brunswick

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21904 Brunswick Drive | Woodhaven, 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.

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260 E. Brown Street, Ste 150 Birmingham, MI 48009 Phone: 248.646.7701 Berkadia.com

Investment Sales

Detroit Office

CONTACT Info

Mortgage Banking

Colin Callaghan

Senior Managing Director248.208.3470colin.callaghan@berkadia.com

Peter Benedetto

Senior Managing Director248.208.3462peter.benedetto@berkadia.com

Rick Brace

Senior Director 248.341.3319 rick.brace@berkadia.com

Conor David

Director 614.796.0222 conor.david@berkadia.com

Mike MCclafferty

Associate Director 215.328.1298 mike.mcclafferty@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

PHOTO GALLERY

LOCATION

STRONG SUBMARKET METRICS – 5.37% YOY EFF. RENT Growth OUTSTANDING OAKLAND COUNTY LOCATION PROVEN VALUE-ADD OPPORTUNITY (92% CLASSIC UNITS) ATTRACTIVE ASSUMABLE FINANCING RECENT CAPEX - $2.4M LAST 2.5 YEARS PROXIMITY TO MAJOR THOROUGHFARES – I96, I696, M10, M39, I75 SPACIOUS FLOORPLAN AVG. OVER 1,400 SF

Opportunity HighlightS

Property Description

Cedargate Apartments offers a unique investment opportunity in the lakefront community of Waterford, MI. Built in 1984, the property spans 6.91 acres with 13 one-story buildings, housing a total of 93 units. The property’s layout and design provide a comfortable and appealing living environment, with private entrances and no one living above or below tenants. A variety of floor plans including studio, one-bedroom, and two-bedroom units are available, ranging from 300 to 900 square feet with a unit mix comprised of ____.

Each unit at Cedargate Apartments is equipped with kitchens featuring energy-efficient GE appliances, disposals, breakfast nooks, and pantries. The interiors are enhanced with tile and vinyl flooring, built-in floor-to-ceiling bookshelves, vaulted ceilings, and crown molding. Double pane windows with coverings and private patios add to the comfort and appeal of each unit. The property also includes laundry facilities for units without a washer / dryer or washer / dryer hookup.

[CEROS OBJECT]

AMENITIES

Central Air Conditioning Refrigerator Disposal Vaulted Ceiling Walk-In Closet Built-In Floor-to-Ceiling Bookcase Private Patio Private Entrance Washer / Dryer Hookup Outdoor Grill

[CEROS OBJECT]

Deal Highlights

Strategically Located: Woodhaven, Michigan is an established market with very limited new multifamily units planned or under construction and serves both the Detroit and Toledo MSAs. The site is minutes from high quality retail including Lowes, Kohls, Target, Home Depot, Meijer, and Aldi. Significant Upside Opportunity: Available through alternative management opportunities and rent growth through strategic capital improvements. Strong Local Employers: The property provides access to I-75 and US-24 and is minutes from strong employment drivers like Ford’s Woodhaven Stamping Plant, Detroit Receiving Hospital, General Motors, and Henry Ford Health System. Woodhaven also provides ease of access to the Detroit and Toledo MSAs. All Private Entrances Outstanding Market Metrics: Market Occupancy of 95% with 5.4% Merket Effective Rent Growth New Financing Opportunity: The property is being offered free and clear of existing debt providing the opportunity for a new investor to take advantage of the improving financing markets, long term debt with interest only options and maximum leverage. Recent Capital Improvements: Over $350k in CAPEX since 2019. Includes: Flooring, Appliances, HVAC, Roofs, Hot Water Tanks, Water Softener, Various Electrical, and Concrete/Asphalt Work.

QUICK STATS

143,400 SF

12.97 Units / Acre

Density

632 SF

Average SF

250 spaces

Total Parking

Stories

Buildings

1986

Built

227

UNITS

17.73 Acres

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Property Description 

Brunswick Apartments offers a prime investment opportunity in the desirable community of Woodhaven, MI. Built in 1986, this expansive property spans 17.73 acres and consists of 37 one-story buildings, housing a total of 227 units. Ideally located just minutes away from I-75 and Telegraph Road, residents have easy access to nearby shopping, entertainments, parks, and major colleges. The property’s layout and design provide a comfortable and appealing living environment, with private entrances and a single-story design ensuring no one lives above or below tenants. One- and two-bedroom floor plans are available, ranging from 600 – 900 square feet with a unit mix comprised of 203 one-bedroom and 24 two-bedroom units. Each unit at Brunswick Apartments is equipped with kitchens featuring energy-efficient GE appliances, disposals, breakfast nooks, and pantries. The interiors are enhanced with tile and vinyl flooring, built-in floor-to-ceiling bookshelves, vaulted ceilings, and crown molding. Double pane windows with coverings and private patios add to the comfort and appeal of each unit.

BRUNSWICK

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