Skyline Towers is a 60-unit, boutique elevator multifamily
property located in one of the fastest growing submarkets
in the Midwest. Offering large floorplans and underground
parking, Skyline Towers is positioned to capture demand
from modern renters looking for homelike living with the
convenience of renting.
Skyline Towers was developed in 2017, delivering an
unmatched product in the rental market. The property
is now positioned for more operationally focused
ownership, taking advantage of unrealized supplemental
income while continuing to ride the wave of outsized rent
growth in the Kenosha submarket.
Capture Operational Upside
Improve operations by capturing nearly $50,000
of additional annual income by charging market
standard fees for parking and storage.
Booming Kenosha Job Market
Over 8,000 jobs added since 2010 through major
corporations such as Amazon, Uline, Kroger,
Haribo, and Nexus. There is another 4.5 MSF of
industrial development projected to bring 1,000
more jobs to the area.
Assumable Debt with Term
The acquisition of Skyline Towers offers attractive
assumable agency debt at 4.79% maturing in
September 2030. The current loan balance is in line
with today’s market loan to value.
Fundamentals Poised for Strong Rent Growth
Area home values have increased 11.2% in the past
year averaging $447,500, making homeownership
even less attainable in today’s rising interest rate
environment. Skyline Tower’s average rent is only
18.5% the average area income of $101,437. With
only 133 units under construction in the submarket,
the asset its poised for outsized rent growth.
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