the-haven-at-grosse-pointe

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20600 Balfour St | Harper Woods, MI 48225

The Haven at Grosse Pointe

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20600 Balfour St | Harper Woods, MI 48225

The Haven at Grosse Pointe

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

Mortgage Banking

Detroit Office

CONTACT

Rick Brace

Senior Director 248.341.3319 rick.brace@berkadia.com

Conor David

Director 614.796.0222 conor.david@berkadia.com

Peter Benedetto

Senior Managing Director 248.208.3462 peter.benedetto@berkadia.com

Michael Slovitt

Managing Director312.636.5322michael.slovitt@berkadia.com

Mortgage Banking

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

TOP EMPLOYMENT DRIVERS: 

General Motors – 17,096 local employees – 11.9 miles William Beamont Hospital – Royal Oak – 17,000 local employees – 20.6 miles Detroit Receiving Hospital – 16,400 local employees – 12.2 miles Henry Ford Hospital and Health – 15,000 local employees – 12.1 miles Chrysler Corp (Manufacturing) – 3,850 local employees – 13.6 miles

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QUICK STATS

371,364 SF

24.16 Units / Acre

Density

910 SF

Average SF

511 Total Spaces31 Handicap Spaces138 Carport Spaces

Total Parking

Stories

Buildings

1961 - 1969

Built

408

UNITS

16.89 Acres

Site Size / Acreage

• Air Conditioning • Fully Equipped Kitchen • Black Appliances* • Large Double Sided Kitchen Pantry* • Hardwood Flooring* • Built-In Shelving* • Private Balcony* • In-Unit Washer / Dryer in Basement* • Swimming Pool with Sundeck • Fitness Center • Dog Park • Resident Clubhouse • Outdoor Living Space with Grilling Area (Coming Soon) • Bags / Corn Hole Court (Coming Soon) *In Select Units

AMENITIES

INVESTMENT Highlights

Property

Amenities

Opportunity

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Contact

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EJ Wujek

Associate Director248.341.3316ej.wujek@berkadia.com

PROPERTY HIGHLIGHTS 

The Haven at Grosse Pointe features 408 apartment homes of traditional and timeless architecture with competitive amenities such as Grosse Pointe Schools. Constructed between 1961-1969, The Haven at Grosse Pointe has been professionally managed and maintained, supporting its excellent reputation in the market. Residents have several leasing options through a balanced unit mix from the 168 one-bedroom, one-bathroom units of 768 square feet; 88 two-bedroom, one-bathroom units of 906 square feet; 60 two-bedroom, one-and-a-half bathroom units of 993 square feet; and 92 two-bedroom, two-bathroom units of 1,175 square feet. The location provides significant benefits to the property and residents including its easy access to employment and entertainment centers, outstanding school systems, Grosse Pointe and Harper Woods (recently renovated High School), and a very strong rental market with little new supply in the near future. Essentially, The Haven at Grosse Pointe is an incredibly successful investment property due to the professional management, strong reputation in the market, excellent physical condition, and premier location ensuring its long-term viability as a premier investment asset. 

Proven Value-Add Opportunity – 127 Classic, 138 Partial, and 143 Fully Renovated Units Institutionally Managed and Maintained Strong Market Metrics: $136k+ Median HHI for Grosse Pointe – Rent Multiplier Above 4x A+ Rated Niche Schools (Grosse Pointe & Harper) Valued Well Below Replacement Costs Excellent Unit Mix Historical Capital Invested $8MM+

HIGHLIGHTS

The Haven at Grosse Pointe is poised for the continuation and expansion of the unit interior renovations and community upgrades. The current owner has completed 143 full renovations with an average cost of $19,400 and premiums over $400. This includes black appliances, laminate countertops, new cabinets and hardware, plank wood flooring (wet areas and living room), plumbing fixtures (kitchen and bath), lighting fixtures, paint scheme upgrade, and a kitchen reconfiguration with the addition of an island. 127 classic units as well as 138 partially renovated units remain for significant upside for a new owner. Flexible Financing Options: The property is being offered with the option to assume the existing financing or free and clear with the option of new financing at closing. There is potential for a supplemental loan to maximize leverage if pursuing a loan assumption. Premier Location: The Haven at Grosse Pointe offers an excellent location uniquely positioned only minutes to downtown Detroit, Royal Oak, Southfield, Troy and 35 minutes to Detroit Metro Airport. Residents have the option to take advantage of the award-winning Grosse Pointe Schools and community with the beautiful parks on Lake St. Clair. Exceptional Property Amenities: Unit interiors include unique features such as through air units with windows on each side of the apartment, only four units per common hall, and excellent storage and laundry facilities in all buildings. The community features an outdoor pool, locker rooms, fitness center, volleyball court, etc. Excellent location: The property has extensive frontage on both the east and west bound direction to the eight lanes on Vernier Road. Situated adjacent to the Eastland Mall and just west of the I-94 interchange, residents have the best of all worlds with employment, shopping and entertainment just outside their door or only a short drive away.

Property

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CONTACT

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Paul Matusiak

Senior Managing Director312.845.1888paul.matusiak@berkadia.com