Historic Mulberry Flats

Kokomo, Indiana is a growing regional market supported by a diversified employment base, affordable housing, and strong connectivity to major employment centers throughout Central Indiana. The city benefits from major economic anchors including Stellantis and other advanced manufacturing employers, while continued investment in infrastructure and redevelopment is supporting long-term growth. Kokomo’s relatively low housing costs and limited supply of quality rental housing create favorable fundamentals for multifamily investors, with demand supported by both local employment and the city’s proximity to Indianapolis and Fort Wayne.Historic Mulberry Flats is a 25-unit, courtyard-style apartment community in Kokomo featuring durable brick-and-stone construction and fully renovated one-bedroom units. With over half the units recently upgraded, the property offers a light value-add opportunity through one remaining unit renovation and optional cosmetic improvements to select units. Occupancy and income are positioned to continue to out-perform, while the shift of utilities to tenants is expected to further reduce expenses and increase NOI. Overall, the asset offers stabilized cash flow, limited near-term capital needs, and additional upside in a strengthening Kokomo market.