11.13.2012

Foster Park is NOW Available

Foster Park
70 Units
Fort Wayne, IN

Here is a great new multifamily oppertunity in Fort Wayne, IN. 

Investment Highlights Include:
Desirable Senior Community with Low Turn Over: Foster Park is a senior community that has a historically experienced low turnover of residents which assists in keeping the operating expenses down. Average length of tenancy is approximately 4 years.

Stable Property with Current and Historical High Occupancy:
Foster Park is currently 97% occupied and has experienced historical occupancy of 90%+/- for several years.

High Cap Rate Offering with Upside Potential: 
The asking price of $2,500,000 represents an 8.8% forecast cap rate and an 8.4% actual cap rate. Current market rents at Foster Park are below the competing properties offering the potential for revenue increases.

Attractive Brick Exterior:  Low maintenance, masonry exteriors enhance the property’s appearance.
Gated and Covered Under Building Parking Garage Ideal for Seniors: Foster Park offers it’s resident gated and covered parking garage with elevator access directly into the building which is very appealing to senior residents.

Good Unit Mix with Large 2 Bedroom Floorplans: The property offers 38 one bedroom units and 32 two bedroom units. The two bedroom units are open and spacious with over 1,100 square feet. 

Located on the City’s Exercise and Recreation Trail:
Fort Wayne’s Rivergreenway; Foster Park is located immediately adjacent to the St. Marys Pathway. This trail part of Fort Wayne’s Rivergreenway, a linear park with 25 miles of trails designed to connect neighborhoods and parks along Fort Wayne’s three rivers. St, Mary’s Pathway is an 8.75 trail designed for walking, jogging, bicycling and rollerblading.

0 comments:

Post a Comment