Viking Capital Completes Acquisition of Multifamily Property in South Bend
Photo Credit: Viking Capital
SOUTH BEND, Ind., September 23, 2023 (VSNewsNetwork.com) - Viking Capital, a private equity firm with a focus on multifamily real estate, has proudly finalized its acquisition of Park 33, marking the firm's 24th property purchase. Park 33, boasting 188 units, is situated in the bustling region of South Bend, Indiana, further solidifying Viking Capital's expansive portfolio of multifamily properties.
Park 33, described as a Core Plus asset, holds a notable potential for added value. "The property, with its 188 meticulously kept units, provides an exemplary living environment for its residents," a representative mentioned. A key attribute of Park 33 is its potential for value addition. Viking Capital is poised to channel investments into the property, focusing on refurbishments to further enhance the resident experience. Notably, all units within the property offer opportunities for added value.
The company's acquisition strategy is grounded in a meticulous approach aimed at singling out properties that promise robust growth and value augmentation potential. "The purchase of Park 33 stands as a testament to our strategy, shedding light on the distinct prospects the South Bend property presents," a company spokesperson said.
Detailing the financial facet of this acquisition, Viking Capital revealed an overall investment of $18.3 million for Park 33. Moreover, the financing tied to this purchase carries a favorable interest rate of 3.06%.
Reflecting on investor engagement, over 140 investors marked their presence in this venture. "The overwhelming participation from our investors underscores their unwavering trust in Viking Capital's capabilities and foresight in the realm of multifamily real estate," remarked a senior official at the firm.
To learn more, visit www.vikingcapllc.com.
Source: Viking Capital via Newswire
