nottingham-place

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704 S Drake Road | Kalamazoo, MI 49009

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704 S Drake Road | Kalamazoo, MI 49009

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

Rick Brace

Senior Director 248.341.3319 rick.brace@berkadia.com

Conor David

Director 614.796.0222 conor.david@berkadia.com

luke safranek

Senior Director 248.208.3466 luke.safranek@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

PHOTO GALLERY

Distance to Notable Attractions

2.2 miles to Western Michigan University 3.9 miles to Kalamazoo College (Private – 1,200 Undergraduates) 4.9 miles to Downtown Kalamazoo, MI 5.0 miles to Bronson Methodist Hospital 6.5 miles to Borgess Medical Center - Heliport 8.1 miles to Kalamazoo/Battle Creek International Airport 8.3 miles to the Stryker World Headquarters (Fortune 500) 10.4 miles to Pfizer – Kalamazoo (Fortune 500) 21.7 miles to DENSO Manufacturing (DMMI) (Fortune 500) 30.5 miles to Kellogg’s World Headquarters 33.2 miles to Firekeepers Casino and Hotel 

The ASSET 

Nottingham Place Apartments represents an exceptional investment opportunity in the desirable city of Kalamazoo, MI. This 283-unit community is located just off Drake Road, south of Highway 43 which is approximately five miles from Downtown Kalamazoo. Nottingham Place is very well located on Drake Road a mere 0.8 miles from the Corner @ Drake shopping center anchored by Costco. The garden-style apartment community features spacious floor plans averaging 934 square feet. A diverse unit mix of one-, two-, and three-bedroom units are appealing to young professionals and families alike. Residents enjoy a comfortable lifestyle surrounded by upscale amenities and professional management. These exceptional qualities coupled with an outstanding location ensure the long-term viability and success of this premier asset.

Property Description 

Nottingham Place Apartments is a highly desirable rental community known for its comfort, convenience, and open spacious floor plans in the prime location of Kalamazoo, MI. The 283-unit, two-story apartment community is located along South Drake Road, a prime rental neighborhood for students enrolled in Western Michigan University’s main campus located less than two miles away. 24 buildings are situated on 19.62 acres surrounded in a well-maintained, park-like community setting with abundant parking, lush trees, an outdoor swimming pool, and a playground. During the cooler months, residents can enjoy the comfort of an indoor swimming pool, a fitness center with a sauna, and a 10,000 square-foot clubhouse and leasing center. Nottingham Place offers five floor plans featuring one-, two- and three-bedroom apartments ranging from 625 – 1,150 square feet. The apartments feature fully equipped kitchens, large balconies, courtyard views, wood style flooring, central air conditioning, high-speed internet access, and extra storage space. Kalamazoo is home to two nationally recognized healthcare systems, and a variety of music, art, theatre, and cultural attractions. Located in close proximity to WMU, entertainment options are plentiful in one of the nation’s top college towns with unique shopping, eclectic eateries and world-class brewing. Plenty of parks and biking trails surround the city, with a 275-mile Lake-to-Lake trail that runs through 75 towns.

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QUICK STATS

264,300 SF

14.36 units / acre

Density

934 SF

Average SF

Stories

Buildings

1978

Built

283

UNITS

Property

Amenities

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18.89 Acres

Site Size / Acreage

$1.01

Average Rent / SF

445 Spaces

Total Parking

Air Conditioning Heating Balcony Kitchen Dishwasher Oven Disposal Range Eat-in Kitchen Refrigerator

Unit Amenities

24-Hour Access Laundry Facilities Business Center Maintenance on site Clubhouse Indoor/Outdoor Swimming Pool Fitness Center Property Manager on Site Sauna Playground

Community Amenities

AMENITIES

Significant Value-Add Opportunity: Ideal opportunity to implement a programmatic value-add strategy New Financing Opportunity Kalamazoo Promise Eligible: “The Kalamazoo Promise was announced by Dr. Janice Brown in 2005 with the declaration that students who graduate from the Kalamazoo Public Schools and meet the basic requirements will receive up to 100% of tuition and mandatory fees paid for at any in-state public community college or university.” (www.kalamazoopromise.com) Easy Access to Major Thoroughfares: I-94 and US – 131 “Kalamazoo Needs 8,000 More Housing Units by 2030 to Meet Demand”: W.E. Upjohn Institute for Employment Research No New Supply Planned Within Two Miles of Nottingham Place Exceptional Amenity Package: Indoor/outdoor pool, fitness center, business center Strong Market Metrics: Median housing value of $258,000+ within one-mile of property Fortune 500 Employment Base: Pfizer, Stryker, and Denso Phenomenal Market Occupancy: 95% market occupancy rate 283 Units with Exceptional Size and Optionality: One-, two-, and three-bedroom units (934 average square feet) Proximity to Colleges and Universities: Western Michigan (public Division 1 - $14,000+ undergraduates); Kalamazoo College (private – 1,200 undergraduates); Kellog Community College (8,400 undergraduates); Kalamazoo Valley Community College (5,500 undergraduates)

Opportunity Highlights

Mortgage Banking

ALEX BONDA

Associate Director248.208.0533alex.bonda@berkadia.com

NOTTINGHAM PLACE

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