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990 Cedargate Ct | Waterford, MI 48328
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990 Cedargate Ct | Waterford, MI 48328
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 Banking
Alex Bonda
Associate Director 248.208.0533 alex.bonda@berkadia.com
Trevor Friday
Associate Director 248.224.4660 trevor.friday@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
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[CEROS OBJECT]
AMENITIES
Central Air Conditioning Fully Equipped Kitchen Vinyl Flooring Linen Closet Built-In Bookcase Washer / Dryer Connections Private Patio Private Entrance Laundry Facilities Grilling Area
QUICK STATS
58,800 SF
SF
13.46 Units / Acre
Density
632 SF
Average SF
154 Spaces
Total Parking
1
Stories
13
Buildings
1984
Built
93
UNITS
6.91 Acres
Site Size / Acreage
Location
The Asset
Amenities
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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.
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Deal Highlights
Insulated from significant new supply: Waterford is an established market with very limited new multifamily units planned or under construction. Record high cost of construction will oppress any new developments.
All Private Entrances
Significant Upside Opportunity: Available through alternative management opportunities and rent growth through strategic capital improvements.
Outstanding Market Metrics: Market Occupancy of 95.6% with 3.6% Merket Effective Rent Growth
Dynamic Employment and Demographics: Waterford boasts strong employment and demographic metrics including attractive median HH income ($90,183), high white-collar job percentages (65.2%), and several substantial employers within the automotive/manufacturing, medical, and educational sectors.
Prime Oakland County Location: A premier location in the active outdoor community of Waterford in Oakland County. There are several lakes with public access to several employment and shopping opportunities. The property is just minutes to the Oakland County Government Campus, as well as Telegraph Rd, M24, and Highland Rd, M59 connecting Waterford to many other communities.
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 $100k in CAPEX since 2019.
• Includes: Flooring, Appliances, HVAC, Hot Water Tanks, Water Softener, Various Electrical, and Concrete/Asphalt Work.
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 nine studio, 65 one-bedroom, and 19 two-bedroom units.
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.
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