Investment Overview

Marcus & Millichap is pleased to present The Illiana Apartments, a 33-unit new construction property consisting of 32 apartments and one retail space located in Whiting, Indiana. Whiting is located in Lake County Indiana and is approximately 18 and one-half miles southeast of the Chicago Loop. The subject property is within walking distance to Downtown Whiting, which features boutique shops, a historic movie theater, a micro-brewery, and a variety of dining options. Residents enjoy convenient access to numerous parks and recreational attractions such as Oil City Stadium, Whiting Lakefront Park, Whihala Beach, and Lost Marsh Golf Course. The subject property consists of 32 two-bedroom / two-bathroom apartments (approximately 897 to 962 square feet) and one retail space (approximately 3,696 square feet) which is currently occupied by Notre Dame Federal Credit Union. Apartment units feature open concept designed floor plans with energy star appliances, kitchen island, private balcony, custom windows, luxury plank flooring, granite countertops, nine foot ceilings, master bedroom with en-suite bathroom, and in-unit washer and dryer. Tenants pay an additional monthly fixed fee to cover water, sewer, gas, and trash, and pay for electric and internet. The building features key fob entry, eight garage parking spaces (additional $90 per month) and nine surface parking spaces (additional $40 per month), security cameras and a fire sprinkler system throughout the building. This property benefits from a 100% residential property tax abatement through the payable 2031 tax year. Currently, 12 out of 32 apartments are occupied by student at Calumet College of Saint Joseph through July 2029. There is opportunity to increase these units to market rent and increase cash flow by approximately 18 percent while the property is benefiting from the tax abatement in year 2029. Here, a new investor has the opportunity to acquire a newly-constructed property located in a stable Northwest Indiana rental market.