The Waverly on the Lake

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49000 Denton Rd. Belleville, MI 48111

The Waverly on the Lake

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QUICK STATS

948,680 SF

SF:

9.5 units per acre

Density:

95 acres

Site Size / Acreage:

Stories

42 + 1 Clubhouse

Buildings

1972

Built

1,046

UNITS

907 SF

Average SF:

$1.26

Rent / SF:

The Waverly on the Lake provides an outstanding opportunity for an investor to gain an exceptional economy of scale with the acquisition of a 1,046 unit apartment community. Offering unparalleled amenities with a third of the property overlooking Belleville Lake, a prime location with over half a mile of frontage on I-94 service drive and situated in a strong rental market. This is an outstanding investment opportunity that will transact well below the replacement value and is positioned in an exceptional rental market with no new multifamily units planned or under construction, offering a proven value-add program with enormous upside potential. The 1,046-unit garden-style apartment community has 306 units overlooking the 0.5 miles of frontage on Belleville Lake and 740 units overlooking over two miles of walking nature trails. Both locations provide beautiful views. Residents have the option to choose from a studio, one-, and two-bedroom floor plans. Three studio units measure 505 square feet each, 485 one-bedroom units range from 805 to 835 square feet, and 558 two-bedroom units ranging from 945 to 1,100 square feet, with an overall average unit size of 907 square feet. 672 of the 1,046 units include washer and dryers, with each unit featuring ceiling fans, window coverings, a fully equipped kitchen, central air conditioning, large balcony or patio, walk-in closets, and controlled access building entry doors. The Waverly on the Lake demands your attention as it offers several of the aspects commonly sought after by real estate investors such as value-add opportunity, provides workforce housing, phenomenal amenities, and excellent location.

The Asset

Opportunity Highlights

Unrivaled Value Add Opportunity

• Luxury Plank Flooring in the Kitchen and Bathrooms* • Designer Fixtures* • Spacious Living Rooms • Roomy Bedroom Spaces • In-Home Washer & Dryer* • Stainless Steel Kitchen Appliances* • Newly Renovated with Granite Countertops • Plush Shaw Carpeting in the Bedroom *in select units

AMENITIES

Unit Amenities

• Fitness Center • Access to Private Boat Launch • Resident Sparkling Swimming Pool and Sundeck • Brand New BBQ Grills and Firepits • Completely Renovated Modern Clubhouse • Resident Coffee Station featuring Coffee, Tea, & Hot Chocolate • Completely Renovated Fitness Center with Cardio & Strength Training • Covered Parking • Lakeside Picnic Area • Refreshed Common Entrances • Playgrounds • Dog Park • On-Site Laundry Facilities • Night Courtesy Patrol • More Than Two Miles of Walking Nature Trails

Community Amenities

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 company business in Nevada. © 2024 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 Berkadia Affordable Tax Credit Solutions. For state licensing details for the above entities, visit www.berkadia.com/licensing.

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

CONTACT Info

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

Jillian Maki

Director 248.208.3465 jillian.maki@berkadia.com

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1,103 Reserved Fee-Based Carport Spaces 1,745 Open Parking Spaces

Total Parking

The Waverly on the Lake has been institutionally managed since 2019. Ownership has executed renovations on 451 units (43%), achieving ~$175 average in-place premiums (~20% ROC). Investors can continue a verifiable value add strategy at scale on the remaining 595 units (57%). The asset has maintained average occupancy of 90% since 2019.

The Waverly on the Lake is uniquely located in the Southern Wayne County submarket along the Washtenaw County border. This location along I-94 offers several benefits to the residents. The property is situated just 26 minutes to downtown Ann Arbor, 25 minutes to Dearborn and Ford Motor Company Headquarters, and 30 minutes to Downtown Central Business District of Detroit. Additionally, the primary business corridor of I-275 is within 20 minutes. The Waverly on the Lake residents have the best of many situations, this location is situated in the center of a diversified employment base featuring major employers such as Rock Ventures (Quicken loans), Ford Motor Company, GM, Henry Ford Health Systems, University of Michigan & Health Systems, Ikea, Beaumont Health Systems, two new Amazon Fulfillment Centers, and Detroit Metropolitan Airport to name a few.

Willow Run Airport

0.5 Mi

I-94 Interchange

1.6 MI

Ford – Rawsonville Plant

3.1 Mi

Division 1 – Eastern Michigan University

7.3 Mi

Detroit Metropolitan Airport

11 Mi

Ascension Hospital - Ann Arbor

11.8 Mi

University of Michigan

15 Mi

CS Mott Children’s Hospital – Ann Arbor

15.3 Mi

Downtown Ann Arbor

15.5 Mi

Ford Motor Company World Headquarters

20.7 Mi

Capital Improvements

Institutionally managed, the current ownership has invested $17.3 million on both back and front of house upgrades. The asset benefits from an unparalleled amenity package, including a new fitness and business center, play structures (3), connection to the Iron Belle Hiking Trail, a resort style pool, tennis and pickleball courts, private boat slips, and new on Belleville Lake. Ownership has already completed extensive base building improvements, including common area hallways, balconies, roofs as needed, painting and carport/parking lot upgrades.

Detroit Workforce

Situated between Wayne County and Ann Arbor, The Waverly benefits from the amenities of both communities. The workforce is supported by the automotive industry, four professional sports teams, three Casinos, several million square feet of retail and three major universities. Furthermore, Michigan has implemented programs aimed at training and employing the upcoming generation of talent in the emerging EV/mobility sector. The asset offers fantastic (~4.0x) rent coverage and stands to benefit from a projected 25% increase in median household income between 2023-2028.

Economic & Employment Drivers

The unemployment rates in Wayne and Washtenaw Counties, Michigan, stand at approximately 2.5%, significantly below the national average of 3.7%, as reported by the U.S. Bureau of Labor Statistics (USBLS). This favorable employment situation is driven by key industries including Automotive Manufacturing (92,800 jobs), Logistics (56,200 jobs), Healthcare (113,600 jobs) and Financial Services (179,300 jobs). The automotive industry serves as a robust employment driver in Michigan, bolstered by recent technological advancements and electric vehicle (EV) initiatives. The state has successfully attracted over $14 billion in investments specifically dedicated to EV and battery production.

Unlock Land Value

The Waverly on the Lake offers an investor the opportunity to acquire 80+ acres of developable vacant land adjacent to the property. The vacant land was previously operated as a 9-hole golf course and was closed in the previous economic cycle. Currently there are no new multifamily communities under construction or planned in the market.

LOCATION

1,046 Total Units

Conor David

Director 425.213.5103 conor.david@berkadia.com

Conor David

Director 425.213.5103 conor.david@berkadia.com