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1268 West Clark Rd. DeWitt, MI
QUICK STATS
143,400 SF
SF:
10.95 units per acre
Density:
996
Average SF:
$1.02
Rent / SF:
107 Grade Level Spaces
Total Parking
2
Stories
15
Buildings
2000
Built
144
UNITS
13.15 acres
Site Size / Acreage:
[CEROS OBJECT]
Fully Equipped Kitchens with Dishwashers
Energy Efficient Heating & Central
Air Conditioning
Extra Storage
High Ceilings
Lighted Walk-In Closets
Plush Carpeting
Washer / Dryer Hookup
Window Coverings
Swimming Pool
Fitness Center
24 Hr. Emergency Maintenance
Bike Racks
Children’s Play Park
Exclusive Clubhouse w/ Fireplace
Individual Private Entrances
Package Receiving
Community Amenities
Four Seasons Apartments in DeWitt provides residents with a comfortable and affordable place to call home. The 144-unit, two-story apartment community is located in a scenic environment with 18 buildings situated on 13 acres of beautifully landscaped grounds. Heavily surrounded by nature, residents have nearby access to the Looking Glass River, Lake Geneva, and an abundance of parks and outdoor recreation. DeWitt’s main street features a variety of eateries, cafes, and small businesses along charming tree-lined streets. Located about eight miles north of Lansing, direct access to I-69 and U.S. 127 allows for easy commutes and travel to Downtown Lansing and the largest university in the state, Michigan State University.
Along with a variety of relaxing escapes, entertainment, and local restaurants and shopping nearby, residents can find comfort in coming home to convenience with individual private entrances in one-, two-, and three-bedroom apartment homes. The spacious floor plans range from 800 – 1,100 square feet with a unit mix consisting of 16 one-bedroom units, 68 two-bedroom units, and 60 three-bedroom units. Essential amenities include fully equipped kitchens with dishwashers, high ceilings, lighted walk-in closets, washer and dryer hook-ups, plush carpeting, window coverings, extra storage space, and energy efficient heating and central air conditioning. The well-maintained, park-like setting features a children’s play park, an outdoor swimming pool with sundeck, fitness center, an exclusive clubhouse with a fireplace, and bike racks for exploring the city.
Property Description
[CEROS OBJECT]
Strategically Located: Proximity to Michigan State University
Offered Well Below Replacement Cost
Burgeoning Economy: 15 Miles from GM’s New 2.6B Battery Plant
Unexplored Value-Add Opportunity: 100% Classic Units
Attractive Unit Mix: 90% Two- and Three-Bedroom Units
All Private Entrances
Proximity to Major Thoroughfares: I-69, Highway 127, I-96
Limited to No New Supply Submarket
Opportunity Highlights
1
LOCATION
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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 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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NEW FINANCING: The property is being offered free and clear of existing debt providing the opportunity for a new investor to take advantage of the competitive financing markets, long term debt with interest only options and maximum leverage, supporting exceptional returns on investment.
OFFERED WELL BELOW REPLACEMENT COST: Construction, land value, and ancillary costs greatly exceed the current estimated value of Four Seasons. This is an important metric in today’s multifamily environment.
PROSPECTIVE VALUE-ADD OPPORTUNITY: The site sits close to a submarket with competing properties who have successfully completed unit renovations and earned rental premiums. Four Seasons is primed for a new owner to begin unit interior renovations and maximize returns. The Berkdia Pro Forma includes all 144 units being renovated with prospective premiums averaging $240/unit.
EXCEPTIONAL METRICS AND ECONOMIC DRIVERS: 58% of housing units are renter occupied and 72% of workers in East Lansing are in white-collar positions. Major employers within the market include advanced manufacturing corporations and prestigious health care institutions, such as General Motors and Sparrow Health System. The strength and stability of the MSA provides a fabulous living environment. Additionally, its unique location, virtually equidistant from both Detroit and Grand Rapids and just a four-hour drive from Chicago, provides long term stability and growth for the region.
EMPLOYMENT AND DEVELOPMENT: The Lansing MSA boasts the second strongest economy in the State with an unemployment rate of only 3.1%. GM announced the development of a $2.6-billion battery plant with over 2.8 million square feet of new development.
The OfferinG
Four Seasons, built in 2000, is a 144-unit garden-style multifamily property located in Lansing, MI. Lansing is Michigan’s State Capital with a population of approximately 464,036 people and home to Michigan State University - one of the top two colleges in the state.
Four Seasons is comprised of spacious one-, two-, and three-bedroom units averaging just over 995 square feet with private entrances. Well landscaped in a serene setting, residents enjoy the ease of access to community conveniences and a peaceful, home-like feeling. The attractive location, large floorplans, and well-appointed apartments, attract young professionals and families alike. These exceptional qualities coupled with an outstanding location ensure the long-term viability and success of this asset.
The Asset
PHOTO GALLERY
Unit Amenities
AMENITIES
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Distance to Notable Attractions
Lansing Community College
5.8 MILES
Capital Region International Airport
6.1 MILES
Michigan State Capital
(13,000+ Employees)
6.3 MILES
GM Lansing -
Grand River Assembly
7.2 MILES
E.W. Sparrow Hospital
7.9 Miles
Michigan State University (50,344 Student Enrollment for 2022/2023)
8.8 MILES
GM Lansing -
Delta Assembly
14.7 MILES
1268 West Clark Rd. DeWitt, MI
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