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The development will have a diverse unit mix consisting of one-, two-, and three-bedroom units.
The Development
192 Units
The development will consist of nine three-story, garden-style buildings
9 Buildings
The development’s amenities will include an outdoor pool, clubhouse, dog park, basketball court, and boat/ trailer storage units
Amenities
Site Plan
Clubhouse Exteriors / Floor Plan
Floor Plans
LOCATION
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/.
260 E. Brown Street, Ste 150
Birmingham, MI 48009
Phone: 248.646.7701
Berkadia.com
CONTACT Info
Detroit Office
E Hammond Rd & four mile | East Bay Township, MI
DOC
CENTER
SITE DESCRIPTION
With construction beginning in Fall 2023, The Brigantine will feature 192 garden-style apartment units with high end finishes. The property will consist of three-story apartment buildings with a combination of stone and vinyl exteriors with pitches asphalt shingle roofs. The property will occupy a strong location just south of Downtown Traverse City by about four miles. Amenities will include detached garages, outdoor pool, dog park, basketball court, boat / trailers storage area, and extra exterior storage.
• Outdoor Swimming Pool
• Clubhouse
• Basketball Court
• Boat/Trailer Storage Units
• Dog Park
• Exterior Storage Units
Amenities:
Floor Plans
Rick Brace
Senior Director
248.341.3319
rick.brace@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
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
Luke Safranek
Senior Director
248.208.3466
luke.safranek@berkadia.com
Dave Sibbold
Managing Director
248.208.0522
david.sibbold@berkadia.com
Brigantine is an exceptional opportunity to acquire a fully approved “shovel ready” multifamily development consisting of 38.57 acres and able to accommodate 192 units and a community clubhouse in a prime northern Michigan location.
Current ownership has shared their fully approved site plans, floor plans and ALTA Survey in anticipation for a new owner to step into the current developer’s position and complete the development for initial lease up and occupancy by Mid-2024.
"Shovel Ready" Development Opportunity
Description
Description
The Development
The Opportunity
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Opportunity Highlights
“SHOVEL READY” DEVELOPMENT IN THE MOST DESIRABLE RENTAL
1
EXCEPTIONAL MARKET METRICS
2
TRAVERSE CITY, MI MSA – MARKET OCCUPANCY RATE OF 93.2%
3
DELIVERED FREE AND CLEAR OF EXISTING DEBT
6
TRAVERSE CITY, MI MSA – RENT VS. OWN WALLET SHARE OF 30.3% TO 47.1%
5
