Icarus looks to invest in cities where the population is stable or growing in and around the downtown area, and where there is job growth. With those benchmarks in place, people are interested in moving into the downtown neighborhoods, creating more urban density. Employed in the city, they want to live near their work – but oftentimes, that becomes cost-prohibitive.
We look for areas where there may not yet be awareness of these growth markers, like in Indianapolis, where the we recently purchased our first building.
“Indianapolis has had a steadily growing population,” says David Pezzola. “Yet, it’s very much under the radar. They’ve had strong population growth. They are quietly a top 15 city in America in terms of population.” With roughly the same population as San Francisco, Indianapolis is home to a mini-tech boom, creating a lot of jobs in the high-tech sector, and the city boasts the lowest unemployment rate in the Midwest.
Icarus invested in the Irvington neighborhood, which is a quick 15 minutes from downtown, and walking distance to bars, restaurants, coffee shops and breweries. With a purchase price of $16,000 per unit, the building will be immediately leased following renovation completion. Icarus rents units out at less than half the price of an equivalent living space in the heart of downtown.
Get in on the Indianapolis action! Click here if you’d like to be part of our growing Indianapolis portfolio.