Description

Jones Lang LaSalle Americas, Inc. ("JLL"), a licensed real estate broker, is pleased to present Hampshire Park, an 186-home garden-style apartment community in Hobart, Indiana. Built in 1972, the property offers spacious one- and two-bedroom layouts averaging 1,216 square feet and recently renovated community amenities including a pool. Ownership also renovated 13% of homes including new flooring, stainless steel appliances, and new cabinets—which are achieving an impressive average rent premium of $235 over classic homes. An investor can both continue this verifiable value-add renovation program for the remaining 162 homes (87%) and/or push in-place rents given the above-market 98% average economic occupancy for the last five months. Unprecedented demand for Hampshire Park and Northwest Indiana has led to 7% effective rental income growth from the July T12 to T1.

Situated 40 miles southeast of Chicago and only 45 minutes to downtown, Hampshire Park sits within one of the fastest-growing investment corridors in the Midwest. Minutes from I-65, the property offers convenient access throughout the region to top employers, shopping centers, and downtown Hobart. A number of exciting initiatives have propelled Northwest Indiana into the spotlight—including Amazon's $15 billion data center campus now under development in Hobart, the potential Chicago Bears relocation to Hammond, the nearly $1B Monon Corridor commuter rail project, and the $3.1B investment into the Nippon Steel plant just 20 minutes from Hampshire Park.

This opportunity is offered on a free and clear basis or with a $13.516 million assumable Freddie Mac loan at a 5.21% rate.

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