Revitate Cherry Tree has acquired Walnut Trails, a 210-unit garden-style community in Elkhart, Indiana, for $22.5 million and Beech Grove, a 182-unit community in Jeffersonville, Indiana, for $22 million.
According to RevCT co-founder and general partner Chris Marsh, the acquisition of these Indiana communities advances the overall RevCT strategy of preserving and enhancing workforce housing opportunities for families across the Midwest.
RevCT Co-Founder and General Partner Alex Bhathal adds that both Indiana properties acquired by the firm cater to working-class Americans, predominately those employed by local governments or in industries like health care, manufacturing, logistics and education.
The workforce multifamily communities acquired include:
Built in 1972 and renovated in 2006, Beech Grove is a 182-unit community located in Jeffersonville, Indiana, part of the Louisville MSA and less than a 15-minute drive to downtown Louisville.
Several major employment hubs are located in close proximity to the property, including The River Ridge Commerce Center, which is located less than four miles away from Beech Grove and home to more than 60 companies including Amazon, Bose, Collins Aerospace, Enjoy Life Foods, Medline and Optum.
Beech Grove features one-, two- and three-bedroom units. Community amenities include a clubhouse, playground, pool with sundeck, 24-hour laundry care and 24-hour emergency maintenance.
Beech Grove is located at 3014 Beech Grove Court in Jeffersonville.
Built in 1970, with additional units added in 1986, Walnut Trails is a 210-unit garden-style multifamily property located in Elkhart, Indiana.
Elkhart and its neighboring city of Goshen make up a large manufacturing, production and logistics hub within Northern Indiana. Key economic drivers of the area include the iconic University of Notre Dame, Norfolk Southern, a transportation company with a local distribution center, two major medical institutions, and a planned Amazon expansion bringing two new facilities and 1,000 new jobs to Greater Elkhart.
Walnut Trails features one- and two-bedroom units with walk-in closets and private patios or balconies. Community amenities include a swimming pool, a business center and a clubhouse.
Walnut Trails is located at 3530 E Lake Drive North in Elkhart.