13816 Illinois Rd - Apartments FOR SALE


Fort Wayne, IN 46814- Southwest Fort Wayne
$9,240,000 USD
260-377-5002
13816 Illinois Rd, Fort Wayne, IN for Sale
$9,240,000 USD
Apartments - FOR SALE
1/25
null | 6% Cap Rate

13816 Illinois Rd
Fort Wayne, IN 46814
Southwest Fort Wayne


HIGHLIGHTS

  • Completed in June of 2022 and 100% occupancy - Newly constructed 42-unit multi-family townhome apartment within affluent southwest area of Fort Wayne.
  • Class “A” condition built by notable and largest home builder in the market, Granite Ridge Builders.
  • Not far from I-69 and near retail shopping corridors, medical offices, golf courses and schools.
  • Long term investment hold with gradual rent increase potential.
  • Unit Details: Unit A – 2 bd/1ba and 862 SF at $1,295/mo, Unit B – 2 bd/2.5 ba and 1,073 SF at $1,495/mo, Unit C-3bd/2.5ba and 1,414 at $1,695/mo
  • Luxury features: granite countertop, stainless steel appliance, masonite painted door, atrium vinyl window, floating plank floor, & attached garage

OVERVIEW

Exceptional acquisition opportunity for a newly constructed, 42-unit Class A multifamily townhome apartment complex strategically located within the rapidly expanding southwest corridor of Fort Wayne, Indiana. Delivered in June 2022 by the market's largest and most reputable builder, Granite Ridge Builders, the property is currently performing at 100% occupancy, underscoring its immediate appeal and market proven success. The asset's strategic location provides residents with excellent access to I-69, major retail corridors, medical offices, esteemed golf courses, and educational facilities. Positioned as a long-term investment hold, the property offers demonstrated potential for continuous gradual rent growth in a desirable submarket. The unit mix includes 2-bedroom/1-bath (862 SF at $\$1,295$/month), 2-bedroom/2.5 bath (1,073 SF at $\$1,495$/month), and 3-bedroom/2.5 bath (1,414 SF at $\$1,695$/month) floorplans. All units boast high-end contemporary finishes, including granite countertops, new GE stainless steel appliances, in-unit washers and dryers, and vinyl plank flooring. Furthermore, each unit includes a dedicated one-car garage (approximately 12' x 24'). This is a stabilized, institutional-quality asset ideal for an investor seeking a secure, high-performing addition to any million multifamily portfolio.

FOR SALE DETAILS

PRICE

$9,240,000 USD

PRICE/SF

$93 USD /SF

# OF UNITS

42

PRICE/UNIT

$220,000

CAP RATE

6%

% LEASED

100%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Ledgestone Townhomes

PROPERTY TYPE

Multi-Family

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

2

YEAR BUILT

2022

PARKING SPACES

10

LAND DETAILS

LAND ACRES

7.05 AC

LAND SF

307,206 SF

ZONING

C-2

APN/PARCEL ID

02-11-05-300-002.000-038

ASK ABOUT THIS PROPERTY

Tyler BinkleyAcadia CommercialMore Info
260-377-5002

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Tyler BinkleyAcadia CommercialMore Info
260-377-5002

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