Well Maintained Asset Through Capex Spend
Current ownership has done an excellent job maintaining and updating the asset, including most of the units with new vinyl plank flooring and new appliances, 50 units with new toilets, 4 parking lots resurfaced in the last year, multiple buildings with new a new roof in the last 2 years, new water heaters, and much more.
4 Down Units
This offering includes 4 down units, giving new ownership upside potential by bringing the units online and renting them.
Opportunity to Increase Rents
Current ownership is seeing $20-$75 increases on renewals and new tenants. Rents have increased by an impressive 8.8% over the past year in the submarket, which is the strongest annual performance recorded here in more than 10 years, according to CoStar. Rents are anticipated to grow by 3.8% in 2022.
Prime Location in the Airport District
Waynedale Village is located in the airport district, one of the largest grouping of industrial employers in the city, which includes Amazon, Coco-Colo, Walmart, Old Dominion Freight, General Mills, General Motors, Vera Bradley, and XPO Logistics. The Fort Wayne airport recently announced a $45+ million expansion and improvement.
Downtown Fort Wayne has seen over $1 billion in public and private investments that has begun to transform the downtown area. Another $1 billion in downtown investment is anticipated over the next 5 years. Multiple major projects have been completed or are under construction that are changing Fort Wayne Skyline, including:
Allen County Development
Allen County has gained over 10,000 jobs and seen over $3.2 billion in private capital investments since 2014, more than half originating from Fortune 500 companies. Some of the largest investments in recent years include:
Access to Allen County’s Major Employers
Allen County is home to 15+ company headquarters and has 19 employers offering over 500 jobs. Tenants have access to the county’s largest employers, including:
Highly Ranked City
Fort Wayne has been highly ranked in multiple categories, including: