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.
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1100 Rabbit Run Circle | Ann Arbor, MI 48103
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13210 Village Park Drive
Southgate, MI 48195
VILLAGE ON THE PARK
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18800 Innsbrook Drive | Northville, MI 48168
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900 Long Blvd
Lansing, MI, 48911
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The properties are for sale individually but may be purchased together.
1100 Rabbit Run Circle | Ann Arbor, MI
QUICK STATS
135,296
SF:
12.35 units/acre
Density:
940
Average SF:
$1.68
Rent / SF:
216 spaces
Total Parking
2
Stories
24
Buildings
1999
Built
144
UNITS
13.77 acres
Site Size / Acreage:
AMENITIES
Ground-Floor Private Entry
Open Kitchen with Breakfast Bar and Pantry
Energy Efficient Appliances
Refrigerator, Dishwasher, Disposal
Air Conditioner, Gas Heat
Large Closets
Stain Resistant Berber-Style Carpeting
Window Coverings
Washer / Dryer Connections
Washer / Dryer Rentals Available
Wheelchair Access
Newly Renovated Clubhouse
Resident Activities
Resort-Style Pool with Sundeck
Two-Mile Nature Trail
Outdoor Green Space with Playground
Sitting Area with Picnic Tables and BBQ Grill
[CEROS OBJECT]
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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.
260 E. Brown Street, Ste 150
Birmingham, MI 48009
Phone: 248.646.7701
Berkadia.com
Investment Sales
Detroit Office
CONTACT Info
Mortgage Bankers
Mitch Sinberg
Senior Managing Director 561.609.4006 mitch.sinberg@berkadia.com
Peter Benedetto
Senior Managing Director 248.208.3462 peter.benedetto@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Conor David
Director
425.213.5103
conor.david@berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Kevin P. Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
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Amenities
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A comfortable, convenient, and spacious living community, Arbor Club consists of 144-unit apartment units located in Ann Arbor, MI. Surrounded by a peaceful park-like wooded setting, residents have easy access to Interstate 94 and public transportation, and are conveniently minutes away from Downtown Ann Arbor, a culinary hot spot and tech hub featuring one of the most walkable downtowns that supports a premier arts culture. The property is also minutes away from the University of Michigan Campus – ranked number one among 2021’s best college towns and cities in America. A convenient location for commuters, residents are also less than 10 miles away from Eastern Michigan University and Washtenaw Community College.
Residents have the option to choose between spacious one-, two-, and three-bedroom open-floor concept floor plans ranging from 770 – 1,159 square feet. Units are equipped with washer and dryer hookups, an open kitchen with a breakfast bar and pantry, dishwasher, energy efficient appliances, large closets, stain resistant berber-style carpeting, private entries, and window coverings. Community amenities include a resort-style swimming pool with sundeck, a newly renovated clubhouse, a park-like outdoor setting with picnic tables, BBQ grills and a playground, 24-hour emergency maintenance, and covered parking.
Arbor Club is located in close proximity to a wide range of businesses and restaurants, the highly acclaimed, top-ranked Ann Arbor Public school district, and safe neighborhoods, with a lot to offer its residents. Conveniently located near the largest employer in the region, The University of Michigan Health System is made up of three hospitals, 40 health centers, and 120 outpatient clinics. Additionally, approximately 370 companies employ more than 20,000 residents in every aspect of software and information technology.
Property Description
[CEROS OBJECT]
property highlights
DYNAMIC EMPLOYMENT AND DEMOGRAPHICS
Highly touted nationwide as one of the strongest investment communities in the country, the Ann Arbor MSA also boasts one of the strongest economies in the Midwest, with extremely attractive demographics and a diverse employment base anchored by robust “Eds & Meds.” Home to more than 365,000 residents, the Ann Arbor MSA is the “the 2023 #1 Most Educated city in America,” with 57% of residents holding a bachelor’s degree or higher, compared to the 31% national average. Anchor tenants such as the University of Michigan, U of M Medical Center, and various automotive companies contribute to Ann Arbor’s white-collar workforce that commands 72.2% of all jobs metro wide.
OUTSTANDING MARKET METRICS
The numbers tell the story:
Median Household Income (5 Miles): $94,987
Median Home Price (5 Miles): $424,175
Average Apt. Submarket Occupancy: 96.7% (2024Q1)
Rent Growth (3-Year CAGR): 7.8%
SOPHISTICATED WORKFORCE
86% of residents in the TMA are employed in white-collar positions | Compared to 75% of residents within the Ann Arbor Metro
77% of residents have achieved a bachelor’s degree or higher (age 25+) | Versus 57% of residents in Metro Ann Arbor
PRIME LOCATION
Situated in a quiet neighborhood, Arbor Club is in a highly desirable location in Ann Arbor providing great access to US-23, M-14, I-94 and all that the Ann Arbor and Detroit MSAs have to offer. Outstanding local shops, national retailers and upscale eateries are within close distance including Whole Foods, Target, Meijer, Costco, and Briarwood mall. Arbor Club is also surrounded by higher education institutions with University of Michigan, Eastern Michigan University, Concordia University and Washtenaw Community College.
Distance to Notable Locations
2.5 mi Top Ranked University of Michigan
2.7 mi I-94 Interchange
2.7 mi University of Michigan Golf Course
3.0 mi Downtown Ann Arbor
3.6 mi Briarwood Mall
4.1 mi University of Michigan Hospital
4.1 mi CS Mott Children’s Hospital
4.2 mi Ann Arbor Municipal Airport
8.3 mi Eastern Michigan University
Attractive Assumable Financing Fannie Mae mortgage with an attractive 4.58% interest rate and the potential for a supplemental. The loan matures 3/1/2033.
Ranked #1 for Rent Growth The Detroit MSA is ranked #1 for projected 5-year rent growth among 37 major markets nationwide. Limited new unit supply and a stable population contribute to a very strong outlook for multifamily performance.
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1100 Rabbit Run Circle | Ann Arbor, MI
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1880 Innsbrook Dr | Northville, MI
QUICK STATS
278,864
SF:
9.33 units/acre
Density:
1,018
Average SF:
$1.36
Rent / SF:
328 spaces
Total Parking
2
Stories
24
Buildings
1972 / 1988
Built
274
UNITS
28.72 acres
Site Size / Acreage:
[CEROS OBJECT]
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1880 Innsbrook Dr | Northville, MI
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.
260 E. Brown Street, Ste 150
Birmingham, MI 48009
Phone: 248.646.7701
Berkadia.com
Investment Sales
Detroit Office
CONTACT Info
Mortgage Bankers
Mitch Sinberg
Senior Managing Director 561.609.4006 mitch.sinberg@berkadia.com
Peter Benedetto
Senior Managing Director 248.208.3462 peter.benedetto@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Conor David
Director
425.213.5103
conor.david@berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Kevin P. Dillon
Senior Managing Director
248.341.3309
kevin.dillon@berkadia.com
Corey Krug
Senior Director
248.341.3338
corey.krug@berkadia.com
Jason Krug
Senior Managing Director
248.341.3344
jason.krug@berkadia.com
Location
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Amenities
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A comfortable, convenient, and spacious living community, Northville Woods is a 274-unit apartment community located in Northville, MI. Surrounded by a peaceful park-like wooded setting, residents have easy access to major thoroughfares including I-275, I-96, and I-696, conveniently minutes away from Downtown Northville, a thriving retail district with unique shops, galleries, dining, and entertainment options in a historic but modern setting. The two-story apartment community is located along 7 Mile Road near Northville Road, also minutes away from Metro Detroit’s largest shopping destination at Twelve Oaks Mall and other surrounding cities including Novi, Livonia, downtown Plymouth, and downtown Farmington Hills.
Built in two phases, phase one in 1972 and phase two in 1988, the property has been beautifully maintained on picturesque grounds, with 24 buildings situated on 28.72 acres. Residents enjoy abundant parking, a sparkling swimming pool, 24-hour fitness center, two tennis courts, 24-hour laundry center, a children’s playground, covered parking, expert package receiving, and 24-hour emergency maintenance.
Northville Woods is comprised of 86 one-bedroom, 156 two-bedroom, and 32 three-bedroom floor plan units ranging from 701 – 1,286 square feet. Unit amenities include contemporary custom kitchen and bath cabinetry, dishwasher, private entrances, scenic balconies / patios, spacious walk-in closets, large storage areas, central air conditioning, and washer / dryers and wood-burning fireplaces in select units.
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Property Description
[CEROS OBJECT]
STRONG RENTAL/HOUSING MARKET
The numbers tell the story:
Livonia/Redford (Northville) submarket
Occupancy - 96.7%
Effective Rent Growth – 2.6%
Projected Rent Growth of 3.4% in Q1 2024
AFFLUENT COMMUNITY
The median household income (3 Miles) - 124,422 is 129% higher than Wayne County’s median HHI ($54,295)
The median HHI within the TMA is projected to reach $127,122 by 2026, a 22% increase from 2023
The Median Sale Price in the 48168 zip code was $635,000 in February 2024
61% of residents (age 25+) have obtained a bachelor’s degree or higher. More than double the Wayne County rate of 25%, and close to double the metro rate of 33%
SOPHISTICATED WORKFORCE
83% of residents in the TMA are employed in white-collar positions | Beating the Wayne County rate of 60% and the metro rate of 65%
EXCEPTIONALLY HIGH BARRIERS TO ENTRY
Northville Woods, with its exceptional qualities, will lead the market as there are minimal new multifamily projects planned or under construction within ten miles (217 units projected in 2024), highly limited land available for multifamily development, and the high cost of construction will oppress any new development. Northville Woods is poised for a continuation of increased revenue through organic rent growth.
PRIME LOCATION
Northville is one of Metro Detroit’s most desirable rental markets in large part due to the burgeoning economy, increasing rental rates, and historically low vacancies. Downtown Northville is a short walk from Northville Woods, offering exquisite boutique shops, fine dining, art galleries, theaters, music, and historic sites.
EASE OF ACCESS TO MAJOR THOROUGHFARES
Adjacent to I-275, and minutes away from the I-275 / I-96 / I-696 Interchange, residents are provided with access to an abundance of restaurants, shopping, recreation, and major employers, including Stellantis, General Motors, United Wholesale Mortgage, and Beaumont Health. Northville Woods is 21 miles from Downtown Ann Arbor and 28 miles from Downtown Detroit.
Attractive Assumable Financing Fannie Mae first and supplemental mortgages with a blended interest rate of 4.38%. The loans mature 2/1/2030.
Ranked #1 for Rent Growth The Detroit MSA is ranked #1 for projected 5-year rent growth among 37 major markets nationwide. Limited new unit supply and a stable population contribute to a very strong outlook for multifamily performance.
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AMENITIES
• Central Air Conditioning
• Contemporary Kitchen & Bath Cabinetry
• Expansive Vaulted Ceilings*
• Generous Storage Areas
• Private Entrance
• Patio / Balcony
• Skylights*
• Spacious Walk-In Closet(s)
• Stainless Steel Sink with Disposal
• 3 Speed Ceiling Fans *
• Under-Counter Dishwasher
• In-Unit Washer and Gas Dryer*
• Wood Burning Fireplace*
• Two New Tennis Courts
• 24-Hour Health and Fitness Center
• 24-Hour Laundry Facility
• Playground
• Swimming Pool
• Covered Parking
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