2301 Waverly Dr
Gary, IN 46404

Property Tours Will be offered on Wednesday, October 4th and Wednesday, October 11th by appointment only. Please contact the listing broker to schedule. Investment Highlights 492-unit apartment complex with a well-constructed unit mix Unique opportunity to acquire the fee-simple interest in a multifamily asset directly from a special servicer Strong leasing traction with experienced in place management Investment OverviewWestbrook Apartments, a unique value-add opportunity located in Gary, IN. The property is a 492-unit apartment complex with a well-constructed unit mix that includes 1 bedroom, 2 bedroom, and 3 bedroom units across 125 buildings. Located approximately 30 miles southeast of downtown Chicago, Westbrook Apartments offers a future owner value-add through the redevelopment of certain buildings, increased leasing, and improvement of rental rates. Currently, Westbrook Apartments units offer the lowest rental rates among its peer set and correspondingly attracts a variety of tenants, including fair housing tenants. Historically, Westbrook Apartments was a first-in-class apartment complex in Gary with a substantial waitlist. However, when the original developer passed aw However, when the original developer passed away and left the property to his children, they injected limited additional capital, the property deteriorated, and inevitable did not generate enough cash flow to support debt service. In August 2016, the first mortgage holder completed the foreclosure process and have begun to reposition the property, successfully improving the operating financials. The fee-simple sale of the property provides investors a rare opportunity to purchase a multi-family asset with substantial size at an exceptional basis and continue to leverage momentum to reposition the asset. Property Listed By: John Merrill - Holliday Fenoglio Fowler L.P.; IN RE # RB14036883