Multifamily Investment Opportunity: Castle Point

Castle Point Investment Highlights

Distinctive and Well Performing South Bend Property Offered Free and Clear:
Castle Point is a unique 740-unit multifamily property in South Bend, Indiana. The property is offered free and clear of existing debt and ideally poised for new permanent financing with high current occupancy and long term stabilized operations.

Less than Two Miles from Prestigious Notre Dame University - Opportunity to Increase Student Population:
The northern edge of Notre Dame University’s campus is just 1.8 miles south of Castle Point. With just over 12,000 students, the close proximity to the university offers the new owner the option of targeting student renters.

Long Term Stabilized and Current High Occupancy and Many Long Term Employees: Historical occupancy since 2011 and Trailing 12 occupancy has averaged over 90%.  Occupancy and performance has been bolstered by low employee turnover, resulting in a staff with years of experience at the property.

Numerous “Low Hanging Fruit” Value-Add Opportunities to Increase Revenue: 
Great opportunity to renovate unit interiors to achieve rental increases;
  •     Implement water/sewer/trash bill backs to increase annual revenue by over $200K;
  •     Add washer/dryer hook-ups in units to command higher rents (the current laundry equipment is owned by the property and no laundry contract exists);
  •     Add pet centered amenities to drive pet fee income (the property only recently began accepting dogs – in August of 2014).
  •     Update interior hallways to benefit leasing efforts;
  •     Add additional amenities such as Wi-Fi and a business center in the leasing office.

Large One and Two Bedroom Floor Plans Offer Unique Features such as Two Story Lofts and Turret Style Bedrooms:
Castle Point units average over 930 square feet. All units have large, open kitchens with architectural beams on the ceiling. 171 two bedrooms units have vaulted ceilings and an additional loft area accessed via a spiral staircase. 54 one bedroom units offer a turret style bedroom (rounded walls) which is very popular with residents.

Brand New Roofs and Carports: The owner is in the process of replacing all roofs and rebuilding all carports, saving a new owner over one million dollars in future capex costs.

Well-Located Landmark Property Boasting Positive Reputation: Castle Point is located on the northern edge of South Bend, near affluent Mishawaka and Granger, both of which are seen as upscale communities. The property is a well-regarded apartment landmark in the area.

Huge Clubhouse and Amenities Package is Well Utilized by Current Residents: The clubhouse offers an extensive array of amenities, including a large pool, updated fitness center overlooking the pool, sauna, yoga/aerobics room,  racquetball courts, indoor miniature golf, indoor and outdoor basketball courts, indoor tennis court, rec room with foosball, air hockey and ping pong tables, and large club room with kitchen.

Idyllic Setting Located on over 50 Acres of Rolling Topography with Many Mature Trees and Impressive Stone Walls: Castle Point offers its residents a park-like setting with hundreds of  large trees, rolling hills and plenty of green space. Stone retaining walls throughout the property compliment the stone found on the exterior of the buildings. The property offers a quiet resident feel, while being near major thoroughfares, retail centers, schools and churches.


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