A 128-Unit Multifamily Community in Kokomo, Indiana
Property Overview
Kokomo has delivered less than 400 new construction units in the last decade. The market average occupancy sits around 95.5% and the demand for housing continues to rise. Kokomo is expected to show an annual employment growth of 4% over the next two years. Autumn Trace is located along major transportation routes including the historic Lincoln Highway.
Strategy
Renovate all 128 units to an updated modern appeal that is in line with resident demands. Kitchens and bathrooms will include granite tops, undermount sinks and brushed nickel plumbing. Stainless appliances and new lighting fixtures. The renovation will bring a rent premium, utility billbacks to the residents, and additional increased ancillary income. We are additionally adding more amenity features such as a bark park, clubhouse renovation for entertaining and an outdoor grilling area.
Highlights
Acquisition in-place rents are substantially below market, limiting downside exposure.
Less than 400 new units delivered in the Kokomo market in the last 10 years.
Nestled within a suburban enclave in Kokomo, the local job market is adding north of 2,800 employment opportunities in the area making this a very desirable location.
The property acquisition is secured at a fraction of the cost per door compared to current replacement cost, including post renovation.
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