Hotel Conversion With Significant Capx Spend: Vivo South Bend was converted from a hotel to multifamily in 2021. Current ownership has spent roughly $677,000 renovating the property, highlighted by interior dividing walls, cosmetic upgrades, pool resurface, parking lot improvements, and a clubhouse renovation.
Proven Value-Add Opportunity Via Unit Upgrades: 40 of Vivo South Bend’s 80 units have been renovated. Additionally, the Studio and 1BD units do not have traditional stovetops or ovens. New ownership will have the opportunity to upgrade all the units to the same renovation level and potentially increase NOI.
Stabilization Opportunity: New ownership will have the opportunity to stabilize the property by improving occupancy and reducing several expenses down to normalized levels. The property has recently gone through multiple management changes, and current occupancy is 80%.
Expansive Amenities Package: The property offers its tenants a high-quality amenities package including a fitness center, swimming pool, outdoor kitchen w/ seating area, laundry room, and clubhouse.
Central Location to University of Notre Dame: Vivo South Bend sits within 5 minutes of the University of Notre Dame. The university has 12,809 students and over 3,500 employees. The school is one of the top 20 universities in the country and has an economic impact on the region of $2.46 billion annually.
Major $232 Million Expansion: Vivo South Bend sits within a mile of Memorial Hospital which just announced plans for a $232 million expansion. The expansion will increase the number of beds to 302 and will create 500 new jobs.
Madison Lifestyle District Headlines Downtown Development Activity: The City of South Bend just announced plans for a ~$100 million development right by Memorial Hospital that will include multifamily units, a 100 room hotel, 40,000 SF of commercial space, and 900 parking spaces. Additionally In 2023, 11 long-vacant spaces were purchased and are currently being redeveloped.
Proximity to South Bend’s Best Retail: Vivo South Bend is ideally positioned within 15 minutes of South Bend’s premier shopping centers, including:
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by you ("Prospective Buyer") for the benefit of THE KIRKLAND COMPANY ("Broker"), with respect to certain real property ("Vivo South Bend") located in South Bend, Indiana.
BACKGROUND:
1 The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective buyer may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and therefore are subject to variation.
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows:
By submitting this form, you have acknowledged, read, and agreed to this above Confidentiality and Brokerage Agreement.
THIS CONFIDENTIALITY AND BROKERAGE AGREEMENT ("Agreement") is made and agreed to by and between THE KIRKLAND COMPANY ("Broker"), and "Prospective Buyer" with respect to the sale of certain real property located in South Bend, Indiana and known as Vivo South Bend (“Property”).
NOW THEREFORE, the parties agree, in consideration of the covenants and agreements contained herein, as follows: