5.13.2015

Multifamily Investment Opportunity: Park Jefferson - South Bend, IN

This new opportunity in South Bend, IN is a Large 739-unit Property Offered Free and Clear with Sought After Value Add Play! Visit our website for additional information.


Investment Highlights

Large 739-unit Property Offered Free and Clear with Sought After Value Add Play: Park Jefferson represents the rare opportunity most buyers covet – a property in an outstanding location which offers the opportunity to significantly increase value through investment in upgrades of common areas and unit interiors. The property is offered free and clear of existing debt.
  
Demonstrated ability to Renovate Unit Interiors and Achieve Rental Rate Increases: The current owner has recently upgraded 36 units with new / upgraded unit interiors. These units are being offered for  $100 per month rent premiums and have been well received by prospective renters.  These 36 renovated units received the following updates and the program should be continued throughout  the property to increase revenue:
  • New cabinets and countertops in the kitchen and new vanity in the baths
  • Upgraded appliance package with black finish
  • Brushed nickel light fixtures, door hardware and light fixtures throughout
  • Wood grain vinyl flooring in living room, dining room, kitchen and baths.
  • New carpet in bedrooms
  • Two-tone paint scheme
  • Removal of drop-ceiling in kitchen area
Numerous “Low Hanging Fruit” Value -Add Opportunities to Increase Revenue in Addition to Interior Unit Renovations: 
  • Implement water/sewer/trash bill backs to increase annual revenue      
  • 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 landscaping and update property signage to increase curb appeal
Expansive Clubhouse House Newly Constructed in 2011 Offers Comprehensive  Amenities Package and is Well Utilized by Current Residents: The 17,752 square foot clubhouse offers an extensive array of amenities  including a large indoor pool, updated 24 - hour fitness center, theater room, free wifi, billiard room, complimentary tanning,  and large club room with kitchen. It also includes 3,176 square feet of available commercial “live-work” units.

Located Only 3 Miles from Prestigious Notre Dame University , 1.6 Miles from Indiana University South Bend (IUSB) and Less Than 1 Mile from Bethel College - Opportunity to Increase Student Population:  The southern edge of Notre Dame University’s campus is just 3.4 miles north of Park Jefferson.  Even closer, IUSB is located a short 1.6 miles southwest of the property and Bethel College is within walking distance less than one mile east of the property. With just over 12,000 students attending Notre Dame , 7,800 students attending IUSB and 1,800 students at Bethel College, close proximity to the universities offers the new owner the option of targeting student renters.

Park Jefferson Offers a Quiet Residential Feel While Located Very Near Major Retails Centers, Employment, Schools and Churches:  Park Jefferson provides its residents a park-like setting with large trees and plenty of green space. The property also offers a convenient location with easy access to South Bend’s major retail area known as University Park Trade Area situated along Grape Road. This retail, entertainment and dining area is just 4 miles from Park Jefferson and contains over 6.5 million square feet of retail, office and hotels. Owned by Simon Property Group, the  University Park Mall has more than 800,000 square feet of shopping with over 120 retailers including Ann Taylor, Apple, Banana Republic, Barnes & Noble,  J Crew, Macy’s, Michael Kors and more. 

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