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Chicago & Midwest  + Midwest  + Apartments  | 

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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