Revitate Cherry Tree Buys 210-Unit Asset for $23M
The 24-building property last traded in 2017.
Walnut Trails
Revitate Cherry Tree has acquired Walnut Trails, a 210-unit garden-style community in Elkhart, Ind., for $22.5 million. The property last traded in 2017, when AndMark bought it from an individual owner, according to Yardi Matrix.
Located at 3530 E. Lake Drive N., Walnut Trails encompasses one and two-bedroom units with floorplans ranging from 390 to 1,064 square feet, equipped with walk-in closets and private balconies. Common-area amenities include a business center, a clubhouse, a swimming pool, a playground, laundry facilities and 324 parking spots.
The 24-building property is situated across East Bristol Street, 3.4 miles from Wellfield Botanic Gardens, 5 miles from Elkhart General Hospital and within 6 miles from Elkhart Municipal Airport. Built in two phases, in 1974 and 1989, the multifamily asset is located close to major employers in the area such as Norfolk Southern, University of Notre Dame and two new Amazon facilities that are expected to create 1,000 new jobs in the area.
Revitate Cherry Tree is an active buyer of workforce housing across the Midwest, with some $95 million in transaction volume across Kansas, Missouri and Indiana over the last ten months. Secondary and tertiary markets are now preferred by workforce housing investors, due to increased demand.
