About Silvertree Communities - Muncie
Silvertree is a 892-bed | 332-unit portfolio of 7 properties built in 1984-19952 and located in Muncie, Indiana. This offering represents an opportunity to buy 7 nearby/adjacent properties with a large presence in the market, and it offers economies of scale at 6.3% T-12 (even with 83% occupancy) and 7.3% year one forecast cap rate.
The communities are situated close to each other and near the campus of Ball State University which has steady enrollment of approximately 22,000 and employs about 3,500 people.
All units have washer/dryers in the units. The properties offer an attractive unit mix with a variety of unit styles to fit any resident's needs. Some units were upgraded in 2010 and include high-end finishes such as granite countertops, new wood cabinets, energy-efficient appliances and vinyl plank flooring.
The amenities at Silvertree are centralized at the Silvetree location and include a clubhouse with a 24-hour fitness center as well as the leasing and management office. Other amenities include a sparkling swimming pool, sand volleyball court, basketball court and tanning bed.