1511 W 31St St Marion, IN 46953

This portfolio offers the opportunity to acquire three age-restricted (55+) apartment communities located in Northeast Indiana. The properties, totaling 134 units, are available as a portfolio or individually. The communities consist of 46, 14, and 74 units. The properties are offered fully leased, presenting an opportunity for increased rental rates. The offering cap rate is 6.45% based on current operations. Developed by the Seller from the mid-1990s to the early 2000s, the properties have been meticulously maintained. Each garden-style community has a strong rental history, with waitlists and low maintenance needs. The communities are located in Marion, Ossian, and Kendallville, Indiana, and consist of one-bedroom (approximately 700 SF) and two-bedroom (approximately 800-900 SF) units. Each location is near major traffic thoroughfares, providing a direct connection to Fort Wayne. The Marion apartment community features 14 units distributed over 12,300 square feet and two buildings. The Ossian apartment community includes 46 units distributed over 40,200 square feet and four buildings. 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.