2754 E Paulding Rd
Fort Wayne, IN 46816

Astoria Apartments & Townhomes represents an outstanding “Value-Add” opportunity of significant size that allows the ability to establish a presence in the Fort Wayne market. This 386 unit apartment complex is located on the southeast side of Fort Wayne. There are approximately 108 units that need complete rehabilitation down to the sheetrock and approximately 278 units are in need of a heavy turn; new carpet, appliances, etc. The property's unit mix consists of (58) one bedroom apartments ranging in size from 645 to 762 sq. ft., (290) two bedroom apartments from 984 to 1,110 sq. ft. townhomes, and (38) three bedroom apartments from 1,218 to 1,355 sq. ft. townhomes. Astoria Apartments and Townhomes were constructed in phases between 1968 and 1972 on a 30.565 acre site. Astoria has a competitive amenity package including an on-site club house, tennis court, basketball court, fitness center, barbecues, playgrounds, swimming pool, laundry facilities, and limited covered parking. Along with the large unit sizes, many of the apartments include washer/dryer hook-ups, private balconies or patios, and walk-in closets. Astoria is currently 25% Occupied. There is a strong demand for Section 8 housing in the area, if the units were renovated the occupancy would greatly improve. Fort Wayne Housing currently does not allow new Section 8 at the property because of the rehabilitation needed. Astoria Apartments & Townhomes are located approximately five miles south downtown, just off of Highway 27. The apartments are a short distance from major employers, restaurants, entertainment and healthcare facilities. Astoria Apartments & Townhomes represent a tremendous value add opportunity through a complete renovation and lease up.