Viking Capital Investment Opportunity 90% Subscribed
Park 33 Investment Opportunity
INDIANAPOLIS, August 11, 2023 (Newswire.com) - Viking Capital's latest investment opportunity, Park 33, a 188-unit, 2018 built, Core-Plus offering, is now 90% subscribed with Class A being full and Class B and Reserve Class nearly full.
Park 33 is located in South Bend, Indiana, #1 in the nation for year-over-year rent growth. This property has tremendous value-add potential with a two-phase strategy we will implement. This, coupled with stellar in-place performance, creates an incredible opportunity for investors. Viking plans to assume the remaining seven-year, $18.3M Freddie Mac loan at a 3.08% interest rate and I/O period through May 2025. This low rate is more attractive than new debt and offers positive leverage and strong cash flow. Viking Capital strategically chose this area because even during these tough economic times another asset of ours in South Bend has increased in value by over $10M in two years. This nearby property offers an operational economy of scale and increased exit liquidity; including an opportunity to exit to an institutional investor.
The South Bend MSA is conveniently located near north central Indiana's largest job clusters and Chicago. Park 33 benefits from excellent access to numerous and diverse employers nearby.
We are both humbled and honored by the massive response we received since opening this investment.
All remaining investments will be on a first come first serve funded basis.
To learn more about Park 33, you can review the deal dynamics here: https://vikingcapllc.investnext.com/portal/offerings/3975/
Source: Viking Capital