Multifamily O Indiana

Capstone Apartment Partners sells 371-unit apartment building in Fort Wayne

Capstone Apartment Partners sells 371-unit apartment building,ph01

Capstone Apartment Partners recently completed the sale of Three Rivers Apartments, a 371-unit mid-rise apartment community in downtown Fort Wayne, Indiana. New York-based real estate investment firm Besyata purchased the property from VTT Management for $32.25 million in a transaction that closed Jan. 31.

Located in downtown Fort Wayne, along the riverfront and confluence of the “Three Rivers,” Three Rivers Apartments was built in 1966, renovated over time and currently offers its residents a high-quality amenity package, including a swimming pool, two fitness centers, on-site grocery store, sauna, tanning booth, game room, business center, laundry facilities and underground parking. It was 94 percent occupied at the time of sale with an average rent of $822 a month.

A.J. Klenk, Stasiu Geleszinski, Sherief Gouda, Nathan Murphy and Bryse Toothaker of Capstone Apartment Partners brokered the sale of Three Rivers.