average Rent / Unit | $1,904 |
Project Sources & Uses
| Category | Description | $ | % | /Unit | /RSF |
|---|---|---|---|---|---|
| Project Sources | Construction to Perm Loan | $49,500,000 | 63% | $155,660 | $149 |
| Pref Equity | $20,048,500 | 26% | $63,046 | $60 | |
| LP Equity | $6,000,000 | 8% | $18,868 | $18 | |
| GP Equity | $2,917,991 | 4% | $9,176 | $9 | |
| Total Sources | $78,466,491 | 100.00% | $246,750 | $236 | |
| Project Uses | Land | $4,925,000 | 6% | $15,487 | $15 |
| Construction Costs | $57,898,816 | 74% | $182,072 | $174 | |
| Architectural/Survey/Engineering | $922,350 | 1% | $2,900 | $3 | |
| Construction Interest & Financing Costs | $8,364,286 | 11% | $26,303 | $25 | |
| Permits/Contingencies/Other Costs | $4,356,039 | 6% | $13,698 | $13 | |
| Developer Fee/Costs | $2,000,000 | 3% | $6,289 | $6 | |
| Total Uses | $78,466,491 | 100.00% | $246,750 | $236 | |
Why Westfield?
- Westfield’s population has grown over 75% since 2010, with strong momentum projected to continue, creating sustained demand for housing.
- Located in Hamilton County, the wealthiest and most educated county in Indiana, with average household incomes 27% above the national average and rising.
- Recognized as one of the Top 10 Best Small Cities in America (WalletHub) and the #1 suburb to move to (Homes.com), Westfield consistently attracts high-quality residents.
- Rapid job and income growth are driving strong renter demand, reduced vacancy risk, and increasing rent growth potential for multifamily assets.
Meet the Team
Elm Real Estate Group is a privately held development firm focused on multifamily and senior housing communities. With a strong track record across various asset types — including market-rate, workforce, mixed-use, and transit-oriented developments — Elm emphasizes long-term value, sustainability, and resident-focused design.
The firm is guided by the belief that responsible development can deliver both positive community impact and strong financial performance. Their experience spans ground-up development, historic rehabilitation, green building, and property management, with a focus on high-quality, livable communities.
Leadership
Invest in The Approach: Class A Multifamily
Total raise
$6M
Min Investment
$250K
Hold time
3 Years
LP IRR
25%
Return on equity
1.9x
↓ More details available to qualified investors ↓
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