450 Kristina Dr | Bellefontaine, OH 43311
Visit Doc CenterProperty Description
Deercreek Village is a well-positioned, 100-unit multifamily asset in Bellefontaine, OH, built in 1995 and offered free and clear of debt. Deercreek Village is positioned for a significant rent and income acceleration as its Qualified Contract period has expired. With the LIHTC regulatory constraint no longer in place, ownership has the flexibility to convert previously restricted affordable units to market rate upon turnover, enabling substantial rent increases. This transition from restricted rents to full-market capture creates a rare, step-change value-add opportunity that can be realized quickly magnifying Deercreek Village’s upside in a submarket defined by strong occupancy, robust demand, and limited supply. For investors, the expiration of the Qualified Contract is the catalyst for both immediate NOI growth and strategic repositioning in the years ahead.
Amenities
- Fully Equipped Kitchen
- Walk-In Closets
- In-Unit Washer / Dryer*
- Patio / Balcony
- Detached Garages Available
- Laundry Facilities
- Playground
- On-Site Property Management
*In Select Units
PROPERTY Summary
- Property Name:
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Investment Highlights
Compelling Mark-to-Market Play:
Deercreek Village offers significant upside bringing previously affordable rents to market with market rents projected up to an average of $1,282 per unit (vs. current effective rent of $998), tapping into unmet demand and competitive local occupancy.
High Occupancy and Solid Market Fundamentals:
The Bellefontaine submarket boasts 99.1% occupancy and strong year-over-year rent growth; Deercreek Village is currently stabilized at 94% occupancy with near-term leasing upside.
Major Employment Anchors and Economic Expansion:
Local employers like Honda, Mary Rutan Hospital, and a $1B+ new Honda EV hub support continued demand, while new developments and population/job growth drive apartment fundamentals.
LOCATION
Gallery
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Investment Sales
Jason Krug
Senior Managing Director
248.341.3344
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Kevin P. Dillon
Senior Managing Director
248.341.3309
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Corey Krug
Senior Director
248.341.3338
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Rick Brace
Senior Director
248.341.3319
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Conor David
Director
614.796.0222
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EJ Wujek
Associate Director
248.341.3316
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Rob Starrett
Managing Director
216.367.2102
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Mortgage Banking
Colin Callaghan
Senior Managing Director
248.208.3470
[email protected]
Trevor Friday
Director
248.341,3307
[email protected]
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