In late 2020, Oldtown acquired the MarMain apartments, a 132-unit workforce housing asset in the heart of South Bend, Indiana. The asset was acquired in an off-market transaction directly from the Seller. The rental apartment is uniquely situated next to the Memorial Hospital, the metro’s largest employer, as well as walking distance to Notre Dame, St. Mary’s, Holy Cross, and the University of Indiana-South Bend.
Originally constructed in 1922, the historic building boasts spacious units, high ceilings and an abundance of natural light. Passive management has kept rents some of the lowest in the market. Oldtown is currently undergoing a multimillion-dollar renovation program to modernize the units, improve building functionality, and implement best-in-class management services, while still being affordable for families earning 60-120% of the area median income.