Age-Restricted Multifamily Portfolio
Multifamily | 74 Units | $0/unit
Marketing description
STURGES PROPERTY GROUP HAS BEEN APPOINTED THE EXCLUSIVE AGENT for the sale of the Kendallville Apartment Community, an age-restricted (55+) multifamily property located at 1320 Knoll Crest Drive in Kendallville, Indiana. The 74-unit community is offered at a list price of $9,350,000, reflecting a 6.57% cap rate, and presents investors with the opportunity to acquire a stabilized asset with immediate and reliable cash flow.
THE COMMUNITY OFFERS A MIX OF ONE- AND TWO-BEDROOM FLOOR PLANS, with a majority of units featuring front-facing garages. In-unit laundry is included in every unit, and tenants are separately metered for utilities, limiting landlord expense exposure. Water and sewer service are provided by the Landlord.
THIS OFFERING PROVIDES INVESTORS THE OPPORTUNITY TO ACQUIRE A STABILIZED MULTIFAMILY ASSET in a strong Northeast Indiana rental market, with upside potential through future rental rate growth.
Investment highlights
THE KENDALLVILLE APARTMENT COMMUNITY CONSISTS OF 55 two-bedroom/one-bathroom units with front facing garages, 11 two-bedroom/ one-bathroom units without garages, and eight one-bedroom/one bathroom units without garages. It is located at 1320 Knoll Crest Drive, Kendallville, IN 46755.
EACH UNIT IS EQUIPPED WITH AN IN-UNIT WASHER AND DRYER providing added convenience and appeal for residents. Tenants are separately metered and responsible for electric service provided by AEP and gas service through NIPSCO.
WATER SERVICE IS PROVIDED BY THE LANDLORD as well as sewer service. The property is topped with a shingle roof.
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