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Property Overview

Price/Rent PSF $ 8,700,000.00
Asset Type Multifamily
Trade Type Sale
SQ. FT. Available 124,989
Date Available 06/03/2019
Additional URL Link
Floors 3
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Description

Location
Evansville is the county seat of Vanderburgh County, Indiana. As the state's third-largest city and the largest city in Southern Indiana, it is the commercial, medical, and cultural hub of Southwestern Indiana and the Illinois-Indiana-Kentucky tri-state area. Located on a bend of the Ohio River, Evansville's strong rail and highway system, as well as it's designation as a US Customs Port of Entry, makes it an ideal location for shipping. The broad economic base of the region has helped to build an economy which is known for its stability, diversity, and vitality.

Sale
SVN | The Martin Group is proud to offer for sale Foxfire Apartments, a 132-unit apartment community located less than 3 miles from Downtown and 3 miles from the University of Southern Indiana. This community is nestled on a hill overlooking some of the best shopping, dining, and entertainment venues in the region.

This 3-story property offers a mix of 1- and 2-bedroom units. The property is surrounded by trees offering seclusion and privacy to residents. Amenities include a community pool (upgraded to salt water in April 2019), fitness center, and coin laundry. Covered parking is available for an additional fee. Community pays water, sewer, cable/internet, and trash pickup. Tenants pay electric.

Inside the apartments, all units offer a patio/balcony, large closets, and exterior storage. Select units have a fireplace - a popular feature for tenants. Owner has upgraded carpet to luxury vinyl tile in most living areas.

Apparent vacancy in the Evansville market was 3.9% as of 4Q18 per REIS - better than Indianapolis (5.4%) or Louisville (5.6%). Foxfire has typically enjoyed high occupancy under current ownership.

Location

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