Park Place Apartments
79 Units
Marketing description
OM & Deal Room:
https://www.marcusmillichap.com/properties/202602/park-place-apartments
Marketing Description:
Marcus & Millichap is pleased to present the exclusive offering of Park Place Apartments, a 79-unit income-restricted multifamily community located in Terre Haute, Indiana. Constructed in 2010, the property offers investors the opportunity to acquire a newer vintage asset at an attractive basis, well below replacement cost. The asset features an efficient unit mix primarily consisting of one-bedroom units, catering to a stable and durable renter base supported by affordability-driven demand.
The property is already in the extended use phase of the income restrictions which expire in 2040. Upon expiration, the property is expected to appreciate substantially as it will be completely market rate with zero rent restrictions.
Investment highlights
OM & Deal Room:
https://www.marcusmillichap.com/properties/202602/park-place-apartments
Investment Highlights:
- Stable, Income-Restricted Revenue Stream: The property benefits from income-restricted rent structures, providing consistent occupancy, reduced tenant turnover volatility, and durable cash flow through
- Strong In-Place Yield: Average rents are 28 percent below true market rate on today’s in-place restrictions.
- Defensive Characteristics: Park Place delivers a 7.01 percent in-place cap rate and 6.85 percent cash-on-cash return, supported by stable collections and consistent occupancy.
- Limited Operational Risk | Turn-Key Investment Profile: As a newer vintage asset with stabilized operations, the property requires minimal near-term capital investment, allowing investors to focus on maintaining performance rather than executing a heavy value-add strategy.
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