Video

 

Opportunity

 
gradient pics final2.jpg
gradient pics final.jpg
building.png
034-money.png
009-customer-support.png
apartments (1).png
014-ranch.png
weightlifting (1).png

Stabilized Asset with Significant Upside Potential: Offers investors stable cash flow, along with both rental and operational upside.  All assets are under rented, which suggests immediate organic rent growth, plus upside potential through renovation premiums.

Value Add Opportunity: Revenue can be substantially increased by offering a strategic range of unit enhancements at various rent premium levels. 

Institutional Asset Size: With its substantial unit count, the portfolio lends itself to efficient staffing ratios and overall management.

Unique Ranch Style Units:  Both properties offer single story units with direct access via a private entryway to each unit.  Tenants have the benefit of no one living above or below them.

Significant Capital Improvements: Well maintained property with significant capital improvements made recently – reduces need for major capital expenses in the near future (keep more of your cash flow!).

Strong Rental Submarket: Occupancy in Sterling Heights and Monroe is at or exceeding 97% and subject portfolio occupancy is 99.6%, thus supporting healthy annual rental rate increases.

Priced Well Below Replacement Cost: Maintain rental pricing advantage over any new product constructed in the market.

008-low-price.png
 

The Portfolio

IMG_1009.JPG

NAI Wisinski Great Lakes is pleased to present a 252 unit portfolio comprised of two ranch style apartment communities situated in Southeast Michigan.  The assets are institutionally owned and managed.  Each asset is performing well, yet offers rental upside through strategic enhancements.


The properties are located in two separate and very distinct suburban submarkets of the Detroit metropolitan area. The 150-unit Olivewood Apartments was constructed in 1985 and is located in Sterling Heights, the fourth largest city in Michigan.  The 102-unit Garden Court Apartments was constructed in 1988 and is located in Monroe, a deepwater port city along Lake Erie, just 15 miles north of Toledo, Ohio and 25 miles south of Detroit.  The assets are close enough together, 60 miles apart, to be non-competitive with each other, while still allowing for economies of scale for both management and staffing. 

Over the past three years, the owners focused on making capital improvements to both properties. New roofs were installed at each asset at a cost of $210,000 at Olivewood and $116,213 at Garden Court.  Olivewood spent $56,000 on HVAC replacement, and Garden Court spent $18,670 on the same.  The properties were reappointed with new carpet and vinyl at a cost of $68,000 at Olivewood and $20,250 at Garden Court. In addition, Garden Court invested $17,500 on new appliances.


The apartments at Olivewood and Garden Court are structurally identical. The building similarities should allow for maintenance efficiencies, as parts and materials required for replacement and repair will be virtually identical.


The properties each benefit from nearly 100% physical occupancy. A substantial number of rents are below market rate, although an assortment of leases and unit types are achieving rent at market. This supports the ability to raise rents across the board with relatively little effort or expense. Additional rent can be obtained by upgrading units, as has been demonstrated by peer assets in each property’s submarket. Demographics support the ability to improve the properties to a higher level of finish, and subsequently the ability to obtain higher rent through unit finish premiums. 


The properties offer a compelling opportunity for new entrants to the Michigan marketplace. An investor can obtain a sizeable unit count with two properties in close proximity to each other.  Likewise, existing operators can make a significant addition to an existing Michigan portfolio.
 

IMG_1004.JPG
IMG_1002.JPG

Apartment Amenities

table logo.png
stove logo.png
car-garage.png

Superb Design

  • Excellent Floor Plan Flow

  • More than sufficient storage

  • Private Entries

  • Single Story Living

 

Modern Living

  • High Speed Internet

  • Air Conditioning

  • Vaulted Ceilings

  • Ceiling Fans

  • In Unit Washer & Dryer Hookups

 

Desirable Features

  • Fenced in private patio

  • Short walk from shopping, restaurants and entertainment

  • Pet Friendly

Community Amenities

bos.png
pet-hotel-sign-with-a-dog-and-a-cat-unde

Daily Convenience

  • Accessibility to additional storage space

  • On-Site Property Manager

  • On-Site Laundry Facilities

Pet Friendly Community

  • One-Time Pet Fee

    • 1 Pet $225

    • 2 Pets $400

  • Monthly Pet Rent:

    • $25 Per Pet Per Month

    • 2 Pet Limit

  • Breed Restrictions Apply

IMG_0434_edited.jpg

Market Area

 
splash pages pic.jpg

Economic Drivers 

Garden Court Pictures

 

Olivewood Pictures

Location

 

Document Center

 

Contact Us

 
The Team

Craig Black, CCIM

616.242.1126

craigb@naiwwm.com

 

Scott M Nurski, MBA

616.242.1106

scottn@naiwwm.com

Get In Touch