Park View Apartments

Investment Overview

This 68-unit apartment complex in Spencer offers an attractive combination of scale, durable construction, updated units, strong occupancy, and substantial capital improvements. The property features concrete construction, providing a durable, limited-maintenance structure well suited for long-term ownership. All 68 units have been remodeled, with renovations including new flooring, appliances, hard-surface countertops, and new vanities. Significant building and infrastructure improvements include new electrical, new elevator gear, and a new sewer main. All HVAC systems have been replaced within the past 10 years, reducing future maintenance and near-term capital improvement needs. The property has experienced consistently low vacancy over the past three years, demonstrating strong tenant demand and stable occupancy. The property is well positioned in a high-demand market for quality, affordable rental housing, supporting its long-term leasing potential. Property amenities include common-area laundry facilities, a 35-stall parking garage (90 stalls total onsite), and a dedicated manager’s office. The property is conveniently located near city amenities, with a city park directly across the street, providing residents with convenient access to recreation and community services. With its durable concrete construction, fully remodeled units, strong occupancy history, updated building systems, convenient location, and extensive capital improvements, this property represents a well-maintained multifamily investment with major improvements already completed.

Investment Highlights

• 68-unit multifamily high-rise
• 55,372 SF Apartment Building
• 11,046 SF Parking garage (35 Stalls)
• 55 outdoor parking stalls
• 4-story property
• Built in 1980
• 4th floor penthouse apartment
• Solid concrete construction
• Elevator service
• Stainless steel Appliances
• New central air conditioning and heat
• New LED light fixtures