Onyx South Park
424 W Pico Blvd, Los Angeles, CA 90015
162 units
Description
Jones Lang LaSalle Americas, Inc. (JLL), a licensed real estate broker, is pleased to present Hampshire Park, a 186-home garden-style apartment community located in Hobart, Indiana. Originally built in 1972, the property offers spacious 1-2 bedroom layouts averaging 1,216 square feet, alongside in-demand community amenities. Hampshire Park provides investors the opportunity to continue the value-add strategy through interior renovations, with 87% of units still unrenovated and $235+ average premiums achieved on completed renovations.
Situated 40 miles southeast of Chicago and a 50-minute drive to downtown via I-65, Hampshire Park sits within one of the fastest-growing investment corridors in the Midwest. Proximity to I-65 provides connectivity throughout the region to top employers, shopping centers, Downtown Hobart and more. The region has attracted over $15 billion in new data center investment, anchored by Amazon's recently announced data center campus in Hobart.
This opportunity is offered on a free and clear basis or with assumable agency financing with $13.5M in proceeds at 5.21% rate.
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Attributes
Number of units
186
Occupancy
94%
Year built
1972
Building area gross
131,666 sf
Media
Investment Highlights
- Verifiable Value-Add Upside
- 87% of Units are Unrenovated
- $215 Achieved Avg. Premium on Renovated Units
- Significant Room to Push Rents – 17% Rent-to-Income Ratio
- Ideal Investment Criteria
- Fantastic Trade-Out Story
- 8% on New Leases; 5% on Renewal Leases
- 98% Occupancy & 98% Avg Economic Occupancy for Last 5 Months
- Zero Concessions
- 7% Effective Rental Income Growth from July T12 to T1
- Large Average Unit Size > 1,200 SF
- Exceptional Northwest Indiana Location
- 40 Miles Southeast of Chicago
- Easy Access to Highways I-65 & US-30
- $15B Amazon Data Center Campus Announced for Hobart
- Stellar Submarket Performance
- 3.7% Average 5-Yr Projected Rent Growth
- 96% Average 5-Yr Projected Occupancy
- Zero Properties Under Construction within a 5-Mile Radius
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