Marcus & Millichap has arranged the sale of Shoaff Park Villas, a 206-unit multifamily community in Fort Wayne, Indiana. The property, located at 4604 Jason Drive, marks a notable transaction for the local rental market as it changes hands for the first time in decades.
According to Marcus & Millichap, Shoaff Park Villas had been held by the same family ownership group since 1976. The property had never previously been brought to market, making this sale a rare opportunity for investors to acquire a long-term owned asset. The seller, Shoaff Park Villas Apartments Inc., engaged Marcus & Millichap on an exclusive basis to market the community.
The buyer is described as an Illinois-based investor with a regional portfolio spanning northern Indiana and southern Michigan. By adding Shoaff Park Villas to its holdings, the investor expands its presence in the Fort Wayne area and reinforces its footprint across nearby Midwestern markets.
The buyer plans to pursue larger-scale interior renovations at Shoaff Park Villas. Marcus & Millichap noted that these improvements are intended to position the property to capture future rental growth. The investment thesis is supported by what the brokerage characterizes as steady population gains and long-term affordability in the local market, conditions that can bolster demand for updated multifamily housing.
Jack Friskney, director of investments with Marcus & Millichap, highlighted the generational nature of the sale, emphasizing that this is the first time the asset has changed ownership in roughly 50 years. He indicated that the combination of long-term family ownership and the potential for interior upgrades made the property particularly attractive to investors seeking to enhance performance over time.
Friskney, together with colleagues Aaron Kuroiwa and Austin Meeker, all investment specialists in Marcus & Millichap’s Indianapolis office, led the marketing and sale process. The team held the exclusive listing for Shoaff Park Villas on behalf of Shoaff Park Villas Apartments Inc. and also procured the Illinois-based buyer, providing end-to-end sales execution for the transaction.
Shoaff Park Villas comprises a mix of studio, one-bedroom, and two-bedroom units. The community includes 24 studio apartments, 130 one-bedroom, one-bath units, and 52 two-bedroom, one-bath units. This unit mix offers a range of options for residents seeking smaller formats as well as larger floor plans within the same property.
While financial terms of the transaction were not disclosed, the sale of Shoaff Park Villas underscores ongoing investor interest in established multifamily assets in Fort Wayne that offer both existing occupancy and a clear path for renovation-driven value creation.
