Big Fort Wayne Rental Community Purchased
A Philadelphia company has purchased Canterbury Green Apartments and Townhomes in Fort Wayne for $85.5 million. GoldOller Real Estate Investments Chief Executive Officer Richard Oller says the company plans to “invest substantially” in the nearly 2,000-unit community.
September 30, 2014
Philadelphia, Penn. — GoldOller Real Estate Investments announced its acquisition of the Canterbury Green Apartments and Townhomes in Ft. Wayne, Indiana for $85.5 Million from AIMCO Holdings QRS, Inc. With 1,988 units, Canterbury Green is one of the largest rental communities in the United States. GoldOller completed the acquisition in a venture with Prospect Capital Corporation (NASDAQ: PSEC, “Prospect”) which provided a majority equity investment through a controlled REIT.
The resort style community spans 195 acres and is located along the St. Joseph River, adjacent to Indiana University – Purdue University Fort Wayne (IPFW) in the northern area of Ft. Wayne. Amenities include an 18-hole executive golf course with a 9th hole pub, a three story clubhouse, four outdoor pools, three tennis courts, two racquetball courts, volleyball, and a fitness facility with saunas and tanning beds.
Canterbury Green has been a Ft. Wayne landmark for more than 30 years. According to local legend, the conservationist John Chapman (AKA Johnny Appleseed) is reported to be buried on the property, marked by a stone on the 9th hole of the golf course.
“The property is very unique and although quite large, is more than 95% occupied. For decades, thousands of Ft. Wayne residents of all ages have chosen Canterbury Green as their home for good reason. It offers more than 40 floor plans, including townhomes, flats and furnished suites. It has the natural beauty of a riverside community with walking and bike trails, a well-manicured professional golf course with wonderful water features, and fabulous lifestyle amenities,” said Richard Oller, GoldOller Chairman and CEO. “We are very excited to be in Ft. Wayne and part of the Canterbury Green community and we intend to invest substantially in it,” Oller said.
According to Jake Hollinger, GoldOller's Chief Operating Officer, “Canterbury Green represents a continuation of our business strategy. Buying large scale investments in the Midwest and Southeast that we can invest substantially in has provided value to our residents and high yielding returns for our investors. Our residents at Canterbury Green can expect complete clubhouse renovations, in-unit upgrades, and amenity enhancements throughout the community. We will also introduce our GO lifestyle resident services which include complimentary fitness classes, team sports, cooking and nutrition classes, and more opportunities for our residents to fully enjoy their PGA golf course, clubhouse and pub.”
“Returning Canterbury Green to grandeur will certainly be a labor of love for all of us at GoldOller,” said Jeff Goldstein, GoldOller's President. “Our team, working in tandem with very talented and dedicated site employees, is already hard at work on that objective,” Goldstein said.
GoldOller is a Philadelphia, Pa. based innovative operator of apartment communities in 13 states, primarily in the Midwest and Southeast. With a growing portfolio of about 30,000 managed units and 10,000 owned and operated units, GoldOller is an emerging leader in the multifamily industry.
Source: GoldOller Real Estate Investments