H&A Properties has acquired the Prosper Apartments, a 739-unit garden-style apartment community located at 3001 E. Jefferson Blvd. in South Bend, Ind.
The sales price was not provided; however, Columbia Pacific Advisors provided a $66 million bridge loan to fund the acquisition.
In addition to the 28 buildings on the property amounting to 634,246 rentable square feet, the Prosper Apartments community is home to entertainment amenities such as a theater room, fitness center, indoor pool, and billiards room. The 47-acre site also features a playground, dog park and community room.
“An opportunity like this is rare in today’s highly competitive housing market, as quality rental properties with significant upsides are in short supply,” said Will Nelson, director of real estate lending at Columbia Pacific Advisors. “Fully renovated units offering on-site entertainment amenities and outdoor community space, the Prosper Apartments is a unique value proposit
