Marcus & Millichap announced the sale of Shoaff Park Villas, a 206-unit multifamily property in Fort Wayne, Indiana. 

“Shoaff Park Villas presented a rare opportunity as it was the first time the property had been offered for sale since 1976 after being owned by the same family for 50 years,” said Jack Friskney, director of investments. “The buyer plans to complete larger-scale interior renovations, positioning the property to capture future rental growth in a market supported by steady population gains and long-term affordability.”

Friskney, Aaron Kuroiwa and Austin Meeker, investment specialists in Marcus & Millichap’s Indianapolis office, had the exclusive listing to market the property on behalf of the seller, Shoaff Park Villas Apartments Inc. and procured the buyer, an Illinois-based investor with a regional portfolio in northern Indiana and southern Michigan. 

Located at 4604 Jason Drive, Shoaff Park Villas consists of 24 studio apartments, 130 one-bedroom, one-bath units and 52 two-bedroom, one-bath units.

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