Berkadia is pleased to exclusively present Colony Bay Apartments, a well-maintained 495-unit multifamily community in Southwest Fort Wayne, Indiana. Held by a single-asset owner for more than two decades, the property offers investors a rare opportunity to acquire meaningful scale at an attractive going-in cap rate and a compelling basis relative to recent transactions. Surrounded by approximately $96,000 in average household income, the community is positioned within one of Fort Wayne’s most desirable residential areas.

The offering presents a clear and actionable value-add strategy. Current operations include minimal supplemental income charges to tenants, creating a substantial opportunity to enhance revenue through the implementation of a more strategic management platform. In addition, older comparable communities in the submarket are achieving rents more than $300 above current levels, while a newly constructed, fully leased adjacent property demonstrates a significantly higher rent ceiling—averaging more than $1,000 higher per unit.

With an offering basis more than 20% below the most recent sale comparable, Colony Bay Apartments provides an attractive entry point for investors seeking durable in-place cash flow, meaningful operational upside, and potential tax-credit resyndication optionality. Supported by continued economic and population momentum across Allen County, the opportunity combines scale, long-term property maintenance, and multiple avenues for value creation in the Fort Wayne MSA.