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1055 Cedar Creek Dr. Monroe, MI 48162
QUICK STATS
181,707 SF
SF:
2.03 units per acre
Density:
1,211
Average SF:
$0.75
Rent / SF:
320 Grade Level Spaces
Total Parking
2
Stories
25
Buildings
2000
Built
150
UNITS
73.81 acres
Site Size / Acreage:
[CEROS OBJECT]
Eat-In Kitchen
Dishwasher
Disposal
Dining Room
Washer/Dryer Connections
Hardwood Floors
Carpet
Window Coverings
Walk-in Closets
Patio
Swimming Pool
Fitness Center
Basketball Court
Sundeck
Playground
Clubhouse
High Speed Internet Access
Community Amenities
Unit Amenities
AMENITIES
Property Description
Located on Lake Erie’s western shore, The Landings at Cedar Creek is situated in Monroe, MI, the largest city and county seat of Monroe County, just 17 miles north of Toledo and 35 miles south of Detroit. Built in 2000, the 150-unit, two story community offers two- and three-bedroom floor plans ranging from 879 – 1,322 square feet with a unit mix consisting of 50% two-bedroom units and 50% three-bedroom units. The paved walking paths on the property’s 73 acres are spread across 25 buildings, offering comfort and convenience with a swimming pool, fitness center, playground, basketball court, and a clubhouse. The spacious floor plans feature an eat-in kitchen, dishwasher, disposal, dining room, washer / dryer connections, hardwood floors, walk-in closets, window coverings, and an outdoor patio.
OFFERED BELOW REPLACEMENT COST: Construction, land value, and ancillary costs greatly exceed the current estimated value of The Landings at Cedar Creek. This is an important metric in today’s multifamily environment.
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.
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.
EXCEPTIONAL METRICS AND ECONOMIC DRIVERS: 75.5% of workers are in low or medium risk industries with 51% of workers in the white collar sector. Additionally, its unique location, virtually equidistant from both Detroit and Toledo, provides long term stability and growth for the region.
The OfferinG
The Landings at Cedar Creek, built in 2000, is a 150-unit garden style multifamily property located in Monroe, MI. Monroe is strategically located with great access to the southwestern suburbs of Detroit and short distance to the Toledo MSA.
The Landings at Cedar Creek is comprised of spacious 2- and 3-bedroom units averaging just over 1,200 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 Asset
[CEROS OBJECT]
Attractive Unit Mix: 100% Two- and Three-Bedroom Units
Unexplored Value-Add Opportunity: 100% Classic Units
Offered Well Below Replacement Cost
Strategically Located: Proximity to Detroit and Toledo MSAs via I-75
Rent vs. Own Wallet Share: 30.2% Rent vs. 46.7% Own – Monroe, MI
All Private Entrances
Quality Submarket Metrics: 95.6% Market Occupancy Rate
Limited to No New Supply Submarket
Opportunity Highlights
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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
Charley Henneghan
Director
248.341.3303
charley.henneghan@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
Peter Benedetto
Senior Managing Director
248.208.3462
peter.benedetto@berkadia.com
PHOTO GALLERY
La-Z Boy Inc. Corporate Headquarters
1.8 MILES
Toledo, OH
25 MILES
Ann Arbor, MI
35.6 MILES
Detroit, MI
38.1 MILES
ProMedica Monroe Regional Hospital
2.2 MILES
National Galvanizing
4.3 Miles
Flat Rock Ford Assembly Plant
18.2 MILES
Distance to Notable Attractions
Mike MCclafferty
Associate Director
215.328.1298
mike.mcclafferty@berkadia.com
1055 Cedar Creek Dr. Monroe, MI 48162
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