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NYC Family Offices Make Apartment Deal in Downtown Fort Wayne
Besyata Investment Group and the Scharf Group have acquired Three Rivers Apartments in Fort Wayne, IN for $32.25 million. The buyers are New York City-based family offices.
The tallest residential building in downtown Fort Wayne, the 354-unit apartment community offers one of the most comprehensive amenity packages in its submarket. It benefits from being within walking distance of Parkview Field Ballpark, Fort Wayne Museum of Art, and outdoor green spaces such as Headwaters Park and the Wabash & Erie Canal Towpath Trails.
By capitalizing on the exterior capital improvement program implemented by previous ownership, Besyata and Scharf plan to add value to the property through gradual unit renovations, in addition to amenity/common area enhancements to better compete with properties in the area.
The two family offices partnered last October to acquire Brookfield Apartment Homes in Virginia Beach, VA, at a similar price point and with a similar repositioning strategy.
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition

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