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Age-Restricted Multifamily Communities 3 Multifamily Properties Offered at $17,160,000 in Multiple Locations
Investment Highlights
- 134 units across three sites in Northeast IN - Ossian, Marion and Kendallville
- Meticulously maintained garden-style assets developed in the late 1990s to early 2000s with consistent long-term operating performance.
- Tenant-preferred features including private garages in most units, in-unit laundry, separate metering, and reliable utility infrastructure supporting.
- Stabilized, income-producing senior housing communities operating at full occupancy with established waitlists across all locations.
- Highly accessible locations within direct reach of Fort Wayne’s healthcare, retail, and employment centers, enhancing long-term renter appeal.
Executive Summary
Opportunity to acquire 3 separate age-restricted (55+) apartment communities in Northeast Indiana—46, 14, and 74 units—totaling 134 units being sold as a portfolio or individually. They are being offered fully leased, with opportunity for the Buyer to add value by increasing rental rates.
Offered at a 6.45% cap rate based on current operations. All of the properties were developed by the Seller in the mid-1990s to the early 2000s and have been meticulously maintained since. Each community boasts a strong rental history, with waitlists, low to no maintenance needs, and offers investors the chance to acquire a stabilized asset in prime rental markets.
These three garden-style communities are located in Marion, Ossian, and Kendallville, Indiana, and consist of one-bedroom (±700 SF) and two-bedroom (±800-900 SF) units. Each location is close to major traffic thoroughfares with a direct connection to Fort Wayne, the region’s economic hub.
The Marion apartment community consists of 14 units distributed over 12,300 square feet and two buildings. It is located at 1511 W 31st St, Marion, IN 46953.
The Ossian apartment community consists of 46 units distributed over 40,200 square feet and four buildings. It is located at 301 Parent Dr, Ossian, IN 46777.
The Kendallville apartment community consists of 55 twobedroom/ 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.
Please inquire with broker for 2023-2025 financials and current rent roll.
BROKER’S NOTE: PLEASE DO NOT VISIT THE PROPERTY OR DISTURB TENANTS.
Offered at a 6.45% cap rate based on current operations. All of the properties were developed by the Seller in the mid-1990s to the early 2000s and have been meticulously maintained since. Each community boasts a strong rental history, with waitlists, low to no maintenance needs, and offers investors the chance to acquire a stabilized asset in prime rental markets.
These three garden-style communities are located in Marion, Ossian, and Kendallville, Indiana, and consist of one-bedroom (±700 SF) and two-bedroom (±800-900 SF) units. Each location is close to major traffic thoroughfares with a direct connection to Fort Wayne, the region’s economic hub.
The Marion apartment community consists of 14 units distributed over 12,300 square feet and two buildings. It is located at 1511 W 31st St, Marion, IN 46953.
The Ossian apartment community consists of 46 units distributed over 40,200 square feet and four buildings. It is located at 301 Parent Dr, Ossian, IN 46777.
The Kendallville apartment community consists of 55 twobedroom/ 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.
Please inquire with broker for 2023-2025 financials and current rent roll.
BROKER’S NOTE: PLEASE DO NOT VISIT THE PROPERTY OR DISTURB TENANTS.
Property Facts
| Price | $17,160,000 | Status | Active |
| Price / SF | $101.60 / SF | Number of Properties | 3 |
| Sale Condition | Bulk/Portfolio Sale | Individually For Sale | 3 |
| Cap Rate | 6.45% | Total Building Size | 168,900 SF |
| Sale Type | Investment | Total Land Area | 24.24 AC |
| Price | $17,160,000 |
| Price / SF | $101.60 / SF |
| Sale Condition | Bulk/Portfolio Sale |
| Cap Rate | 6.45% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 3 |
| Total Building Size | 168,900 SF |
| Total Land Area | 24.24 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 1320 Knoll Crest Dr, Kendallville, IN 46755 | Multifamily | 116,400 SF | 2002 | $9,350,000 |
| 1511 W 31st St, Marion, IN 46953 | Multifamily | 12,300 SF | 2001 | $1,980,000 |
| 301 Parent Dr, Ossian, IN 46777 | Multifamily | 40,200 SF | 1998 | $5,830,000 |
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Age-Restricted Multifamily Communities
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