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FENTON HEIGHTS
12911 Fenton Heights Blvd | Fenton, MI
The Opportunity
Existing Units
The Fenton Development Opportunity presents investors with an attractive development opportunity with existing cashflow. The site includes 24 existing apartment homes and 21.34 acres for additional units. By right, zoning allows 86 units and the potential for a clubhouse. The owner has already obtained wastewater treatment permit approvals from EGLE. The Fenton MSA is primed for new development and the overall region continues to see new investment and population growth. The overall submarket occupancy exceeds 97% with a clear need for additional units.
Fenton Heights Apartments features newly renovated and redesigned apartment homes located in one of the best places to live in Genesee County in Fenton, MI. With award winning schools, a bustling and historic downtown district, and beautiful lakes and parks, the inviting city is still within proximity to nearby big-city amenities with access to M-23 and I-75.
Built in 1969 and 1989, three buildings consisting of 24 units are situated on 22.83 acres of land with two-story apartments featuring one- and two-bedroom floor plans ranging from 750 – 1,250 square feet. With on-site private parking, the open layouts feature modern kitchens and baths, white cabinetry, efficient appliances, high ceilings, plush carpeting, and private patios / balconies.
Along with a variety of local restaurants and shopping in Downtown Fenton, residents of Fenton Heights can take advantage of Michigan’s natural beauty with easy access to an abundance of recreational options nearby including Denton Lake, Seven Lakes State Park, and the Holly Recreation Area which is home to three lakes and is open for year-round activities such as hiking, camping, fishing, skiing, and snowmobiling.
Building 1: Seven of the eight units have been renovated in 2021.
Buildings 2 & 3: Six fully renovated, several partially renovated. All in great condition.
Phase 2: By right, zoning allows 86 additional units.
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07
Garages Available
03
Washer/Dryer in Unit
04
Ceiling Fans
06
Patio / Balcony
02
Plank Flooring
Large Closets
Fully Equipped Kitchen
01
05
Amenities
Through 4th quarter of 2022, year over year rent growth in downtown Colorado Springs is over 8%, outpacing market wide rent growth of 6.5%. The downtown Colorado Springs submarket has the highest average rent per square foot at a $1.96, outpacing the market wide average of $1.78. Class A rents in the submarket are the highest in the market with an average rent/sf of $2.72.
Investment Highlights
Strong Submarket Fundamentals
06
Walking distance to the brand-new soccer stadium Weidner Field. Weidner Field is home to the tier 2 professional soccer club the Colorado Springs Switchbacks and also hosts events and concerts. Walking distance to the new US Olympic and Paralympic Museum.
Investment Highlights
Weidner Field & US Olympic Museum
05
Walk Score of 71 (most errands can be accomplished on foot) with numerous bars, restaurants, and retail options. Walking distance to 4.9M total square feet of occupied office space supporting 26K jobs.
Investment Highlights
Desirable Downtown Colorado Springs Location
04
The property has 1.73 parking ratio with 102 total spaces including 10 two car tuck under garages, 12 one car tuck under garages, and 69 surface spaces.
Investment Highlights
Ample Parking and Garage Space
03
The property is currently under construction with the first building expected to deliver in June/July with the second building to deliver in the third quarter of 2023.
Investment Highlights
New Construction with Expected 2023 YOC
02
Profits from the sale of an asset that are invested in a Qualified Opportunity Fund (QOF) within 180 days from the transaction date have capital gains taxes fully deferred through December 31, 2026. If the investor holds the investment in the QOF for at least 10 years, the investor is eligible to elect to adjust the basis of the QOF investment to its fair market value on the date that the QOF investment is sold or exchanged. Acquiring the property with reinvested gains prior to placing the asset in service (reception of the temporary certificate of occupancy) and holding the property for a minimum of ten years will step-up the basis of the property to fair market value upon disposition.
Investment Highlights
Pre-TCO Opportunity Zone Investment
01
Development Opportunity
21.34 Acres | 929,552 SF
1.49 Acres | 65,004 SF
22.83 Acres | 994,556 SF
Well Water; Additional Well Required
On-Site Sewer Treatment Plant;
Upgrades will be Needed for Larger Capacity, Permit with EGLE in Approval Process
Land Site (Two Parcels)
Parcel A
Parcel B
Total Site
UTILITIES
Water
Sewer
ZONING
201 - Commercial
Allows 86 Additional Units and Clubhouse
notes
24 Existing Units, Consisting of 3, 8-Unit Buildings
Building 1: Built 1969
4 One-Bedroom Units, 4 Two-Bedroom Units
7 Units Renovated in 2021
Building 2 & 3: Built 1989
16 Two-Bedroom Units
6 Units Fully Renovated
Several Partially Renovated
LOCATION
PHOTO GALLERY
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Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
Investment Sales
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Detroit Office
Kevin Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
Mortgage Bankers
Luke Safranek
Director
248.208.3466
luke.safranek@berkadia.com
Alex Bonda
Associate Director
248.208.0533
alex.bonda@berkadia.com
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Conor David
Director
425.213.5103
conor.david@berkadia.com