Multifamliy Investment Opportunity: Deer Creeke

Investment Highlights

Well-Maintained Community Built in 1995/1996 Offered by Original Developer 

Free and Clear of Existing Debt: The acquisition of Deer Creeke allows for new debt or cash purchase. The property is stabilized and favorable financial performance will allow for new permanent debt

Demonstrated Ability to Upgrade Units and Achieve Rent Premiums
: There are currently four units that have been renovated and leased for a $75 premium over the non-renovated units. The upgrades include: vinyl wood grain flooring, new real wood cabinets, new countertops/sinks, black appliances, white six-panel doors and bi-folds, white trim and baseboards, new furnace/AC units, new fixtures throughout, new vanity/bathroom sinks, and mirrors.

Numerous Value Add Opportunities Exist to Continue to Upgrade the Community:
  • Redecorate the Leasing Office and clubhouse - open the kitchen to the club/meeting room, add furniture, new TV, wii station, and add patio doors to the wall facing the pool
  • Addition of the playground (next to the basketball court) and freshen up the basketball hoop area
  • Add a business center
  • Convert Daycare into fitness center (to assist with leasing).
  • Update the laundry room with card reader machines. (10 washers and 11 dryers)
  • Provide washer/dryers to resident for an expected rent premium of $30- $50 per month
  • Install water sub meters for bill back. Estimated Cost: $34,000
Great Floor plans and Unit Amenities:  All units have desirable layouts and washer/dryer connections (upstairs 2 bedroom and all 3 bedrooms are stackable, the rest are side by side). 58 of the units are 1,200 square feet 3 bedroom townhomes. All units have a private patio or balcony.

Positive Economic Development in Elkhart Area Bolstering Local Economy


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