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2472 Carpenter Rd | Ann Arbor, MI 48108
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48200 West Pontiac Trail | Wixom, MI 48393
Town and Country Ann Arbor
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.
Investment Sales
CONTACT Info
One Northwestern Plaza 260 E. Brown Street, Suite 150 Birmingham, MI 48009 Phone: 248.646.7701 Berkadia.com
Detroit Office
Kevin Dillon
Senior Managing Director 248.341.3309 kevin.dillon@berkadia.com
Rick Brace
Senior Director 248.341.3319 rick.brace@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
Charley Henneghan
Director 248.341.3303 charley.henneghan@berkadia.com
Corey Krug
Senior Director 248.341.3338 corey.krug@berkadia.com
Mike McClafferty
Associate Director 215.328.1298 mike.mcclafferty@berkadia.com
Jillian Maki
Director 248.208.3465 jillian.maki@berkadia.com
28411 Northwestern Highway, STE 300 Southfield, MI 48034 Phone: 248.646.7701 Berkadia.com
The Opportunity
Conor David
Director 614.796.0222 conor.david@berkadia.com
The properties are for sale individually but may be purchased together.
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AVG UNIT SIZE
SQ FT
BUILT
98
UNITS
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THE LOCATION
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Unparalleled Location
Arbor Haus boasts an unsurpassed location in the premiere lifestyle community of Ann Arbor. Ranked No. 1 among the “Best Places to Live in America,” “Nations Most Educated MSA,” “Best College Towns and Cities in America” and “Best City for Millennials,” Ann Arbor offers an employment and lifestyle marketplace that continues to grow. Ann Arbor’s Population, Household and Median Income are anticipated to grow by 11.1 % from 2023-2028. The Ann Arbor diversified employment, (Healthcare, Technology, Education, & Research and Development) base is complimented by the exceptional intellectual capital from the several universities. Ann Arbor provides an exceptional upscale lifestyle with an unprecedented future.
Ann Arbor Key Employment Drivers
‘Eds and Meds’ are the two most dominant employment drivers for the overall Ann Arbor Economy anchored by the University of Michigan and University of Michigan Medicine. Combined ‘Eds and Meds’ Employment in the Ann Arbor Metro area is close to 65,000 jobs, dominating the landscape. Further leveraging the intellectual capital surrounding the University of Michigan, Ann Arbor is home to many startups and technology centric employers rounding out an outstanding employment base.
Value-Add Opportunity
Significant upside remains for a new owner to complete renovations on the remaining 11 units. Additional upside can be achieved through organic rent growth while turning over the original post renovation lease-up tenants. Current ownership has successfully completed a full renovation of 85 units.
Financing
Free and clear of existing debt at closing. A new owner will have the flexibility to obtain short-term or long-term financing through a local or regional bank or an Agency lender Fannie Mae, Freddie Mac or HUD. This may offer an oppotyunity to take cash out through a supplemental loan or a refinance scenario in the next few years.
Excellent Market Metrics
Ann Arbor is an exceptional rental community with a well educated upscale resident base. The property is 95% preleased as of August 15, 2023. Due to the limited new construction and the high barriers to enter for new properties, the market is anticipated to remain strong.
INVESTMENT HIGHLIGHTS
Arbor Haus, a 97-unit apartment community, represents a rare acquisition opportunity in the nation’s most educated city - Ann Arbor, Michigan. Anchored by one of the country’s most prestigious universities, Ann Arbor boasts a diverse economic base, attractive demographics, and steady population growth. Arbor Haus offers residents a quiet, neighborhood living atmosphere without sacrificing proximity to major employment, entertainment, and the University of Michigan. Since 2021, the property received approximately $2.7 million in significant capital improvements, including exterior paint / siding, decorative balcony enclosures, common hallways, asphalt replacement and seal coating, and landscaping. Additionally, every unit has undergone significant renovations equipped with quartz countertops, stainless steel appliances, dishwashers, tile backsplash, wood-style LVT flooring, modern hardware, contemporary lighting / plumbing fixtures, and soft-close white shakercabinets / vanities. Arbor Haus is comprised of 12 twostory, garden-style frame constructed buildings with brick and vinyl exteriors and asphalt flat roofs. Built in 1965, the property is situated on 5.15 acres of land occupying 77,160 rentable square feet. Community amenities at the property include a swimming pool with sundeck, expansive greenspace, laundry facilities, and on-site maintenance.
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THE ASSET
Recent CAPEX
The owners have invested over $2.7 million over the past two years ensuring that Arbor Haus remains a highly sought after community. Improvements include a full renovation of 85 units, common areas, and exteriors which demonstrates the high-end experience that comes with living at Arbor Haus.
unit amenities
Soft Close Kitchen Cabinets Quartz Style Countertops Stainless Steel Appliances Nickel Finishes wood-style LVT flooring Dishwasher Large Closets Ceiling Fan Patio/Balcony
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COMMUNITY AMENITIES
Swimming Pool Sundeck Laundry Facilities On-Site Maintenance
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Property Name Address City, State, Zip Units Built Buildings Stories Site Size / Acreage SF Average SF Rent / SF Total Parking
Arbor Haus 2472 Carpenter Rd Ann Arbor, MI 48108 97 1965 12 2 5.15 acres 77,160 795 SF $1.82 120 spaces
Property Summary
PROPERTY OVERVIEW
Arbor Haus, a 97-unit apartment community, represents a rare acquisition opportunity in the nation’s most educated city - Ann Arbor, Michigan. Anchored by one of the country’s most prestigious universities, Ann Arbor boasts a diverse economic base, attractive demographics, and steady population growth. Arbor Haus offers residents a quiet, neighborhood living atmosphere without sacrificing proximity to major employment, entertainment, and the University of Michigan. Since 2021, the property received approximately $2.7 million in significant capital improvements, including exterior paint/siding, decorative balcony enclosures, common hallways, asphalt replacement and seal coating, and landscaping. Additionally, every unit has undergone significant renovations equipped with quartz countertops, stainless steel appliances, dishwashers, tile backsplash, wood plank flooring, modern hardware, contemporary lighting/plumbing fixtures, and soft-close white shaker cabinets/vanities. Arbor Haus is comprised of 12 two-story garden-style frame constructed buildings with brick and vinyl exteriors and asphalt flat roofs. Built in 1965, the property is situated on 5.5 acres of land occupying 77,160 rentable square feet. Community amenities at the property include a swimming pool with sundeck, expansive greenspace, laundry facilities, and on-site maintenance.
260 E. Brown Street, Ste 150 Birmingham, MI 48009 Phone: 248.646.7701 Berkadia.com
1979
103,992
120
48200 West Pontiac Trail| Wixom, MI 48393
867
Prime Location
Located just Northwest of the I-696/I-275 Interchange in Oakland County, Town & Country is well located in a strong growth community in the city of Wixom. The close proximity to these highways grants tenants easy access to many major employment, entertainment, and shopping hubs.
Beautifully Renovated in 2023 is the Town & Country Apartments, an upscale 120-unit, garden-style, apartment community located in the attractive Wixom submarket. Built in 1979, the property contains six, two-story, concrete block and wood-frame constructed buildings with pitched roofs. The property is lushly landscaped with manicured grass areas, mature trees, and trimmed shrubs. Situated on 7.48 acres of land with a density of 16.04 units per acre, Town & Country contains a desirable unit mix comprised of 31 one-bedroom units measuring 695 square feet, and 89 two-bedroom units averaging 926 square feet, with an average unit size of 869 square feet. Since 2023, the property received approximately $2.85 million in significant capital improvements, including exterior paint/siding, clubhouse improvements, common hallways, asphalt replacement and seal coating, and landscaping. Additionally, every unit has undergone significant renovations equipped with quartz countertops, stainless steel appliances, dishwashers, glass tile backsplash, wood-style LVT flooring, modern hardware, contemporary lighting / plumbing fixtures, and soft-close white shaker cabinets / vanities. Town & Country offers residents a quiet, neighborhood living atmosphere without sacrificing proximity to major employment, entertainment, and easy access to both the Detroit & Ann Arbor / Lansing MSAs. Attractive market positioning, competitive amenities, spacious floor plans, and prominence in the SE Oakland County Market ensure the long-term viability and performance of the property. Oakland County boasts a diverse economic base, attractive demographics, and steady population growth.
Significant upside remains for a new owner to complete renovations on the remaining 10 units. Additional upside can be achieved through organic rent growth while turning over the original post renovation lease-up tenants. Current ownership has successfully completed a full renovation of 110 units.
Free and clear of existing debt at closing. A new owner will have the flexibility to obtain short-term or long-term financing through a local or regional bank or an Agency lender, Fannie Mae, Freddie Mac or HUD. This may offer an oppotyunity to take cash out through a supplemental loan or a refinance scenario in the next few years.
The owners have invested over $2.85 million over the past two years ensuring that Town & Country remains a highly sought after community. Improvements include a full renovation of 108 units, common areas, and exteriors which demonstrates the high-end experience that comes with living at Town & Country.
Wixom is an exceptional rental community with a well-educated upscale resident base. The property is 95% preleased as of August 31, 2023. Due to the limited new construction and the high barriers to enter for new properties, the market is anticipated to remain strong.
Soft Close Kitchen Cabinets Quartz Style Countertops Glass Tile Kitchen Backsplash Stainless Steel Appliances Nickel Finishes wood-style LVT flooring Dishwasher Large Closets Ceiling Fan Air ConditioneR
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Swimming PooL Sundeck Laundry Facilities Playground On-Site Maintenance Dog Park Coming Soon
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Town and Country 48200 West Pontiac Trail Wixom, MI 48393 120 1979 6 2 7.48 acres 104,264 869 SF $1.42 244 spaces
Beautifully Renovated in 2021 is the Town & Country Apartments, an upscale 120-unit, garden-style, apartment community located in the attractive Wixom submarket. Built in 1970, the property contains 6, two-story, wood-frame constructed buildings with pitched roofs. The property is lushly landscaped with manicured grass areas, mature trees, and trimmed shrubs. Situated on 7.48 acres of land with a density of 16.04 units per acre, Town & Country contains a desirable unit mix comprised of 31 one-bedroom units measuring 695 square feet, and 88 two-bedroom units averaging 926 square feet, with an average unit size of 867 square feet. Since 2021, the property received approximately $2.85 million in significant capital improvements, including exterior paint/siding, clubhouse improvements, common hallways, asphalt replacement and seal coating, and landscaping. Additionally, every unit has undergone significant renovations equipped with quartz countertops, stainless steel appliances, dishwashers, glass tile backsplash, wood plank flooring, modern hardware, contemporary lighting/plumbing fixtures, and soft-close white shaker cabinets/vanities. Town & Country offers residents a quiet, neighborhood living atmosphere without sacrificing proximity to major employment, entertainment, and easy access to both the Detroit & Ann Arbor/Lansing MSAs. Attractive market positioning, competitive amenities, spacious floor plans, and prominence in the SE Oakland County Market ensure the long-term viability and performance of the property. Oakland County boasts a diverse economic base, attractive demographics, and steady population growth.
