Multifamily Investment Opportunity: Williamsburg on the Lake - Elkhart, IN

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Investment Highlights

Well-Maintained Community Offered For Sale by Original Developer: Williamsburg on the Lake was built in 1974 by respected developer The Gene B Glick Company. The community has been owned and managed by Glick since construction. The property has been very well maintained and has benefitted from long term, stable ownership.

Offered Free and Clear - Very Well Poised to Obtain Attractive New Permanent Financing:
The long term stabilized operations with history of high occupancy and current occupancy of over 98% will assist in securing new financing.  Historical occupancy since 2013 has averaged between 94.8% and 97%. Occupancy and performance have been bolstered by many years of strong management and excellent property maintenance.

Numerous Value-Add Opportunities to Further Enhance Revenue:
Williamsburg on the Lake represents the opportunity to acquire a well-performing property while still offering the potential to increase value through both exterior and inter property updates and upgrade.

Exterior and Common Area Potential Value Add Strategies:
  • Paint the exterior siding and shutters to update the color scheme
  • Add bark-park to one of the many open grassy areas
  • Upgrade pool area by removing the fence to allow for more seating on patio area at rear of leasing office; remove the kiddie pool and covert to splash pad; and convert the large pool to a sport pool
  • Install water/sewer submeters or initiate bill-back program
Update Clubhouse:
  • Expand the fitness facility by removing additional bathroom and sauna to make room for  more equipment.
  • Add a business center or wi-fi cafĂ©
  • Redecorate the clubroom and kitchen area
Minor Interior Unit Potential Updates:
  • Install vinyl wood plank flooring in the kitchen, dining room and living room
  • Update kitchen countertops with new granite-look Formica top
  • Install, brushed nickel light fixtures, plumbing fixtures and door hardware
  • Add two-tone paint scheme to add warmth and dimension to unit

Picturesque Setting on 20 acres with Two Lakes, Mature Weeping Willows and Ample Green Space:
The property is situated on nearly 20 well-landscaped acres offering two lakes and many mature trees, including large weeping willows that border the lakes. Both the clubhouse and the community pool overlook one of the lakes and offer beautiful views.

Positive Economic Development in Elkhart Area Bolstering Local Economy:
In 2014, Elkhart County reported over $108 million in new investment. These investments are expected to create 1,661 new jobs within next three years. The unemployment rate for the county was just 4.5% in March 2015, the fifth lowest in Indiana.

Project Based HAP Contract In Place for 13% of the Units:
24 units receive a rent subsidy through a project based HAP contract.

Available for purchase with neighboring community, Carriage House – 230 Units:
Williamsburg on the Lake can be purchased individually or together with Carriage House, the next door property also owned and developed by the Gene B. Glick Company.


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