FORT WAYNE, INDIANA
Capstone Apartment Partners recently completed the sale of Three Rivers Apartments: a 371-unit mid-rise apartment community located in downtown Fort Wayne, Indiana. New York-based real estate investment firm, Besyata, purchased the property from VTT Management for $32,250,000, in a transaction that closed January 31, 2018.
Ideally located in downtown Fort Wayne, along the riverfront and confluence of the “Three Rivers,” Three Rivers Apartments was built in 1966, renovated over time, and currently offers its residents a high-quality amenity package, including a swimming pool, two fitness centers, on-site grocery store, sauna, tanning booth, game room, business center, laundry facilities, and underground parking. It was 94% occupied at the time of sale with an average rent of $822/month.
Fort Wayne’s sustained economic growth, downtown revitalization plans, and value-add opportunities made Three Rivers an attractive investment to new ownership. Besyata is planning to invest significant capital into the property as a means to further improve the interior unit finishes and tenant offerings, which will result in substantial upside for the new owners.
A.J. Klenk, Stasiu Geleszinski, Sherief Gouda, Nathan Murphy, and Bryse Toothaker of Capstone Apartment Partners brokered the sale of Three Rivers.