700 Howard St, Kalamazoo, MI 49006
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Community Amenities
State-of-the-art fitness center with strength equipment, cardio machines and free weights
Professional BBQ grills & grassy interior courtyard
Sand volleyball court
Theater Room
Coffee bar
Academic Success Center with iMacs, PCs and free printing
Enhanced-privacy floor plans
Group study lounge
Wi-Fi hotspots throughout the community
Professional, on-site management and maintenance
Walk or bike to the Eastern Michigan University campus
Walk to Rynearson Stadium and Depot Town
On the Ann Arbor bus route
Close to all your favorite Ypsilanti hot spots: Sweetwater's Cafe, The Wurst Bar, Benito's Pizza, Lucky Garden, STUFD, Insomnia Cookies, Starbucks, Chick-fil-A
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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 company business in Nevada.
© 2025 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, Suite 150
Birmingham, MI 48009
Investment Sales – Student Housing
MORTGAGE BANKING
Detroit Office
Erin Wodehouse
Financial Analyst - Student 248.341.3333
erin.wodehouse@berkadia.com
Aaron Moll
Managing Director 248.208.0529 aaron.moll@berkadia.com
Steve Skok
Managing Director 312.845.5164 steve.skok@berkadia.com
Jennifer Ayers
Senior Transaction Manager 689.244.5554 jennifer.ayers@berkadia.com FL DRE SL3438021
Kevin Larimer
Senior Managing Director 248.341.3305 kevin.larimer@berkadia.com MI DRE 6501259415
Genna Jago
Marketing Project Manager 248.341.3336
genna.jago@berkadia.com MI DRE 6501434038
Travis Prince
Senior Managing Director 813.739.0993
travis.prince@berkadia.com FL DRE BK3113158
Peter Benedetto
Senior Managing Director 248.208.3462 peter.benedetto@berkadia.com
Trevor Friday
Director 248.341.3307 trevor.friday@berkadia.com
183
Total Units
1,053 SF
Avg. Unit SF
478
Total Beds
$1.81
Avg. Rent sF
0.05 Miles
Distance to Campus
2005
YEAR BUILT
CONTACT
4890 West Kennedy Boulevard
Suite 940
Tampa, FL 33609
Tampa Office
125 South Wacker Drive, Suite 400 Chicago, IL 60606 Phone: 312.845.8500
Chicago Office
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Apartment Features
Fully furnished apartments
Fully equipped kitchens
Hardwood-style flooring
Internet and trash included
Private bedrooms and bathrooms
Stackable washer and dryer included
Limited access community
Roommate matching powered by RoomSync
Individual liability leases
G2B® High speed internet up to 1 Gbps included per bed
READY FOR DEVELOPMENT
READY FOR REVIEW
Investment Sales – Great Lakes
Kevin Dillon
Senior Managing Director 248.341.3309 kevin.dillon@berkadia.com MI DRE 6501222578
JASON KRUG
Senior Managing Director 248.341.3344 jason.krug@berkadia.com MI DRE 6501336969
RICK BRACE
Senior Director 248.341.3319 rick.brace@berkadia.com MI DRE 6502377977
COREY KRUG
Senior Director 248.341.3338 corey.krug@berkadia.com MI DRE 6501426341
CONOR DAVID
Director 425.213.5103 conor.david@berkadia.com OH DRE SAL.2016005812
EJ WUJEK
Associate Director 215.341.3316
ej.wujek@berkadia.com MI DRE 6501433952
Dominant Location and Attractive Capture Rate: Peninsular Place is the only purpose-built student housing asset in the market, boasting a dominant location directly across the street from Eastern Michigan University. With 478 beds, no competing purpose-built assets and enrollment over 13,200 students, Peninsular place benefits from an extremely attractive capture rate.
Limited Market Competition: There is no development pipeline to compete with Peninsular Place, as current market rents do not support additional development. Offering extremely attractive rents compared to on-campus housing and enviable amenities, Peninsular Place is the primary choice for students, with an average occupancy of 98.2% over the past 5 years and 98.6% over the past 10 years.
Strategic, Attractive Location: Eastern Michigan University is strategically located just minutes from downtown Ann Arbor and the flagship University of Michigan. Students at Eastern Michigan benefit from an accessible and affordable university education and have direct access to the social and cultural benefits of the University of Michigan and the city center.
Exciting High-Yield Opportunity: Based on the calculated trade range, Peninsular Place will generate an attractive year-one cash-on-cash return that is difficult to achieve in today's market. The property has clearly defined upside through expense cost control, as the current expense-to-income ratio is above 59%.
Significant Rent Growth Potential: With current rents at Peninsular Place averaging only $730 per bed and $1.81 per square foot, a hands-on operator should be able to realize significant rent growth and capitalize on the property’s scenic, well-connected location and premium amenities.
Peninsular Place Opportunity
Eastern Michigan University
Founded in 1849, Eastern Michigan University (EMU) holds the distinction of being the second oldest public university in Michigan. With a rich history and a commitment to academic excellence, EMU currently serves over 13,200 students who are pursuing a wide array of undergraduate, graduate, specialist, doctoral, and certificate degrees.
Eastern Michigan University (EMU) maintains a solid admission rate of 71.7%, attracting
a significant number of prospective students. In fall 2024, EMU received 28,303
applications, marking a 1.3% increase from fall 2023. The university enrolled 13,217
students for the fall 2024 semester, with approximately 83% at the undergraduate
level, including 1,604 first-time, first-year students.
122
Total Units
1,501
Avg. Unit SF
484
Total Beds
$1.31
Avg. Rent PSF
0.02 MI
Distance to Campus
2001
YEAR BUILT
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