Elkhorn Apts LLC is an investment in a stabilized, cash flowing multi-family apartment portfolio. The nine-property, 372-unit, rental portfolio is located in Elkhorn and Walworth, Wisconsin, ten minutes from downtown Lake Geneva, a well-known midwestern resort town. Many of the units were constructed in the 1990’s, however, 5% of the units were just recently constructed between 2018 and 2021.
The units in the communities are made up of one- and two-bedroom configurations. The majority of units have central air/heat, in unit washer/dryers and both attached and detached garages. Plans are to update both unit interiors, as well as common areas and landscaping throughout the properties where necessary. While these improvements are in process, the property will be cash flowing to investors immediately and various strategies will be implemented to preserve and improve cashflow, asset integrity and improve the asset’s net operating income. The area has excellent access to recreation, transportation, employment centers, and retail.
Elkhorn, Delavan and Lake Geneva are all located in Wisconsin and have lake/tourist attractions. Walworth County tourist attractions are built on three large lakes including Lake Geneva, Lake Como and Lake Delevan. The Lake Geneva area is considered the heart and soul of tourism in southern Wisconsin. Resorts on or around these lakes include Grand Geneva Resort & Spa, Alpine Valley Resort, Delavan Lake Resort, Abbey Resort and many more. Walworth county’s largest private employers are Grand Geneva Resort & Spa, Wal-Mart, Miniature Precision Components Inc., Pentair Water, Advocate Aurora Health, Waukesha Cherr-Burrell, Abbey Resort, Agrilink Foods, and Compass Group Services, Inc.
This property was purchased in May 2022.