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RevCT Acquires Pair of Indiana Workforce Housing Properties
Private real estate investment firm Revitate Cherry Tree (RevCT) acquired Walnut Trails, a 210-unit garden-style community in Elkhart, IN for $22.5 million and Beech Grove, a 182-unit community in Jeffersonville, IN for $22 million. The sellers weren’t disclosed.
RevCT general partner Chris Marsh said the acquisitions advance the company’s overall strategy of preserving and enhancing workforce housing opportunities for families across the Midwest.
“While the Sunbelt has been an increasingly popular geographic focus for multifamily investors over the last several years, many have overlooked key regions of the Midwest, which are displaying promising demographic and employment growth trends,” said Marsh. “We are increasingly seeing an influx of new residents to the region, drawn by employment opportunities, attainable housing, and a diverse array of living amenities.
“These strong market fundamentals position Midwest multifamily communities to benefit from favorable supply demand characteristics and achieve long-term value and returns for our investors.”
- ◦Sale/Acquisition
