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Carriage House Elkhart 1000 Portsmouth Dr 420 Unit Apartment Building $54,078,267 CAD ($128,758 CAD/Unit) 6.51% Cap Rate Elkhart, IN 46517
Executive Summary
Situated in the heart of Elkhart County within the Elkhart MSA — a market serving a population of over 250,000 — this 420-unit apartment community offers a compelling blend of 160 affordable units and market-rate apartments, strategically positioned for strong and durable performance. Originally developed by Gene B Glick and Company, the property consists of 22 buildings including the clubhouse and maintenance shop and is situated on 19.65 acres. The property's central location provides excellent connectivity via US 20 and US 33, offering residents convenient access to Elkhart and Goshen, the county's two largest cities, as well as the region's diverse employer base. This balanced unit mix has proven highly effective, supporting consistent occupancy above 90% over time. The investment profile is further strengthened by a recently awarded HUD rent increase accompanied by a 20-year HAP contract providing for annual rent escalations of 5%, offering a reliable and growing income stream on the affordable component. Meanwhile, competitive market-rate rents position the property well against peer properties in the submarket, supporting continued high occupancy across the broader portfolio.
Investment Highlights
•420 unit apartment complex with a mix of affordable (160 units) and market rent apartments located in the Elkhart MSA with a population of over 250,000
•Centrally located in Elkhart County with excellent access via highways US 20 and US 33 for reaching Elkhart and Goshen, the two largest cities in the county, along with various employers in the county
•The mix of affordable and market rent apartments has allowed consistent occupancy above 90% over the years
•The property was recently awarded a significant HUD rent increase and related 20 year HAP contract that supports annual increases of 5%
•Market rents are competitive with other properties in the area which will facilitate consistent high occupancy
Investment Highlights
•420 unit apartment complex with a mix of affordable (160 units) and market rent apartments located in the Elkhart MSA with a population of over 250,000
•Centrally located in Elkhart County with excellent access via highways US 20 and US 33 for reaching Elkhart and Goshen, the two largest cities in the county, along with various employers in the county
•The mix of affordable and market rent apartments has allowed consistent occupancy above 90% over the years
•The property was recently awarded a significant HUD rent increase and related 20 year HAP contract that supports annual increases of 5%
•Market rents are competitive with other properties in the area which will facilitate consistent high occupancy
Data Room Click Here to Access
- Offering Memorandum
Property Facts
| Price | $54,078,267 CAD | Building Class | C |
| Price Per Unit | $128,758 CAD | Lot Size | 19.84 AC |
| Sale Type | Investment | Building Size | 365,412 SF |
| Cap Rate | 6.51% | Average Occupancy | 91% |
| No. Units | 420 | No. Stories | 2 |
| Property Type | Multifamily | Year Built | 1970 |
| Property Subtype | Apartment | Parking Ratio | 2.72/1,000 SF |
| Apartment Style | Garden |
| Price | $54,078,267 CAD |
| Price Per Unit | $128,758 CAD |
| Sale Type | Investment |
| Cap Rate | 6.51% |
| No. Units | 420 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 19.84 AC |
| Building Size | 365,412 SF |
| Average Occupancy | 91% |
| No. Stories | 2 |
| Year Built | 1970 |
| Parking Ratio | 2.72/1,000 SF |
Amenities
Unit Amenities
- Air Conditioning
- Balcony
- Disposal
- Heating
- Ceiling Fans
- Tile Floors
- Dining Room
- Patio
- Window Coverings
Site Amenities
- 24 Hour Access
- Clubhouse
- Laundry Facilities
- Playground
- Property Manager on Site
- Planned Social Activities
- Trash Pickup - Curbside
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 172 | - | 675 - 700 |
| 2+1 | 128 | - | 900 - 926 |
| 2+1.5 | 76 | - | 989 - 1,000 |
| 3+1.5 | 44 | - | 1,104 - 1,200 |
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Property Taxes
| Parcel Number | 20-06-21-201-002.000-011 | Improvements Assessment | $4,226,182 CAD |
| Land Assessment | $687,136 CAD | Total Assessment | $4,913,319 CAD |
Property Taxes
Parcel Number
20-06-21-201-002.000-011
Land Assessment
$687,136 CAD
Improvements Assessment
$4,226,182 CAD
Total Assessment
$4,913,319 CAD
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Carriage House Elkhart | 1000 Portsmouth Dr
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