Viking Capital's Park 33 Investment Opportunity in South Bend Reaches 90% Subscription

Park 33 Investment Opportunity (Photo Credit: Viking Capital Investments LLC)

INDIANAPOLIS, August 11, 2023 (VSNewsNetwork.com) - Investment firm Viking Capital announced that its latest real estate investment opportunity, Park 33, has reached 90% subscription. The property consists of 188 units and was built in 2018. It is classified as a Core-Plus offering and is located in South Bend, Indiana, an area that tops the nation in year-over-year rent growth.

The available investment classes for Park 33 are filling rapidly, with Class A being fully subscribed, and Class B and Reserve Class nearly full. Viking Capital intends to capitalize on the property's potential by implementing a two-phase strategy aimed at adding value. Coupled with solid in-place performance, the investment promises a lucrative opportunity for potential investors.

The financial structure of the deal involves the assumption of a remaining seven-year, $18.3M Freddie Mac loan at an interest rate of 3.08%, with an interest-only (I/O) period through May 2025. Viking Capital has highlighted this low rate as being more favorable than new debt, ensuring positive leverage and strong cash flow for investors.

Viking Capital's interest in the South Bend area extends beyond Park 33. The firm has noted the economic resilience of the region, evidenced by another asset in South Bend that has seen its value increase by over $10M in two years. This growth, combined with South Bend's proximity to north central Indiana's largest job clusters and Chicago, adds to the property's attractiveness.

The investment also benefits from an operational economy of scale and increased exit liquidity, including a potential opportunity to exit to an institutional investor. Viking Capital expressed appreciation for the enthusiastic response to Park 33, stating, "We are both humbled and honored by the massive response we received since opening this investment."

Prospective investors can find detailed information and review the deal dynamics on Viking Capital's offering page.

Learn more at www.vikingcapllc.com.

Source: Viking Capital via Newswire