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QUICK STATS
127,770
SF:
10.90 units/acre
Density:
1,065
Average SF:
$1.43
Rent / SF:
257 spaces
Total Parking
2 and 3
Stories
6
Buildings
1970
Built
120
UNITS
11.01 acres
Site Size / Acreage:
[CEROS OBJECT]
• Central Air Conditioning
• Fully Equipped Kitchen with Newer Appliances
• Microwave*
• Washer / Dryer In Unit*
• New Windows and Oversized Sliding Door
• Large Patio / Balcony
• Separate Storage Lockers
• Heated Swimming Pool
• Clubhouse
• Fitness Center
*In Select Units
AMENITIES
[CEROS OBJECT]
Briarlane Apartments, a 120-unit, garden-style apartment community located in the city of Grand Rapids, Michigan, approximately three miles east of the city’s downtown. Built in 1970, the property contains two- and three-story buildings with siding and brick exteriors and flat roofs with composition shingles. Situated on 11.01 acres of land with a density of 10.90 units per acre, Briarlane encompasses a desirable unit mix comprised of 12 one-bedroom units measuring 797 square feet each, 54 two-bedroom units measuring 1,032 square feet, and 54 three-bedroom units measuring 1,157 square feet, with an average unit size of 1,065 square feet. The property is well-maintained and beautifully landscaped with manicured grass areas, mature trees, trimmed shrubs, and colorful flower beds.
Property Description
[CEROS OBJECT]
Proven Value-Add Opportunity – Premiums avg. $345/month over In-Place
Attractive Loan Assumption: +/- $15,280,000 balance with a 4.7% Interest Rate
Significant CAPEX – Over $1.4M Since 2020
Proximity to Downtown: Only Two Miles from the Grand Rapids Medical Mile
Limited New Supply Market with 95.7% Market Occupancy Rate
Fastest Growing MSA in Michigan – 8.8% Population Growth since 2010
Opportunity Highlights
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LOCATION
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450 Briar Lane NE,
Grand Rapids, MI 49503
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: https://www.berkadia.com/licensing/.
28411 Northwestern Highway, STE 300
Southfield, MI 48034
Phone: 248.646.7701
Berkadia.com
Investment Sales
Detroit Office
CONTACT Info
Mortgage Bankers
Aaron Moll
Senior Director
248.208.0529
aaron.moll@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
Charley Henneghan
Director
248.341.3303
charley.henneghan@berkadia.com
Kevin 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
Peter Benedetto
Senior Managing Director
248.208.3462
peter.benedetto@berkadia.com
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Conor David
Director
425.213.5103
conor.david@berkadia.com
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[CEROS OBJECT]
Briarlane’s excellent location, and attractive floor plans establish an opportunity to increase revenue through the continuation of unit upgrades.
The current owners have upgraded 61 units and continue to see impressive demand for unit renovations. The owners are achieving premiums averaging just under $350/month over current in-place rents.
This upgraded package includes the below features:
• New Kitchen Cabinets and Bathroom Vanities
• Fresh Laminate Countertops in Kitchen and Bath
• Tile backsplash in Kitchen
• LVT in Living Areas
• New Lighting Package
• New Plumbing Fixtures
• Replacement of Hardware Throughout
• Six Panel Interior Doors
• New Stainless-steel Appliances
Briarlane’s tenant profile is attracted to the spacious floor plans that exhibit luxury and sophistication. Residents at Briarlane have expressed additional interest in units with high-end finishes. Therefore, there is a
further opportunity to continue and expand on the unit upgrades to the remaining unrenovated units at Briarlane.
Value-Add Opportunity
450 Briar Lane NE | Grand Rapids, MI 49503
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