Woodbridge is a 450 unit apartment community located in Fort Wayne’s popular northern suburb. The community offers an attractive mix of flats and townhome units with all having washer / dryer connections.
The current owner completed a full renovation on 253 units which included black appliances, new espresso cabinets, granite countertops, LVT flooring, lighting and hardware. They completed a partial renovation on 197 units which included black appliances and LVT flooring. Prior to the renovations, in place rent at Woodridge was $734 / month in mid-2017. Leases since September of 2019 average $826 which is a 12.5% increase. In addition to rent premiums available by completing additional unit renovations to the partially renovated units, organic revenue increase is also expected as the current rents trail market by an average of $70+.
Fort Wayne is the 2nd largest city in the state of Indiana and has an extremely stable multifamily market. Citywide average occupancy is 96.7% and has average 95% since 2015. Rents grew in Fort Wayne more than 6% and unemployment is at only 2.6%. Top three employers in Fort Wayne are two large healthcare networks, Parkview and Lutheran, followed by the Fort Wayne Community Schools all of which are close to Woodridge.
Woodbridge is offered free and clear and can be purchased individually or as part of a 914 unit, 3 property portfolio that includes Cross Creek (208 units) and Beechmill (256 units). A portfolio purchase offers economies of scale.
Cushman & Wakefield, as exclusive advisor, is pleased to present Woodland Key Apartments, a 416-unit value-add multifamily community in Clearwater, Florida.
Cushman & Wakefield, as exclusive advisor, is pleased to present an exceptional investment opportunity to acquire Innovo Living on Atlantic (the “Property”) —a 310 unit, multifamily asset located in Coral Springs, Florida. The property is comprised of 48% one-bedrooms, 52% two-bedrooms. Completed in 1987, Innovo Living on Atlantic received an extensive capital infusion which included a brand new 5,138 square foot clubhouse featuring an expansive lounge area, climbing wall, fitness center, Yoga and Pilates studio, lap pool and business center. The interior units were completely repositioned to feature new cabinets, counter tops, appliances, lighting and hard surface flooring throughout. Additionally, the second floor units were modified to feature vaulted ceilings in the living area. The property has excellent drive-by visibility along Atlantic Boulevard with exposure to over 36,000 cars daily and is less than two miles from the Sawgrass Expressway providing access to over 47.7 million square feet of office within the major employment sectors of Sunrise, Plantation, Cypress Creek, Fort Lauderdale and Boca Raton.
Kingston Square is a 523-unit work force housing apartment community located on Indianapolis’ suburban east side. Originally developed as a co-op, it was converted to traditional for-rent apartments when the current owner purchased the property in 2013. The residents have benefited from this conversion as the current owner has completed $7.3 million+ in renovations, including a 24hr fitness center, interior unit upgrades and much more.
The community is situated on 24 acres with 29 two-story buildings. It offers an attractive mix of studios, 1-and 2-bedroom units, along with 2- and 3-bedroom townhomes. All the townhome units have washer/dryer hook ups. The units feature baseboard heating with electric sleeve air-conditioning unit, fully-equipped kitchens including new dishwashers and laminate flooring, upgraded bathroom vanities and plumbing fixtures, and a balcony/patio.
Kingston Square is located immediately west of I-465 off Shadeland Avenue, a major commercial thoroughfare, with convenient access to I-70 and I-69. The daily average traffic count on Shadeland is approximately 20,788 cars and I-465 is over 181,000 cars. Residents enjoy a quick commute to downtown Indianapolis and to the popular northside of Indianapolis.
The Sycamores Apartments is a well maintained 210 unit community that has been owned and operated by the seller since 1992. The community is situated on 22 acres and located on Indianapolis’ southeast side. The property has mature trees and vast greenspace.
The property offers an attractive unit mix of one, two and three bedroom garden-style units with open floorplans and private entrances. The Sycamores offers untapped value add and upgrade potential by completing unit updated, adding washer/dryer hookups to all unit styles, allowing pets, converting a laundry building to a pet spa and adding a bark park.
The property is located just north of Stop 11 Road and just east of US-31 (the main north-south road in Indianapolis) on the city’s south side. The location provides The Sycamores a quiet atmosphere while being convenient to dining, entertainment and major employment centers.
Park 33 is a 188-unit brand new Class A luxury apartment community built in 2018 and located in Goshen, Indiana. The community is situated on 14 acres and has 16 residential buildings, a leasing office and a sparkling pool. The property offers an attractive unit mix of 1 and 2 bedroom units with all single-story buildings, private entries and washer/dryer connections in all units.
The community offers an attractive mix of, 2 and 3-bedroom units and all with a full-size washer/dryer and half with direct garage access. The units include high-end finishes such as granite countertops, wood cabinets with high gauge drawer pulls, a flat glass-top range, a deep under-mount stainless-steel sink, energy-efficient appliances and vinyl plank flooring.
The amenities at Park 33 are equal to or exceed any of its peers. A beautiful clubhouse offers a 24-hour fitness center as well as the leasing and management office. Other amenities include a sparkling swimming pool, a fire pit, a grilling station, a bark park and a 24-hour package room.
The property 's location provides easy access to many employers and an abundance of economic activity.
Emerson Village Apartments, situated on 23 acres, is a 352-unit community conveniently located on the southeast side of Indianapolis. With exceptional visibility directly on a major north south thoroughfare, the property has mature trees, two lakes and provides a quiet neighborhood setting.
The well-maintained property was built in two phases, Phase I 1987 and Phase II 1988 with approximately thirty percent of the units currently upgraded allowing the new ownership the ability to further increase revenue by continuing the unit upgrades.
Located in Franklin Township, on the southeast side of Indianapolis, Emerson Village enjoys exceptionally easy and convenient access to downtown Indianapolis, local restaurants and employment.
Offered Free and Clear, the property’s stable financial performance will allow for the most competitive and attractive new debt structure.