Newport Beach, CA (August 2022) – Revitate Cherry Tree (“RevCT”) has acquired Walnut Trails, a 210-unit garden-style multifamily property located in Elkhart, Indiana.
RevCT continues to be an active acquirer of workforce housing in the Midwest, with approximately $95 million in transaction volume over the last ten months across Kansas, Missouri, and Indiana.
“This asset is a great addition to our portfolio and represents a unique opportunity to own a well-located community in the heart of the growing Elkhart submarket,” said Revitate Cherry Tree Co-Founder and General Partner, Chris Marsh.
Located at 3530 E Lake Drive North, 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. Residents are afforded convenient access to Wellfield Botanic Gardens, Elkhart General Hospital, and the shops and restaurants near East Bristol Street.
“We are pleased to support the emerging Elkhart community and further our strategy of preserving and enhancing workforce housing opportunities for families across the Midwest,” said Revitate Cherry Tree Co-Founder and General Partner Alex Bhathal.
Elkhart and its neighboring city of Goshen make up a large manufacturing, production, and logistics hub within Northern Indiana. According to Walton Family Foundation, the area is ranked No. 1 for manufacturing in mid-size MSAs and No.4 for “Most Dynamic Metropolitans” in the nation.
Included amongst the area’s many key economic drivers are the iconic University of Notre Dame (13,000+ students); Norfolk Southern, a transportation company with a local distribution center (4,000 jobs); two major medical centers (2,800+ jobs); and a planned Amazon expansion bringing two new facilities and 1,000 new jobs to Greater Elkhart.
The Elkhart acquisition is the latest example of Revitate Cherry Tree’s differentiated focus on investing in what the firms believes are stable and cash-flowing workforce housing communities in the Midwest.