New Offering: Well-Maintained 55+ Senior Community | Affordable Asset with Operational Upside | Hobart, IN

Download Offering Materials: Kirby Manor

Capstone Apartment Partners is pleased to present Kirby Manor, an 80-unit senior living (55+) multi-family asset located in Hobart, Indiana. Kirby Manor operates in conformance as a Low-Income Housing Tax Credit (LIHTC) project, limiting all 80 units to Area Median Income restrictions ranging from 30% to 60% AMI, depending on the unit type. Participation in this affordable program ensures investors are acquiring a high-quality asset that meets the strenuous criteria required in order to be eligible for tax credits. Although rent restrictions are in place, the current rents at Kirby Manor trail the Max Allowable Rents set by the county, presenting new ownership with the opportunity to immediately raise rents and substantially increase rental income. Kirby Manor is a fully occupied and well-built senior living community with an expansive amenity package, attractive unit mix, and spacious floor plans. As part of the Chicago MSA, Kirby Manor is surrounded by an abundance of retail and amenities as well as top healthcare centers and public transportation services.

Investment Highlights
Immediate Rent Growth Achievable as Affordable Rents Trail Max Allowable
Well-Built Senior Living Community with 100% Occupancy and Waiting List
Attractive Unit Mix with Spacious Floor Plans
Proximity to Demand Drivers and Major Highways

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