THE OPPORTUNITY
Modern design, essential amenities, and spacious open floor plans make up the highly desirable apartment homes at Silver Lake Hills. The 310-unit, three-story apartment community is located in a scenic area with lush woodlands and five parks within a short distance, including Seven Lakes State Park, Rose Oaks Park, and the Holly Recreation Area. Convenient access to Highway 23 allows for short and easy travel to year-round recreational activities such as the Mount Holly Ski and Snowboard Resort featuring 100 skiable acres, and the serene Holly Recreation Area home to three lakes and popular for activities such as hiking, camping, fishing, and much more.
Along with a variety of relaxing escapes, entertainment, local restaurants and shopping nearby, the newly renovated community offers one-, two-, and three-bedroom floor plans ranging from 700 – 1,810 square feet. Essential amenities include modern and open kitchens, in-unit washer and dryers, walk-in closets, vaulted ceilings, wood-plank flooring, private entries, and private patios / balconies. Residents can unwind in the comfort of their own home with community amenities including a sparkling swimming pool and game deck, a 24-hour fitness center, clubhouse community room, business center, an outdoor play area, dog park, and 24-hour emergency maintenance.
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3200 Foley Glen Drive, Fenton, MI
17
BUILDINGS
1999/2015
YEAR BUILT
310
units
The Opportunity
The Location
The Property
Contact
Doc Center
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Terms of Use
The Location
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Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
investment summary
stories
3
Silver Lake Hills
27.88 Acres
site size / acreage
11.12 Units / Acre
Density
345,043
SF
1,113
Average sf
$1.12
Rent / sf
480 Spaces
Total Parking
property highlights
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Strong Demographics – 3 Mile Median HH Income over $86,000 compared to State Avg. of $63,000
Proven value-add opportunity – 53% of Units Remaining with Premiums up to $270
Strong Submarket Performance – Avg. Occupancy 96.5% & No New Supply Under Construction
Institutional Ownership – Well Maintained w/ Proven Upside
Outstanding Fenton Location – 30 Minutes to Ann Arbor & Detroit Metro
Strong Demographics – Median HH Income $82,500 within 5 miles
GM V-8 Engine Plant Expansion – $854M Investment 15 Minutes from Silver Lake Hills
Spacious Floorplans – Avg. Square Footage over 1,100
THE Offering
Silver Lake Hills has spacious one-, two-, and three-bedroom floor plans averaging just under 1,113 square feet.
Silver Lake Hills displays an unmatched pride of ownership with over $3.6 million in CAPEX since 2019.
Silver Lake Hills is being delivered free and clear of existing financing at closing, providing investors the flexibility to take full advantage of new financing opportunities.
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CARPET
LVT FLOORING
FRESH PAINTED CABINETS
NEW COUNTERTOPS
TWO TONE PAINT
NEW PLUMBING AND LIGHTING FIXTURES
NEW APPLIANCES
NEW PLUMBING FIXTURES
NEW LIGHTING PACKAGE
BATHROOM MIRROR AND TOILET ACCESSORIES
CARPET – AS NEEDED
LVT – AS NEEDED
WINDOW BLINDS – AS NEEDED
value-add opportunity
24 units have been partially upgraded since 2021, with a mix of the below features. The current asking premium averages $71 on one-bedroom and $136 on two-bedroom above classic units at a cost of about $4,500k/unit for a one-bedroom and $6,000k/unit for a two-bedroom.
The current owners have fully upgraded 128 units since 2021, with current asking premium averaging $150 on a one-bedroom and $271 on two-bedroom units $100, above the classic units. This upgraded package includes the below features and has a renovation cost of about $9,500k/unit for a one-bedroom and $11,000k/unit for a two-bedroom.
Community Amenities
Unit Amenities
Property Amenities
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Vaulted Ceilings
Fully Equipped Kitchen
Stainless Steel Appliances*
Wood Plank Flooring
Washer / Dryer In Unit
Walk-In Closets
Private Entry
Private Patio / Balcony
*In select units
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Swimming Pool w/ Game Deck
24/7 Fitness Center
Clubhouse
Business Center
Playground
Dog Park
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Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
260 E. Brown Street, Ste 150
Birmingham, MI 48009
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
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
Peter Benedetto
Senior Managing Director
248.208.3462
peter.benedetto@berkadia.com
Colin Callaghan
Senior Managing Director
248.208.3470
colin.callaghan@berkadia.com
DIVERSE UNIT MIX
PRIDE OF OWNERSHIP
FINANCING
