5001 Byron Center Ave SW | Wyoming, MI 49519
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5001 Byron Center Ave SW

Wyoming, MI 49519

522

Units

1977

Year Built

EXECUTIVE SUMMARY

A small-town feel near downtown Grand Rapids, ReNew Woodlake is located in the largest suburb of Grand Rapids, offering luxury amenities and a charming city lifestyle. This 522-unit, three-story apartment community offers studio, one-, two-, and three-bedroom floor plans ranging from 532 to 1,980+ square feet, with relaxing lake and wooded views just five miles south of downtown Grand Rapids. The community is near dining, shopping, colleges, universities, and hospitals.

Built in 1977 and renovated in 2019, the property is professionally maintained. Community amenities include a saltwater pool, 24-hour fitness center, laundry facility, clubhouse, covered parking, onsite maintenance, and more. Units feature private patios or balconies, washer/dryer in select units, large closets, fireplaces, dishwashers, and ceiling fans. The pet-friendly community also features a dog park and convenient access to walking trails and The Pines Golf Course.

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Investment Highlights

ReNew Woodlake is an exceptional opportunity to acquire 522 units in the thriving Grand Rapids market, the second largest and fastest-growing metro area in Michigan. Current ownership has invested just under $8 million in CAPEX in recent years, ensuring long-term success for the asset. ReNew Woodlake sits on a serene site with mature trees and water views unlike any other community in greater Grand Rapids.

Grand Rapids – Outpacing National Population Growth and Renter Demand

Metro population is expected to grow 4.6% by 2030 (vs. 3.1% nationally), with 24% in the prime renter age group (18–35), supporting future apartment demand.

Exceptional Rent Growth & Occupancy

Average effective rent is up 4.7% year-over-year to $1,436 (Q2 2025), while occupancy surged to 97%, indicating sustained renter demand and healthy market fundamentals.

Strong Value Proposition for Investors

Rent-to-income ratio is affordable (21.1% share of wallet vs. 28.5% national), and average mortgage payments outpace rents by $1,087, highlighting ongoing rental preference and above-average cash flow potential.

Unmatched Economic Diversity & Investments

Residents benefit from walkable access to The Shops at Rigden Farm and are just a 10-minute drive from both national retailers such as Whole Foods, Target, and Lowe’s, as well as local favorites like Jessup Farm, Walrus Ice Cream, and Old Town Fort Collins. In addition, the property is adjacent to the Rendezvous Trail that connects to more than 285 miles of walking and biking trails throughout Fort Collins. 

Property Overview

  • Address:5001 Byron Center Ave SW | Wyoming, MI 49519
  • Units522
  • Built: 1977
  • Buildings: 33
  • Stories: 3
  • Site Size / Acreage:55.40 Acres
  • Density:6.42 Units / Acre
  • SF:525,558 SF
  • Average SF: 1,012 SF
  • Total Parking783 spaces

Amenities

Unit Amenities 

  • Fully Equipped Kitchen with Disposal and Dishwasher
  • Ceiling Fan
  • Fireplace
  • Individual Climate Control
  • Large Closets
  • Cable / Satellite Available
  • Private Patio / Balcony

Community Amenities

  • Saltwater Swimming Pool
  • Fitness Center
  • Laundry Facility
  • Clubhouse
  • Spa
  • Covered Parking
  • Controlled Access

The Location

ReNew Woodlake – Locale

ReNew Woodlake is located about 8.3 miles southwest of downtown Grand Rapids, MI. Grand Rapids continues to see steady growth and is celebrated for its cultural diversity and midwestern character.

MILES
Destination
1.7
Rivertown/Bucktown Crossing Shopping Area
7.2
Tanger Outlets – Grand Rapids
9.3
Furniture manufacturer Steelcase
10.1
The ‘Medical Mile’
10.5
Gerald R. International Airport
10.6
Spectrum Health Blodgett Hospital
11.8
Calvin University
12.2
Grand Valley State University
13.7
Meijer’s World Headquarters
19.2
Amway Global Headquarters

Grand Rapids is one of Michigan’s fastest-growing metro areas, powered by robust economic expansion, a growing and educated population, strong demand for multifamily housing, and strategic investments in healthcare, manufacturing, technology, and infrastructure. The market is outperforming national trends in both population and job growth, making it an appealing destination for multifamily investors seeking stable returns and upside potential.

Office & Contact Info 

Detroit Office
260 East Brown Street, STE 150
Birmingham, MI 48009
Phone: 248.646.7701
Berkadia.com

Investment Sales

Jason Krug
Senior Managing Director
248.341.3344
[email protected]

Kevin P. Dillon
Senior Managing Director
248.341.3309
[email protected]

Corey Krug
Senior Director
248.341.3338
[email protected]

Rick Brace
Senior Director
248.341.3319
[email protected]

Conor David
Director
614.796.0222
[email protected]

EJ Wujek
Associate Director
248.341.3316
[email protected]

Mortgage Banking

Peter Benedetto
Senior Managing Director
248.208.3462
[email protected]

Colin Callaghan
Senior Managing Director
248.208.3470
[email protected]

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