the-walden

Planned 121 Multifamily Units | Southeast Corner of Carpenter Road and I-94

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 Berkadia.com

Investment Sales

Detroit Office

CONTACT Info

Mortgage Bankers

Colin Callaghan

Senior Managing Director 248.208.3470 colin.callaghan@berkadia.com

Rick Brace

Senior Director 248.341.3319 rick.brace@berkadia.com

Conor David

Director 614.796.0222 conor.david@berkadia.com

Mike MCclafferty

Associate Director 215.328.1298 mike.mcclafferty@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

GALLERY

LOCATION

Individual Condenser Units

Gas Boiler

Forced Air

Individually Metered

RUBS

Mechanical Systems

HVAC

Hot Water

Heat

Utility Billing Structure

Gas

Electric

Water/Sewer

Third-Party

Parking

450

Open Surface Parking

1.63

Parking Ratio

Covered Carports

$45

Covered Carport Fee

Cable & Internet

Fees

Parking

$200

Admin Fee

$40

Application Fee

$250

Pet Deposit

$30

Pet Rent

$50

Storage

48 Garage Spaces ($150/mo), 20 Open Spaces

Covered Parking

1.03

Parking Ratio

20.40 Acres (Gross)

Southeast Corner of Carpenter Road and I-94Pittsfield Township, MI

Land Site

Site Area:

Address:

Zoning

Current:

PROPOSED DEVELOPMENT

17.72 Acres

Proposed Open Space:

DEVELOPMENT OPPORTUNITY

20.40 ACRE PARCEL WITH PRELIMINARY SITE PLAN APPROVAL FOR 121 APARTMENTS

PUBLIC UTILITY CONNECTIONS AVAILABLE

LOCATED NEAR THE INTERSECTION OF US 23 AND I-94

DELIVERED FREE AND CLEAR OF EXISTING DEBT

ANN ARBOR PUBLIC SCHOOLS WITH PITTSFIELD TOWNSHIP TAX JURISDICTION

OPPORTUNITY HIGHLIGHTS

DEVELOPMENT OPPORTUNITY The Walden Development Opportunity is a 20.40-acre site with a PUD (Planned Unit Development) zoning designation. It has already obtained preliminary site plan approval for the construction of 121 luxury apartment units. This presents a promising opportunity for developers interested in creating a high-end residential community in the area. CORPORATE INVESTMENT Wacker Chemical Corp. has opened its new innovation center and regional headquarters just outside Ann Arbor in Pittsfield Township, Michigan. The $50 million facility, located on 18 acres on South State Road, employs around 240 people. Wacker Chemical Corp. had previously moved its research and development work to Ann Arbor in 2017 and announced in 2018 that it would be relocating its headquarters to the area. SUBMARKET PERFORMANCE Pittsfield Township and the surrounding area has experienced steady job growth in recent years. The presence of the University of Michigan and various technology companies in the area has contributed to job growth. FINANCING Investors will have the flexibility to fully leverage new debt options as the property will be delivered free and clear, providing an opportunity to maximize their investment potential. PROXIMITY TO TRANSPORTATION NETWORKS The site is situated near the intersection of US 23 and I-94, providing easy access to major highways in all directions. Additionally, public transportation is available within a short distance of approximately 1/2 mile from the site. With Detroit Metropolitan Airport (DTW) less than 20 miles away, the location is well-connected to widely used transportation networks, making it an ideal choice for a multifamily development. KEY EMPLOYMENT DRIVERS The multifamily space in the Ann Arbor MSA is primarily driven by the ‘Eds and Meds’ sectors, which refers to the dominant employment drivers of education and healthcare. The local economy is anchored by The University of Michigan, which employs over 35,000 people, and Michigan Medicine, with 30,000 employees. Additionally, Ann Arbor has emerged as a hub for various company headquarters, startups, and technology-focused employers, creating a diverse and robust employment base.

The Offering

Location

Offering

Highlights

Document Center

Contact

Privacy

Gallery

R1-B Single Family Suburban Residential

PUD Planned Unit Development

Proposed:

121 units

Proposed # of Units:

5.93 units / acre

Density:

235 Spaces 6 Bicycle Parking Spaces

Parking:

The Walden

Planned 121 Multifamily Units | Southeast Corner of Carpenter Road and I-94

The Walden

Visit Doc Center

OFFERING

LOCATION

contact

document center

privacy

HIGHLIGHTS

photo gallery

Peter Benedetto

Senior Managing Director 248.208.3462peter.benedetto@berkadia.com

Luke Safranek

Director248.208.3466luke.safranek@berkadia.com