Bovera Gardens1110 Maple AvenueFort Wayne, IN 46807

OFFERING MEMORANDUMINVESTMENT PROPERTIES

Disclosure and Confidentiality Agreement

This is a confidential Memorandum intended solely for

your limited use and benefit in determining whether

you desire to express further interest in the acquisition

of the Property.

This Memorandum contains selected information

pertaining to the Property and does not purport to be

a representation of the state of affairs of the Property

or the owner of the Property (the “Owner”), to be all-

inclusive or to contain all or part of the information

which prospective investors may require to evaluate a

purchase of real property. All financial projections and

information are provided for general reference

purposes only and are based on assumptions relating

to the general economy, market conditions, competition

and other factors beyond the control of the Owner and

Sturges, LLC. Therefore, all projections, assumptions

and other information provided and made herein are

subject to material variation. All references to acreages,

square footages, and other measurements are

approximations. Additional information and an

opportunity to inspect the Property will be made

available to interested and qualified prospective

purchasers. In this Memorandum, certain documents,

including leases and other materials, are described in

summary form. These summaries do not purport to be

complete nor necessarily accurate descriptions of the

full agreements referenced. Interested parties are

expected to review all such summaries and other

documents of whatever nature independently and not

rely on the contents of this Memorandum in any

manner.

Neither the Owner or Sturges, LLC, nor any of their

respective directors, officers, Affiliates or

representatives make any representation or warranty,

expressed or implied, as to the accuracy or

completeness of this Memorandum or any of its

contents, and no legal commitment or obligation shall

arise by reason of your receipt of this Memorandum or

use of its contents; and you are to rely solely on your

investigations and inspections of the Property in

evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole

discretion, to reject any or all expressions of interest or

offers to purchase the Property, and/or to terminate

discussions with any entity at any time with or without

notice which may arise as a result of review of this

Memorandum. The Owner shall have no legal

commitment or obligation to any entity reviewing this

Memorandum or making an offer to purchase the

Property unless and until written agreement(s) for the

purchase of the Property have been fully executed,

delivered and approved by the Owner and any

conditions to the Owner’s obligations therein have

been satisfied or waived.

By receipt of this Memorandum, you agree that this

Memorandum and its contents are of a confidential

nature, that you will hold and treat it in the strictest

confidence and that you will not disclose this

Memorandum or any of its contents to any other entity

without the prior written authorization of the Owner or

Sturges, LLC. You also agree that you will not use this

Memorandum or any of its contents in any manner

detrimental to the interest of the Owner or Sturges,

LLC.

If after reviewing this Memorandum, you have no

further interest in purchasing the Property, kindly

return this Memorandum to Sturges, LLC.

© 2020 Sturges, LLC. The information contained in this

document has been obtained from sources believed

reliable. While Sturges, LLC does not doubt its accuracy,

Sturges, LLC has not verified it and makes no guarantee,

warranty or representation about it. It is your

responsibility to independently confirm its accuracy

and completeness. Any projections, opinions,

assumptions or estimates used are for example only

and do not represent the current or future performance

of the property. The value of this transaction to you

depends on tax and other factors which should be

evaluated by your tax, financial and legal advisors. You

and your advisors should conduct a careful,

independent investigation of the property to determine

to your satisfaction the suitability of the property for

your needs.

Sturges, LLC and the Sturges Property Group logo are

service marks of Sturges, LLC. and/or its affiliated or

related companies in the United States and other

countries. All other marks displayed on this document

are the property of their respective owners.

Photos herein are the property of their respective

owners and use of these images without the express

written consent of the owner is prohibited.

Exclusively Listed ByTable Of Contents

04 EXECUTIVE SUMMARY The Offering

Pricing

05 PROPERTY OVERVIEW Description

Site Plan & Floor Plans

09 LOCAL MARKET OVERVIEW Map

Market Summary Electric Works EconomyCompeting Apartments

Neal BowmanSenior Broker260 424 8448

neal.bowman@sturgespg.com

Philip HageeListing Manager260 424 8448

philip.hagee@sturgespg.com

Sturges Property Group202 W. Berry Street

Suite 500Fort Wayne, IN 46802SturgesProperty.com

Sturges Property Group has been appointed the

exclusive agent for the sale of Bovera Gardens located

in Fort Wayne, Indiana.

Bovera Gardens is a courtyard style multi-family

apartment building located southwest of downtown

Fort Wayne, on Broadway Avenue between the $440

million Electric Works mixed use redevelopment and

the Southwood Park Historic District. This 17-unit

investment is well-placed within Fort Wayne--

approximately 1.5 miles from the downtown central

business district with a Citilink bus stop located at its

doorsteps.

The building was constructed in 1948 and features the

familiar charm and characteristics of properties built

in this era. The classic style units feature hardwood

floors, high ceilings, extensive molding, spacious

kitchens and great natural light. Tenants enjoy off-

street parking as well as controlled access entry,

storage space, and shared laundry. Recent upgrades

include [3] updated boilers, updated electric, newly

installed sidewalks & stoops, and refinished hardwood

floors.

The asset has outstanding rental history, zero deferred

maintenance, and presents an investor the opportunity

to purchase a stabilized asset in an unmatched

location. It is being offered fully leased, with the

opportunity for the buyer to add value by increasing

the below-market rents. Pricing is based on the In-

Place NOI and Average 10 Year Cashflow.

BROKER’S NOTE: PLEASE DO NOT VISIT PROPERTY

OR DISTURB TENANTS

PRICINGOffering Price: $1,082,441 (6.5% Cap Rate)

Price/Unit: $63,673

EXECUTIVE SUMMARY

The Offering

5

LAND AREA +/- 0.30 acres

SQUARE FOOTAGE +/- 14,424 SF

UNIT MIX 17 One Bedroom, One Bath Units

CURRENT OCCUPANCY 100%

CONSTRUCTION TYPE Wood Frame Brick

HVAC Natural Gas Boiler Radiant Heat,

Window Cooling

ROOF Flat, Membrane

YEAR BUILT 1948

ZONING C2

PUBLIC TRANSPORTATION Citilink Route 1

SEWER SERVICE City Utilities (Paid by Landlord)

WATER SERVICE City Utilities (Paid by Landlord)

ELECTRICAL SERVICE AEP (Paid by Tenant)

GAS SERVICE NIPSCO (Paid by Landlord)

1110 Maple Avenue consists of seventeen units distributed over 14,424 square

feet, two floors, and a basement. The units are heated by a central natural gas

boiler.

PROPERTY OVERVIEW

Description

Downtown Fort Wayne

Electric Works

7/9/20

SITE PLANMAPLE AVENUE(1110)

1110 MAPLE AVENUE INFORT WAYNE,Scale:

P R O E T Y G UP R R O P

1:30N

0.31 ac

152'

87.5'

87.5'

152'

MAPLE AVENUE

BROADWAY

Site Plan

Floor Plan

First FloorUnit 6

Unit 7

Unit 8 Unit 9 Unit 10 Unit 11

Second Floor

Unit 12

Unit 13

Unit 14 Unit 15 Unit 16 Unit 17

Mechanical & Storage

Laundry Room

Unit 1Ground Floor

Unit 2 Unit 3 Unit 5

Unit 4

Floor Plan

Bedroom

Bath

Closet

Kitchen

Dining

Living

Standard Unit Layout

Fort Wayne is Indiana’s second-largest city, with a

population of more than 260,000 people.

Positioned 18 miles west of the Ohio border and 50

miles south of Michigan, Fort Wayne boasts a

vibrant arts community, thriving downtown, and

high quality of life. These assets, combined with an

affordable cost of living, contributed to Fort

Wayne being named the #1 Place to Raise a Family

in 2017 (SmartAsset.com).

With a rich history in engineering and

entrepreneurship and a deep-seeded Midwestern

commitment to service, Fort Wayne’s economy is

bustling with successful small businesses,

established corporations, and foreign direct

investment. As a state, Indiana ranked first in the

nation for cost of doing business and infrastructure

quality (CNBC 2016).

Businesses in Allen County have a one-day drive to

more than one-fourth of the U.S. population and

one-fifth of the Canadian population. More than

100 trucking companies serve Allen County using

major interstates, U.S. highways, and state roads

that cross the county. The Fort Wayne International

Airport provides scheduled flights to major

Midwestern and Southern cities.

For more information about Fort Wayne, please

see the Community Profile at:

greaterfortwayneinc.com.

Local Market Overview

1

Electric Works

The Clyde

Mad Anthony

Parkview Field

Trubble Brewing

Foster ParkFoster Park

Citilink Bus Route #1Citilink Bus Route #1

Central Business DistrictCentral Business District

The Philmore

Employer # of employees Employer # of employees

Parkview Health Systems 7,858 Vera Bradley 600

Lutheran Health Network 4,768 Norfolk Southern Corp 575

General Motors 3,900 Harris Corp 551

Lincoln Financial Group 1,954 Raytheon 540

BFGoodrich 1,640 Do It Best Corp 471

Frontier Communications 1,355 SIRVA 454

Sweetwater Sound 1,300 Brotherhood Mutual 450

Fort Wayne Metals 1,053 Nestle 434

Steel Dynamics 871 Trelleborg AB 405

Dana Corp 837 Indiana Michigan Power 403

BAE Systems 833 MedPro Group 389

Shambaugh & Son, Inc. 624 Superior Essex 384

As of August 2018, private sector only

Downtown Fort Wayne has experienced a renaissance in the last decade with more than $700

million in private investment that has spurred additional investment throughout the community.

Future projects include one of the largest redevelopment projects in the country—the

reinvention of the General Electric Campus less than three-quarters of a mile north of Bovera

Gardens, dubbed “Electric Works”. This $440 million effort will offer a year-round public market,

office space, shopping, dining, and 120 high end apartments.

Do it Best Corp. will be moving its headquarters as the anchor of the complex on Broadway, with

the project having several other tenants lined up, including Parkview Health, Fort Wayne Metals,

Indiana University Research and Technology Corp., Medical Informatics Engineering, Indiana

Tech and Fort Wayne Community Schools.

EconomyWith a rich history of engineering and entrepreneurship and a deep-seated Midwestern

commitment to service, the Fort Wayne economy is bustling with successful small businesses,

established corporations, and foreign direct investments.

Electric Works

Competing Apartment Buildings

Address BR/BA Monthly Rent

1 2440 Fairfield Ave 1/1 $575

2 2222 Hoagland Ave 2/1 $595

3 3901 S Wayne Ave 0/1 *Studio - no kitchen $350

4 859 Buchanan St 1/1 $560

5 2121 Engle Rd 2/1 $645

Contact Us

Neal BowmanSenior Broker260 424 8448neal.bowman@sturgespg.com

Philip HageeListing Manager260 424 8448philip.hagee@sturgespg.com

SturgesProperty.com 202 West Berry Street, Suite 500, Fort Wayne, IN 46802 260 424 8448