CHICAGO, IL Chicago-based Tricap finalized the acquisition of Hampshire Park Apartments in Hobart, IN. The 186-unit apartment community was purchased from IGC Management for $11.3 million.
Tricap specializes in acquiring, renovating and managing apartment buildings throughout the Midwest. “We are thrilled with acquiring this asset as it is extremely well-maintained and offered an opportunity for strong yield for our investors,” said Bryan Pritchard, President of Tricap. “Expanding our footprint throughout the Midwest has been a priority for us. This acquisition opens the door for many others throughout Indiana.”
The multifamily property includes eight three-story buildings and is comprised of one and two-bedroom units. It is situated near Lake George provides residents with easy access to shopping, dining, and Chicagoland employers.
Renovations are planned for the exterior of the buildings giving the community a new, modern look and feel. “The property has a long history of stable occupancy and rent growth. Given its current condition and lease rates, we think we are well protected from competing properties and potential future development,” Pritchard says.
Tricap Residential Group is an owner and operator of multifamily apartments throughout the Midwest. Founded in 2007, Tricap specializes in a full range of real estate services for apartment properties including acquisition and development, property management, renovation and advisory services.