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180 UNITS | BUILT 1964
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3306 W Main Street | Kalamazoo, MI 49006
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 Info
Mortgage Bankers
Jillian Maki
Director
248.208.3465
jillian.maki@berkadia.com
Peter Benedetto
Senior Managing Director
248.208.3462
peter.benedetto@berkadia.com
Rick Brace
Senior Director
248.341.3319
rick.brace@berkadia.com
Conor David
Director
425.213.5103
conor.david@berkadia.com
Conor David
Director 614.796.0222 conor.david@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
LOCATION
Property Description
Opportunity Highlights
[CEROS OBJECT]
AMENITIES
Stainless Steel Appliances
Fully Equipped Kitchen
Shaker-Style Cabinets
Wood-Look Laminate Flooring
Open-Concept Kitchen
New Windows
Swimming Pool
Fitness Center
Dog Park
BBQ / Picnic Area
Laundry Facilities
Volleyball Court
QUICK STATS
142,480
SF
32.20 Units / Acre
Density
1,108 SF
Average SF
792
Rent / SF
2.5
Stories
15
Buildings
1964
Built
180
UNITS
5.59 Acres
Site Size / Acreage
Location
The Asset
Amenities
Document Center
Contact
Privacy
Terms of Use
Gallery
286
Total Parking
*In Select Units
The Landing Apartments is a highly desirable rental community known for its convenience, comfort, and peaceful setting in the prime location of Kalamazoo, MI. The 180-unit, two and one-half story apartment community is located between West Main Street and US-131, a prime rental neighborhood for students enrolled in Western Michigan University’s main campus located less than five miles away.
Built in 1964, 15 buildings are situated on 5.59 acres surrounded by lush greenery and well-manicured lawns with a swimming pool, BBQ / picnic area, dog park, fitness center, and laundry facilities. The Landing offers one- and two-bedroom floor plans ranging from 675 – 830 square feet with a unit mix consisting of 28 one-bedroom and 152 two-bedroom units. Unit amenities include a fully equipped kitchen with stainless steel appliances, kitchen island, shaker style cabinets, new windows, wood-look laminate flooring, and large double pane windows.
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 and downtown Kalamzoo, entertainment options are plentiful in one of the nation’s top college towns with unique shopping, eclectic eateries and world-class brewing. The Kalamazoo Farmer’s Market features over 100 local farmers, food businesses, and artisans to enjoy every week. The outdoor downtown Kalamazoo Mall is a famous landmark for becoming the first outdoor pedestrian mall in the United States featuring Art Deco buildings, specialty shops, and unique local coffee shops. Additionally, outdoor activities are widely available with several parks and biking trails surrounding the city, with a 275-mile Lake-to-Lake trail that runs through 75 towns.
Fannie Mae loan with an interest rate of 3.43% maturing July 2031
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LOCATION
The Asset
AMENITIES
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3306 W Main Street | Kalamazoo, MI 49006
3306 W Main Street | Kalamazoo, MI 49006
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Attractive Loan Assumption
Very well maintained with all new windows, new clubhouse, new doors, and upgraded unit interiors. Just under $3M invested over the last five years.
Recent CAPEX
Possible addition of washer / dryer connections in each unit, extension of luxury vinyl plank flooring throughout, and implementation of standard rental market fees (e.g. pest fees)
Opportunity for Additional Value-Add
Pfizer, Stryker, and Denso
Fortune 500 Employment Base
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Mike McClafferty
Associate Director 215.328.1298 mike.mcclafferty@berkadia.com
Kalamazoo Promise Eligible
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Diverse Unit Mix: One- and Two- Bedroom Units (Average 792 SF)
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Proximity to Major Thoroughfares: US-131 and I-94
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Western Michigan (Public Division 1 - 14,000+ Undergraduates)
Kalamazoo College (Private – 1,200 Undergraduates)
Kalamazoo Valley Community College (5,500 Undergraduates)
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Home to Three Colleges and Universities
95% Market Occupancy Rate with stable rent growth
Strong Market Metrics
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