The property was built in 2015 and boasts amenities such as Juliet balconies, a rooftop lounge, 11-foot ceilings, large living areas and closets, in-unit laundry, and luxury finishes throughout the units.
In addition to the property’s amenities for renters, City Place Apartments also allows the buyer to take advantage of the predictable and stable property tax environment in Lake County. “The submarket of Whiting, IN and Northwest Indiana in general continue to build on the positive momentum of high demand for renters – many of which are moving away from Chicago and seeking lower-cost-of-living areas in Lake County,” said Kiser Group Advisor, Kyle Sissell.
The out-of-state buyer assumed debt with very attractive terms. This, paired with the 10-15% rent increases on turnovers during contract and the ability for future adaptations to the property are all positives to the deal.
“The buyer now owns 40% of the luxury rentals within the submarket and one of only a handful of new developments in all of Lake County,” said Sissell. Whiting has an unofficial moratorium on multifamily development approvals, according to the Kiser Group Team of Plonis, Leibovich and Sissell. This leaves the buyer little risk of competition in the future.
Click here to read the full story by France Media’s RE Business Online