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, this is a premier 42-unit townhome community.
  • Located in the coveted SW sector of Fort Wayne, this community is 100% occupied on a wait list.
  • Developed by a notable and largest home builder in the market, Granite Ridge Builders.
  • Nestled in a quiet neighborhood with direct access to I-69, shopping, medical offices, golf courses, and more.
  • Unit mix includes: 2 bed/1 bath single-level, 2 bed/2.5 bath 2-level, and 3 bed/2.5 bath 2-level townhomes.
  • Long term investment hold with gradual rent increase potential

OVERVIEW

This is an exceptional acquisition opportunity for a Class A, 42-unit, multifamily townhome community strategically located within the rapidly expanding southwest corridor of Fort Wayne, Indiana. Constructed in June 2022 by the area's largest and most reputable builder, Granite Ridge Builders, occupancy is 100%, 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 $1,420/month), 2-bedroom/2.5 bath (1,073 SF at $1,620/month), and 3-bedroom/2.5 bath (1,414 SF at $1,845/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. Ideally located on Illinois Road (SR-14) in the heart of Southwest Fort Wayne, this property offers unbeatable access to one of the city's fastest-growing residential and commercial corridors. Surrounded by new developments, shopping centers, dining, and top-rated schools, the complex is just minutes from major employers and I-69, making it highly desirable for commuters and families alike. This strategic location ensures strong tenant demand and long-term appreciation potential

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

307,098 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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