Luxury - LoopNet · 2019-09-13 · 3 2 Bed / 1 Bath / Office 778 2,334 $1,850 $5,550 $66,600 $2.38 8 3 Bed / 1 Bath 760 6,080 $1,975 $15,800 $189,600 $2.60 1 3 Bed / 1 Bath (Basement)

a Berkshire Hathaway and Jefferies Financial Group company O F F E R I N G M E M O R A N D U M

M3M i d t o w n Th r e e

portfolio

Surround Yourself in Luxury.Investment Advisors

Mortgage Bankers

KEVIN DILLON Senior Managing Director [email protected]

CARLY DIETZ Director [email protected]

CHARLEY HENNEGHAN Director [email protected]

RICK BRACE Senior Director [email protected]

COREY KRUG Director [email protected]

JASON KRUG Managing Director [email protected]

RICK VIDRIO Managing Director [email protected]

WILLIAM BRENNER Managing Director [email protected]

AARON MOLL Director [email protected]

table of contentsThe Opportunity 3

663 Prentis

The Property 9

665 Willis

The Property 13

675 Willis

The Property 17

Financials 29

Real Estate Tax Analysis 33

Market Positioning 37

Detroit, Michigan 59

Construction and Development 69

The Opportunity

3

The OpportunityIn the heart of Detroit’s Midtown neighborhood is an opportunity to acquire three recently renovated apartment buildings consisting of 63 units, The Midtown Three Portfolio. The Midtown Three Portfolio boasts exceptional locations, and excellent condition due to the significant recent renovations to the façade, interior units, and mechanical systems, totaling over $2.3 Million in hard costs. Exceptional rent premiums have been realized following the rehabilitation and renovation, of the portfolio, while additional upside remains through the continuation of strategic unit upgrades and organic rent growth achievable as the 97.4% occupied Midtown neighborhood continues to thrive.

Portfolio Highlights

• Exceptional Growth Market

• Detroit Demand Outpaces Supply

• Detroit Investment Market

• Fabulous Opportunity to Join the Detroit Renaissance

• New Financing

The Opportunity 4

Investment HighlightsExceptional Growth Market: Each property is situated in the heart of Midtown; Detroit’s hottest growth neighborhood. Anchored by Wayne State University, and positioned along the Cass Corridor, residents enjoy short walks to popular shopping destinations including Shinola, Filson, Hugh, City Bird, Nora, Little Ceasar’s Arena (District Detroit), and Whole Foods. Nightlife is booming with the best restaurants and bars Detroit has to offer including; Selden Standard, Shewolf, Willis Show Bar, Grey Ghost, Jolly Pumpkin, 3rd Street, Bronx Bar, Mario’s, and more.

Detroit Demand Outpaces Supply: According the to U.S. Department of Housing and Urban Development; an estimated 3,875 units represents the production necessary to achieve a balanced Wayne County Submarket by October 1st, 2021. There are currently 453 units in the Lease Up phase of development, 1,283 units under construction, and 2,172 in the planning stage of development.

Detroit Investment Market: The Detroit region has experienced significant economic growth and stability as the Global Automotive Capital of the world and as a leader in the High Technology industry. The Downtown Detroit employment market is led by Quicken Loans, Compuware, Detroit Medical Center, Henry Ford Medical Center, GM, Wayne State, Casinos (3), and the Detroit Lions, Tigers, Pistons, and Red Wings. The industry diversification and current development pipeline project a continuation of the strong employment base in the region.

Fabulous Opportunity to Join the Detroit Renaissance: The recurring adage heard during the ULI 2018 Spring Conference in Detroit was that the “Detroit resurgence is here to stay”. The Detroit multifamily and office markets exceed 95% occupancy thanks to a diversified and growing employment market, which includes jobs in technology, automotive, healthcare, education and financial services. There was a 38% increase in downtown Detroit employees aged 29 and lower from 2010 to 2015, and approximately $13 billion has been invested into the area’s businesses, real estate and infrastructure since 2006. Approximately 50% of downtown’s residential population is age 18-39. Recent companies to move regional headquarters and innovation offices to downtown Detroit include Google, Amazon, Adient, Microsoft, Ally, Lear Corporation, WeWork, Twitter, Snapchat and LinkedIn.

New Financing: The Midtown Three is being offered free and clear of existing debt providing the opportunity for a new investor to take advantage of the highly competitive financing markets, low interest rates, long term debt with interest only options with maximum leverage, supporting exceptional returns on your investment.

5

Value Add Opportunity The attractive location of the Midtown Three Portfolio, along with its strong occupancy, high quality tenant profile, and attractive floor plans, establish an opportunity to increase revenue through unit upgrades. The current ownership has upgraded 40 units among the three properties. There is tremendous upside for a new owner to enhance value through continuation and expansion of unit interior upgrades. Details follow:

Ownership property improvements have been made in several areas including:

• Front entrance, new doors, security cameras

• Lobby

• Hallways

• New windows

• Facade and structural repairs with new porches

• Roof replacement

• Unit upgrades

• Electrical upgrades including lighting

• Landscaping

• Unit Renovations

• Repaving, restriping of surface parking lots

• New Laundry Machines

• Architecture upgrades and repairs

The Opportunity 6

40Total Upgraded Units by Current Ownership

$58,265*Average Upgrade Cost

$176kTotal Improvements 663 Prentis

$2,330,584Current Ownership Total Capital Improvements

$872kTotal Improvements

665 Willis

$1.2mTotal Improvements 675 Prentis

663P r e n t i s

9

Property DescriptionVilla Lante is an historic 29-unit, mid-rise, apartment community located in the desirable MIdtown district of Detroit, Michigan. Built in 1929, the property contains one, three-story masonry constructed building with brick siding and stone exteriors and a flat roofs . Situated on .218 acres of land with a density of xxx units per acre, Villa Lante encompasses an optimal unit mix comprised of 16 studio units measuring between 350 and 375 square feet, and 13 one-bedroom units measuring 500 square feet. Situated in a park-like setting, the property is well-maintained and lushly landscaped with manicured grass areas, mature trees, trimmed shrubs, a variety of plants, and colorful flowers.

The Property 10

LOCATION

Property Name Villa Lante

Address 663 Prentis Street

City, State Detroit, MI

County Wayne

Parcel Number 04000943

BUILDING

Units 29

Built 1916

Buildings 1

Stories Three-Story Mid Rise

Site Size/Acreage .218

Total SF 13,550

Average Unit SF 467

Average Rent/SF $2.08

Roofs Flat

Exterior Masonry with Brick and Stone

UNIT MIX

Studio - #/% 16 / 55.0%

One Bedroom - #/% 13 / 45.0%

Total 100%

Property Description

SYSTEMS

Air Conditioning Individual

Heating Central-Gas

Hot Water - Central - Gas

UTILITIES METERING

Gas Central

Electricity Individual

Water Central

UTILITIES RESPONSIBILITY

Electricity Resident Pays

Gas Property Pays

Water / Sewer / Trash Property Pays

PARKING

Parking Type Surface Level

Spaces 10

Spaces per Unit 0.4

665W i l l i s

13

Property Description665 Willis is an historic 15-unit, mid-rise, apartment community located in the desirable MIdtown district of Detroit, Michigan. Built in 1952, the property contains one, three-story masonry constructed building with brick siding and stone exteriors and a flat roof. Situated on .176 acres of land, 665 Willis encompasses an optimal unit mix comprised of 4 studio units measuring between 470 and 500 square feet, and 11 one-bedroom units measuring between 486 and 532 square feet. The average unit square footage is 497sf.

The Property 14

LOCATION

Property Name 665 Willis St

Address 665 Willis Street


County Wayne


BUILDING

Units 15

Built 1910

Buildings 1


Site Size/Acreage 0.176

Total SF 7,746

Average Unit SF 516


Roofs Flat


UNIT MIX

Studio - #/% 4/ 27.0%

One Bedroom - #/% 11 / 73.0%

Total 100%


675W i l l i s

17

Property Description675 Willis Street is an historic 19-unit, mid-rise, apartment community located in the desirable MIdtown district of Detroit, Michigan. Built in 1952, the property contains one, three-story masonry constructed building with brick siding and stone exteriors and a flat roof . Situated on .176 acres of land with a density of xxx units per acre, 675 Willis encompasses an optimal unit mix comprised of seven one-bedroom units measuring between 469 and 620 square feet, three two-bedroom units measuring 778 square feet each, and nine three-bedroom units measuting between 729 and 760 square feet. The average unit square footage is 671sf.

The Property 18

LOCATION

Property Name 675 Willis

Address 675 Willis Street


County Wayne


BUILDING

Units 19

Built 1908

Buildings 1


Site Size/Acreage .176

Total SF 12,577

Average Unit SF 662


Roofs Flat


UNIT MIX

One Bedroom- #/% 7 / 38.0%

Two Bedroom - #/% 3 / 15.0%

Three Bedroom - #/% 9 / 47%

Total 100%


The Location

21

Economic & Demographic Overview

INTRODUCTION

Detroit’s revival has become an unprecedented success story, thanks to a coalition of city leaders and some of Detroit’s largest employers. The “Live Downtown” initiative has drawn thousands of new residents to seek housing in the Detroit core, sending apartment rents soaring and vacancy rates to historic lows.

Detroit’s renaissance is also heralding fresh entrepreneurial startup companies catering to Detroit’s Fortune 500 elite, as well as forging partnerships spanning the globe. Fortune 500 investment to gritty venture capital start-ups have aligned to send the city into a whirlwind of progress. According to Quicken Loans founder Dan Gilbert—whose family of companies has invested $5.6 billion, purchased nearly 100 properties, and moved 17,500 employees downtown—the sizzle is just beginning.

thriving downtownSince 2006, over $9 billion has been invested in real estate development projects in Greater Downtown Detroit

The Location 22

The largest employment center in metro Detroit,

Downtown supports over 130,000 employees with

major companies including Quicken, Ilitch Holdings,

and General Motors. The downtown area is in the

midst of a major resurgence in part to over $9 billion

in real estate investments since 2006, including $2.1

billion by Bedrock Companies. With an abundance of

employment and entertainment options, Downtown

Detroit is one of the premier locations in the country

for professionals who desire a unique live, work,

play environment.

"The Detroit region’s 25 to 34-year-old population

rose over the past five years by 9.7% to 567,489

people. This is the second highest growth among

peers and outpaced the national average by 4.2

percentage points."

PROPERTY NEIGHBORHOOD DESCRIPTION

DETROIT, MIDEMAND DRIVER

Quicken Loans Inc. - One Campus Maritus HQ

JOBS AT HQOFFICE15kSF CLASS “A”OFFICE SPACE300k

EAT, LIVE , BE DOWNTOWN

Hockeytown Cafe | Pappy’s | End Zone | Bathtub Pub

SHOPS &SERVICES150+SF OF COMMERCIAL SPACE200kBARS &RESTAURANTS100+

NEIGHBORHOOD CONVENIENCES

Located Downtown

JOBS AT HQOFFICE

VENTUREINTERESTS

7.6k

310+

DEMAND DRIVER

Companies Include: Little Caesars & Blue Line Distribution

DOWNTOWN DEVELOPMENT

Creation of 3.2 million SF of Office, Retail & Living Space

HUDSON SITEPROJECT

$900mMONROE BLOCKSPROJECT

$830mINVESTMENT BY BEDROCK

$2.1b

DEMAND DRIVER

Downtown World Headquarters

39-STORYOFFICEBUILDINGS4GM JOBS SUPPORTED7.4kSF OF OFFICE & RETAIL SPACE3.5m

567.4kDowntown Detroit Population

26.0%Growth in High-Tech (STEM) Jobs Since 2015

$

Neighborhood Description

23 The Location 23

Major Points of Interest

The Location 24

Construction and Development Map

25 The Location 25

Major Points of Interest

The Location 26


The Financials

29

Unit Mix & Rent Schedule

UNITS TYPE UNIT SF TOTAL SF MARKET RENT MONTHLY MKT RENT ANNUAL MKT RENT RENT/SF

663 PRENTIS

12 Studio 400 4,800 $850 $10,200 $122,400 $2.13

12 1 Bed / 1 Bath 550 6,600 $1,150 $13,800 $165,600 $2.09

4 Studio (Basement) 400 1,600 $820 $3,280 $39,360 $2.05

1 1 Bed / 1 Bath (Basement) 550 550 $950 $950 $11,400 $1.73

675 WILLIS

6 1 Bed / 1 Bath 469 2,814 $1,200 $7,200 $86,400 $2.56

1 1 Bed / 1 Bath 620 620 $1,300 $1,300 $15,600 $2.10

3 2 Bed / 1 Bath / Office 778 2,334 $1,850 $5,550 $66,600 $2.38

8 3 Bed / 1 Bath 760 6,080 $1,975 $15,800 $189,600 $2.60

1 3 Bed / 1 Bath (Basement) 729 729 $1,800 $1,800 $21,600 $2.47

665 WILLIS

2 Studio 500 1,000 $925 $1,850 $22,200 $1.85

10 1 Bed / 1 Bath 532 5,320 $1,100 $11,000 $132,000 $2.07

2 Studio (Basement) 470 940 $900 $1,800 $21,600 $1.91

1 1 Bed / 1 Bath (Basement) 486 486 $975 $975 $11,700 $2.01

63 538 33,873 $1,198 $75,505 $906,060 $2.23

The Financials 30

Pro Forma

INCOME BERKADIA PROFORMAScheduled Market Rent $906,060

Less: Loss-to-Lease 1.00% ($9,061) Less: Vacancy 5.00% ($45,303) Less: Concessions 0.00% $0 Less: Non-Rev/Bad Debt/Adjust 0.00% $0 Plus: Year-One Rent Growth 3.00% $27,182

NET RENTAL INCOME $878,878 Plus: Parking Income $24,000 Plus: RUBS Income $29,298 Plus: Other Income $11,320 TOTAL OPERATING INCOME (EGI) $943,496

EXPENSES PER UNIT

Administrative $100 $6,300 Advertising & Promotion $50 $3,150 Payroll $500 $31,500 Repairs & Maintenance/Turnover $525 $33,075 Management Fee 3.50% $524 $33,022 Contracted Services $1,032 $65,000 Utilities $75 $4,725 Real Estate Taxes $2,209 $139,167 Insurance $275 $17,325 Replacement Reserve $300 $18,900

Per Unit: $5,590Per SF: $10.40

TOTAL EXPENSES $352,164

NET OPERATING INCOME $591,332

Real Estate Tax Analysis

33

Tax Analysis2017 2018 2019

Parcel 400943 - 663 Prentis

SEV $218,300 $253,200 $668,200

Taxable Value $197,259 $253,200 $259,276

Parcel 400835 - 665 Willis

SEV $117,300 $136,100 $332,500

Taxable Value $106,045 $136,100 $139,336

Parcel 400836 - 675 Willis

SEV $514,000 $596,200 $614,800

Taxable Value $464,543 $596,200 $610,508

TOTAL State Equalized Value $849,600 $985,500 $1,615,500

TOTAL TAXABLE VALUE $767,847 $985,500 $1,009,120

Millage Rates

Summer 77.4747 76.2310 76.2310

Winter 9.3928 9.3917 9.3917

TOTAL 86.8675 85.6227 85.6227

SEV Due $74,470 $85,225 $139,167

Taxable Value Due $67,368 $85,225 $87,247

Total Potential Tax Increase $7,102 $0 $51,920

*2019 Millage rates not yet available, 2018 used** Does not include administration fees and personal taxes

Executive Summary 34

Market Positioning

37

Rent Comparables Summary

PROPERTY CITY DISTANCE UNITS BUILT OCCUPANCY AVG SF MARKET AVG RENT

AVG RENT/SF

Villa Lante Detroit 29 1916 100% 467 $973 $2.08

675 Willis Street Detroit 19 1908 Lease Up 662 $1,661 $2.51

665 Willis Street Detroit 15 1910 93.3% 516 $1,041 $2.02

Finn Apartments Detroit 0.78 Miles 30 1922 100% 450 $973 $2.16

3909 Woodward Avenue Detroit 0.81 Miles 61 2014 95.1% 808 $1,448 $1.79

Forest Arms Detroit 0.41 MIles 71 1905 100% 594 $1,311 $2.21

Strathmore Detroit 0.71 Miles 129 1929 100% 781 $1,437 $1.84

Studio One Detroit 0.52 Miles 124 2008 98.4% 868 $1,558 $1.80

The Auburn Detroit 0.60 Miles 58 2012 98.3% 612 $1,146 $1.87

The Isabelle Detroit 0.26 Miles 30 1913 100% 417 $1,075 $2.58

The Plaza Detroit 0.86 Miles 72 2017 100% 988 $2,232 $2.26

The Union at Midtown Detroit 0.30 Miles 81 2011 100% 1,135 $2,585 $2.28

The Hamilton Detroit 0.95 Miles 97 1913 70.1% 522 $1,494 $2.86

Averages 75 718 $1,526 $2.17

1

2

3

4

5

6

7

8

9

10


Rent Comparables Map

39

Comparable Rental Properties - Subject PropertyUNIT MIX & RENT SCHEDULE

55+45+K55%

45%

Villa Lante 663 Prentis StreetDetroit, MI 48201

PROPERTY SUMMARY

Units: 29

Built: 1916

Occupancy: 96.6%

Concessions: None

Notes: Electric: Resident (based on usage), Water/Sewer/Trash: Property, Gas:Property.

Upgrades: Yes, extra charges included in rent.

0 Bed/1 Bath1 Bed/1 Bath

UNITS TYPE UNIT SF MARKET RENT RENT/SF

12 0/1 400 $850 $2.13

12 1/1 550 $1,150 $2.09

4 0/1 (Basement) 400 $820 $2.05

1 1/1 (Basement) 550 $950 $1.73

29 Weighted Average 467 $973 $2.08

UNIT MIX BREAKDOWN

S


1 Bed/1 Bath2 Bed/1 Bath3Bed/1 Bath

675 Willis Street675 Willis StreetDetroit, MI 48201

PROPERTY SUMMARY

Units: 19

Built: 1908

Occupancy: Lease - up

Concessions: None

Notes: None


6 1/1 469 $1,200 $2.56

1 1/1 620 $1,300 $2.10

3 2/1/Office 778 $1,850 $1.64

8 3/1 760 $1,975 $2.60

1 3/1 (Basement) 729 $1,800 $2.47

19 Weighted Average 662 $1,661 $2.51

UNIT MIX & RENT SCHEDULE

37+16+47+K38%

38%

Comparable Rental Properties - Subject Property

UNIT MIX BREAKDOWN

18%6%

S

41

Comparable Rental Properties - Subject PropertyUNIT MIX & RENT SCHEDULE

27+73+K27%

73%

665 Willis665 Willis StreetDetroit, MI 48201

PROPERTY SUMMARY

Units: 15

Built: 1910

Occupancy: 93.3%

Concessions: None

Notes: Electric: Resident (based on usage), Water/Sewer/Trash: Property, Gas:Property.

Upgrades: Yes, extra charges included in rent.



2 0/1 500 $925 $1.85

10 1/1 532 $1,100 $2.07

2 0/1 (Basement) 470 $900 $1.91

1 1/1 (Basement) 486 $975 $2.01


UNIT MIX BREAKDOWN

S



Finn Apartments678 Selden StreetDetroit, MI 48201

PROPERTY SUMMARY

Units: 30

Built: 1922

Occupancy: 100%

Concessions: None

Notes: None


23 0/1 450 $950 $2.11

7 1/1 450 $1,050 $2.33

30 Weighted Average 450 $973 $2,16


23+77+K23%

77%

Comparable Rental Properties

UNIT MIX BREAKDOWN

1

43

Comparable Rental PropertiesUNIT MIX & RENT SCHEDULE

89+5+6+K6%

89%

3909 Woodward Avenue3909 Woodward AvenueDetroit, MI 48201

PROPERTY SUMMARY

Units: 61

Built: 2014

Occupancy: 95.1%

Notes:Services provided as: Individual air conditioning; heat - central gas; central domestic hot water - gas.

Utilities Metering: Gas (central): Electricity (individual); Water (Central)

Utilities Responsibility: Resident pays electricity; Property pays gas; Property pays sewer; Property pays trash removal; Property pays water

1 Bed/1 Bath2 Bed/1 .5 Bath2 Bed/2 Bath


2 1/1 500 $1,102 $2.20

52 1/1 775 $1,403 $1.81

3 2/1.50 1,072 $1,712 $1.60

4 2/2.00 1,200 $2,010 $1.68


UNIT MIX BREAKDOWN

5%

2


0 Bed/1 Bath1 Bed/1 Bath2 Bed/1 Bath

Forest Arms4625 2nd Avenue

Detroit, MI 48201

PROPERTY SUMMARY

Units: 71

Built: 1905

Occupancy: 100%

Concessions: None

Notes: None


12 0/1 500 $1,166 $2.33

51 1/1 600 $1,300 $2.17

8 2/1 700 $1,600 $2.29



17+72+11+K23%

77%


UNIT MIX BREAKDOWN

3

45


72+6+22+K6%

72%

Strathmore70 West Alexandrine StreetDetroit, MI 48201

PROPERTY SUMMARY

Units: 129

Built: 1929

Occupancy: 100%

Notes:Services provided as: Individual air conditioning; heat - central gas; central domestic hot water - gas.

Utilities Metering: Gas (central): Electricity (individual);Water (Central)

Utilities Responsibility: Resident pays electricity; Property pays gas; Property pays sewer; Property pays trash removal; Property pays water



39 1/1 650 $1,333 $2.05

8 1/1 665 $1,489 $2.24

46 1/1 806 $1,419 $1.76

8 2/1 879 $1,491 $1.70

14 2/2 886 $1,477 $1.67

14 2/2 970 $1,688 $1.74


UNIT MIX BREAKDOWN

22%

4



Studio One4501 Woodward Avenue

Detroit, MI 48201

PROPERTY SUMMARY

Units: 124

Built: 2008

Occupancy: 98.4%

Concessions: None

Notes: Services Provided As: Individual Air Conditioning Heat Individual - Gas Individual

Domestic Hot Water - Electric Utilities Metering: Gas (Individual) Electricity (Individual) Water (Central)

Utilities Responsibility: Resident Pays Electricity / Gas / Sewer / Trash Removal / Water. Tenant pays $26 for

water and sewer; all other utilities vary per usage.


24 1/1 646 $1,277 $1.98

8 1/1 804 $1,377 $1.71

16 2/1 936 $1,503 $1.61

44 2/2 907 $1,612 $1.78

16 2/2 914 $1,651 $1.81

16 2/2 1,008 $1,885 $1.87



26+61+13+K26%

61%


UNIT MIX BREAKDOWN

5

13%

47


7+93+K93%

7%

The Auburn4240 Cass AvenueDetroit, MI 48201

PROPERTY SUMMARY

Units: 58

Built: 2012

Occupancy: 98.3%

Services Provided As Individual Air Conditioning Heat Central - Gas Central Domestic Hot Water -Gas Utilities Metering Gas (Central) Electricity (Individual) Water (Central) Utilities Responsibility Resident Pays Electricity Property Pays Gas Property Pays Sewer Property Pays Trash Removal Property Pays Water

Studio1 Bed/21Bath


4 0/1 570 $988 $1.73

54 1/1 615 $1,158 $1.88

58 Weighted Average 612 $1.146 $1.87

UNIT MIX BREAKDOWN

6


Studio1 Bed/1 Bath

The Isabelle51 West Palmer Avenue

Detroit, MI 48201

PROPERTY SUMMARY

Units: 30

Built: 1913

Occupancy: 100%

Concessions: None

Notes: Tenants Pay Electric & Gas Landlord Pays Water


22 0/1 350 $995 $2.84

8 1/1 600 $1,295 $2.16



27+73+K26%

61%


UNIT MIX BREAKDOWN

7

13%

49


67+30+3+K 67%

3%

The Plaza3800 Woodward AvenueDetroit, MI 48201

PROPERTY SUMMARY

Units: 72

Built: 2017

Occupancy: 100%

Services Provided As Individual Air Conditioning Heat Central - Gas Central Domestic Hot Water -Gas Utilities Metering Gas (Central) Electricity(Individual) Water (Central) Utilities Responsibility Resident Pays Electricity Property Pays Gas Property Pays Sewer Property Pays Trash Removal Property Pays Water 1 Bed/1 Bath



22 1/1 702 $1,544 $2.20

26 1/1 834 $1,867 $2.24

22 2/2 1,326 $2,991 $2.26

1 3/2 2,352 $6,044 $2.57

1 3/2 2,479 $6,325 $2.55


UNIT MIX BREAKDOWN

8

30%


Studio1 Bed/1 Bath

The Union @ Midtown4830 Cass Avenue

Detroit, MI 48201

PROPERTY SUMMARY

Units: 81

Built: 2011

Occupancy: 100%

Concessions: None

Notes: Services Provided As: Individual Air Conditioning Heat Central - Electric Central Domestic

Hot Water -Electric Utilities Metering: Electricity (Central) Water (Central) Utilities Responsibility:

Property Pays Electricity Property Pays Sewer Property Pays Trash Removal Property Pays Water


6 0/1 484 $1,113 $2.30

8 1/1 520 $1,214 $2.33

9 2/2 829 $1,942 $2.34

9 2/2 893 $2,006 $2.25

18 3/2 1,273 $2,724 $2.14

31 4/4 1,499 $3,499 $2.33

81 Weighted Average 1,135 $2,585 $2.28


7+10+23+22+38+K26%

61%


UNIT MIX BREAKDOWN

9

13%

51

The Hamilton40 Davenport StreetDetroit, MI 48201

PROPERTY SUMMARY

Units: 97

Built: 1913

Occupancy: 70.1%

Concessions: None

Notes: None

10


16+65+19+K19% 16%

65%

Studio1 Bed/1 Bath2 Bed/1 Bath

UNITS TYPE UNIT SF MARKET RENT RENT/SF16 0/1 254 $726 $2.86

63 1/1 530 $1,522 $2.87

18 2/1 730 $2,080 $2.85


UNIT MIX BREAKDOWN


Comparable Properties

53

Sales Comparables Summary

PROPERTY UNITS BUILT SALE DATE PRICE PRICE/UNIT PRICE/SF AVG. SF UNIT MIX

Midtown Three Portfolio 63 Various 538

Wayne Court Apartments3525 Cass AvenueDetroit, MI 48201

45 1928 4/18 $3,525,000 $78,333 $131.63 573 9% - Studio / 91%- 1 Bed

Charlotte624 Charlotte StreetDetroit, MI 48201

40 1915 11/17 $2,600,000 $65,000 $131.65 494 40% - Studio / 67% - 1 Bed / 3% - 2 Bed

629 Milawukee Avenue629 Milwaukee AvenueDetroit, MI 48202

30 1933 9/17 $2,615,000 $87,167 $191.58 455 77% - Studio / 23% - 1 Bed

Villa Lante663 PrentisDetroit, MI 48201

29 1916 5/17 $2,100,000 $72,414 $169.70 427 55% - Studio / 45% - 1 Bed

Sheridan Court4401 2nd AveDetroit, MI 48201

91 1921 10/18 $9,361,400 $102,873 $166.06 620 19% - Studio / 77% - 1 Bed / 4% - 2 Bed

Wellesley653 West HancockDetroit, MI 48201

28 1919 10/18 $2,238,600 $79,950 $123.00 650 50% - Studio / 50% - 1 Bed

Alden Towers8100 East Jefferson AvenueDetroit, MI 48214

389 1917 7/19 $35,100,000 $90,359 $138.56 806 18% - Studio / 43% - 1 Bed/ 37% 2- Bed

Averages 44 $3,740,000 $80,956 $152.27 537

1

2

3

4

5

6

7


Sales Comparables Map

55

Sale Properties Comparables - Subject Property

Midtown Three PortfolioVarious Detroit, MI 48201

Built: VariousUnits: 63Avg SF: 538

S


1

Wayne Court Apartments3525 Cass AvenueDetroiit, MI 48201

Built: 1928Units: 45Price/Unit: $78,333Price/SF: $136.63Avg SF: 573Sold for: $3,525,000Closed: 4/2018Unit Mix: Studio - 9%

One Bedroom - 91%

Charlotte624 Charlotte StreetDetroit, MI 48201

Built: 1915Units: 40Price/Unit: $65,000Price/SF: $131.65Avg SF: 494Sold for: $2,600,000Closed: 11/2017Unit Mix: Studio- 40%

One Bedroom - 57%Two Bedroom - 3%

629 Milwaukee Ave629 Milwaukee AvenueDetroit, MI 48202


One Bedroom - 23%

2 3

57 Market Positioning 57

4

Villa Lante663 Prentis StreetDetroiit, MI 48201


One Bedroom - 45%

Sheridan Court4401 2nd AvenueDetroit, MI 48201

Built: 1921Units: 91Price/Unit: $102,873Price/SF: $166.06Avg SF: 620Sold for: $9,361,400Closed: 11/2018Unit Mix: Studio- 19%


Wellesley653 West HancockDetroit, MI 48201


One Bedroom - 50%

5 6


Sale Properties Comparables

Alden Towers8100 East JeffersonDetroit, MI 48214



7

Detroit, Michigan

61

Detroit Central Business District38% of downtown residents hold a bachelor’s degree or higher, compared to 30% in metro Detroit

Detroit ranked among the top 10 “Most Innovative Cities”, with over 127,000 tech jobs in the city, growing more than 26% since 2006. – Forbes

Downtown Detroit is considered Foodie Friendly being home to over 120 bars and restaraunts. –Detroit Experience Factory


2.6kWorkplace Establishments

Downtown

132kDowntown Workforce

72% of workersare in white collar positions

36.9kDowntown Detroit’s population has grown 10.1% since 2010 compared to 0.7% across Metro Detroit

10.0k38% of downtown residents aged 25 or older hold a bachelor’s degree or higher, compared to 30% in Metro Detroit

10.3k28% of downtown residents fall within the key renter age group between 18 and 35, compared to 23% nationally

16.7kApproximately 63% of downtown housing units are renter occupied, compared to 25% Greater Detroit

$52.9kThe Downtown / Midtown / Rivertown / Corktown area’s average household income is projected to reach $52,174 by 2023, up 15.6% from 2018

Demographics

63

Metro Industry Breakdown

Source: BLS Occupational Employment Statistics Survey

Management $124.4kHealthcare Practitioners and Technicians $78.8k

Business & Financial Operations $77.6k

Education $54.1kInstallation, Maintenance, and Repair $50.5k

Manufacturing $44.2kTransportation and Material Moving $40.6k

Sales $40.2k

Office & Administrative Support $38.4k

Food Preparation & Service $24.5k

AVERAGE ANNUAL WAGE BY OCCUPATION

The Detroit Central Business District has developed a portfolio of key industries at the center of its economy. With promising job growth, vast expansion potential and tremendous revenue creation for the city, the CBD is uniquely positioned to empower companies across multiple key areas to succeed and grow.

The Detroit metro division added approximately 8,900 jobs in 2018, 4,300 of which were in the Construction sector.

MSA Employment by Sector

Construction

3%Education & Health Services

17%

Financial Activities

5%

Government

11%

Information

1%Leisure & Hospitality 11%

Manufacturing

12%

Other Services

4%

Professional & Business Services

16%

Trade, Transportation, & Utilities

19%

Industry Breakdown

DETROIT, MI METRO DIVISIONEMPLOYMENT BY

SECTOR

Source: BLS Current Employment Statistics Survey


Metro Employment Trends

(60,000)

(40,000)

(20,000)

0

20,000

40,000

0%

3%

6%

9%

12%

15%

18%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018* 2019*

Employment Trends

Unemployment Rate Jobs Added / Lost*Projected

Rock Ventures 16,620

City of Detroit 9,070

Detroit Medical Center 9,010

Henry Ford Health System 8,920

Ilitch Companies 7,690

General Motors, Co 6,360

FCA US LLC 5,890

Detroit Public Schools 5,790

Wayne State University 5,780

Sources: City of Detroit CAFR

LARGEST EMPLOYERS

the metro’s monthly unemployment rate was down 70 bps annually

NOVEMBER 2018 4.6% December 2018 8,900 jobswere created in the Detroit - Dearborn - Livonia area, a 1.2% annual increase

65

Central Business DistrictThe Detroit Central Business District (CBD) is the largest employment center in Metro Detroit, with over 132,000 employees. Major employers include General Motors, DTE Energy, Ilitch Companies, and The Bedrock / Quicken family of companies. Downtown is also home to a burgeoning tech / start-up scene, government offices, health care providers, as well as finance, and professional services companies. The diverse employment base caters to all demographics, attracting billions of dollars in investment, as well as thousands of new employees and residents.

Since 2010, the Bedrock / Quicken Loans family of companies has invested $5.6 billion, acquiring over 16 million square feet in the Detroit CBD and is projected to infuse another $2.1 billion into downtown over the next several years. Bedrock Ventures, Gilbert’s real estate and development firm, has recruited over 120 companies as tenants, who have added approximately 18,000 new employees over the past five years, fueling office vacancy dropping from 14.6% in the fourth quarter of 2013 to 8.4% in the fourth quarter of 2018.

Central Business District

Quicken Loans Headquarters

132,000+Jobs Supported

430+ Development Projects since 2006

18,000Jobs Created

120+Companies Recruited

16 millionSquare Feet Acquired

Economic Investments


Midtown: Healthcare, Education, and Culture

Midtown Detroit

General Motors Headquarters - CBD Detroit

Automotive Industry

Home to major medical and educational institutions, Midtown is one of the fastest developing areas in Detroit. Midtown is anchored by major institutions including the Detroit Medical Center, the Henry Ford Health System, and Wayne State University, which boasts a $2.6 billion economic impact on the region. As the cultural capital of the region, Midtown is home to the Detroit Institute of Arts, Museum of Contemporary Art Detroit, the Michigan Science Center, and the Detroit Symphony Orchestra.

One of the area’s key economic drivers is the automotive industry, as Detroit is home to the “Big Three” American automakers, Ford Motor Company, General Motors, and Chrysler Group LLC. The automotive industry is in the early stages of transitioning into the design and manufacture of automated vehicles. Over the next several years, the thrust of employment expansion among automobile manufacturers will be toward recruiting technically skilled workers in automation and artificial intelligence. These jobs will be at the high end of the pay scale at these companies.

$2.6 billionAnnual Economic Impact by WSU

300Companies in Midtown

$57 billionEconomic Impact Statewide

104,000Local Automotive Industry Jobs

67

Construction & Development

The District - Detroit Former Hudson’s Site Mixed Use Development

District Detroit is a 50-block, downtown development project, estimated to fuel a $1.8 billion local economic impact and create more than 1,100 permanent and 8,000 construction jobs. The development includes the $863 million, 19,500-seat Little Caesars Arena, the new home to both the Red Wings and Pistons professional franchises. In addition, $200 million in private investment for a mixed-use component will include a 300-450 room hotel, 150 residential units, and 200,000 square feet of retail, restaurant, and office space. The arena opened in time for the teams’ 2017 seasons, bringing all four major sports teams within a few blocks from each other. The remainder of the project is expected to be completed by the summer of 2019.

$1.8 billionAnnual Economic Impact

1,100 Permanent Jobs

In February 2017, Dan Gilbert’s Bedrock Ventures unveiled plans for a 52-story mixed-use tower at the former Hudson’s site on WoodwardAvenue, set to become the city’s tallest building upon completion.Current designs feature 330 residential units, more than 730,000square feet of commercial, office, technology, and cultural space, and700 parking spaces. The development is estimated to create thousandsof jobs, both during construction and after, and will contribute morethan $6 billion in economic impact over ten years. The $900 millionproject broke ground in December 2017, and is slated to be complete bythe end of 2020.

$6 billionEconomic Impact

1.0 million+ SF Development


NexieQ-Line/M-1 Rail Project Ford Corktown Redevelopment - Michigan Central Station

The 3.3-mile, $180 million M-1 Rail project was completed in spring 2017. The project is estimated to serve up to 8,000 daily riders stretching from Downtown to Detroit’s New Center neighborhood, improving downtown’s infrastructure, and providing direct access to 125,000 jobs and more than 275,000 residents. Since beginning in 2013, the light rail system has attracted over $7 billion in investments along the Woodward Avenue Corridor on more than 200 development projects, with $2.4 billion planned for the future. Quicken Loans founder Dan Gilbert has invested more than $350 million in property around the new rail development, investing an additional $10 million in the project itself, and another $5 million for the naming rights of the Qline.

$7 billionInvestmed on Woodward Avenue Corridor

125,000 Direct Workforce Access

Ford Motor Company plans to renovate Michigan Central Station in the Corktown neighborhood of Detroit, only a few miles east of Dearborn. Vacant since 1988, the historic building was built in 1913 and will become Ford’s technology center for autonomous vehicle development. Additional buildings surrounding Michigan Central Station are planned, resulting in a technology campus at least 1.2 million square feet in size. When complete, Ford plans to employ approximately 2,500 workers here. Renovation of the Michigan Central Station building is expected to be complete in 2022.

2,500New Jobs

1.2 million SF Autonomus Technol-ogy Center

Construction and Development

71



73


The Boulevard

Heralded as the first new-construction residential development in New Center in 30 years, the $54.6 million The Boulevard draws together residential and commercial components on 1.5 acres. Its 231 apartment units are an 80-20 split between market and affordable pricing. The Boulevard, developed by Detroit-based The Platform, also offers 17,500 square feet of retail space and 330 parking spaces.

The Woodward @ Midtown

A $31 million, mixed-use development dubbed The Woodward @ Midtown is generating excitement as it will fill the last large vacant area that has remained an eyesore in Midtown Detroit. Due to break ground in 2019. The Woodward @ Midtown will include 104 residential units, 11 of which will be designated affordable, and 15,000 square feet of retail space and 160 parking spaces on two floors. The development will be on vacant land bounded by Woodward Avenue to the east, Stimson Street to the north, and an alley to the south.

Brush House

Brush House, located in the historic Brush Park disrict, will bring 178 residential units (20% affordable) along with 127 underground parking spots. This development will cost about $51.3 million and also bring green infrastructure, street-level retail and shared community space to the surrounding area. This two-building multifamily development will bring 15,660 square feet of ground level retail and outdoor space on a 1.1 acre parcel.


Construction and DevelopmentGateway Performance Complex

The $65 million development will bring a new performing arts complex to Cass Avenue, along with the renovation of the adjcacent Hillberry Theatre. The renovation will include a new 350-seat main theatre, office spaces, a modern cafe, patron lounge, and gallery showcasing rich history of the Hillbery. The newly named Gretchen Valade Jazz Center is expected to draw many visitors as a part of the Detroit Jazz Festival, external jazz events, and performances and recitals for the Wayne State’s Department of Music.

Brush + Watson

Brush + Watson, a mixed-income, mixed-use development led by American Community Developers will bring an additional 180 units to Cass Corridor. Ninety units will be designated affordable, with 45 units at 80 percent area median income ($39,000) and another 45 at 30-60% area median income ($16-28,000 per year). The development will also have 170 underground parking spaces and 8,500 square feet of commercial space.

Chroma

Chroma is an existing nine-story building hat will be transformed into a center for creativity, providing work space alongside cultural anchors of food, music, and exhibition. The center will be 75,000 square feet in total size, with 9,500 square feet dedicated to retail space, 282 co-working / maker spaces, and 6,500 square feet of event space. The project is scheduled to be complete in Spring 2020.

75

Cass Corridor Hotel

The Albert Kahn-designed building is right by the Masonic Temple, with plans to build both residential (70 apartments) and a 100-room hotel. Lenny Kravitz' interior design company, Kravitz Design alongside award-winning architecture firm McIntosh Paris Associates will design the project. The hotel redevelopment is expected to cost $72 million.

West Elm Hotel / Bonstelle Theatre

The new development will now be led by The Roxbury Group; it’s slated to break ground in 2020. The Roxbury Group will incorporate the Bonstelle theatre into the development. This building could serve as a future anchor for the SOMA development. This project is expected to cost over $50 million.

Baltimore Station Phase I

Development will consity of 23 loft apartments on Woodward Avenue with 10,000 square feet of first-floor retail, and 24 parking spaces. The cost of the first phase is projected to be $7.6 million. The project features great connectivity, with a Line stop, bus lines, MOGO bike stations, and train station in the immediate vicinity. Baltimore Station Phase I was completed in 2019 and is currently leasing.



Baltimore Station Phase II

The second phase of the Baltimore Station development project started construction in October 2018. The development is slated for 138 apartments with an additional 9,000 square feet of retail, and a total size of 115,000 square feet. There will also be 110 valet parking spaces. The building will offer both furnished and unfurnished co-living and private apartmentes. The scheduled completion is Spring of 2020

The Hamilton

The Hamilton has completed a $12 million rehab, and is due for completion this Fall. The 93-unit building, opened in 1913 as the Hotel Stevenson, was placed on the National Register of Historic Places in 1997. Broder & Sachse Real Estate’s renovations will include extensive HVAC and electrical system updates. The new rehab will include a fitness center, community lounge, laundry room, and additional storage.

The Corner

The residential development called “The Corner”, led by Eric Larson and Larson Realty Group, has taken shape at the site of the old Tiger Stadium. The $30 million mixed-use development has 111 modular residential units - studios, one- and two-bedrooms - plus 26,000 square feet of retail. The palate of col-ors in the buildings facade will reference the areas baseball history. Construction was completed in May 2019 and the property is currently in it's lease up phase.


77

Detroit Rising Development

Developers are aiming to convert the 13,000-square-foot vacant building at 3700 Third Street in 10 single-unit apartments on the second floor and 6,500 square feet of restaurant / retail space on the lower level for a $2.5 million mixed-use redevelopment. The first confirmed tenant in the building is Slyde Detroit, a fast-casual slider eatery. The rest of the spaces are currently in negotiations. The project is slated to be completed Fall 2020.

Alamo Drafthouse Cinema 90

The Alamo Drafthouse is set to open a nine-screen, first-run movie theater on the vacant land owned by the Detroit Water & Sewerage Department west of Woodward and south of Martin Luther King Boulevard. The three parcels were purchased for $1.5 million. Proceeds from the land sale are expected to assist with programs for water and sewer improvements. The construction is expected to start in Spring 2020 with an expected opening in 2021. The opening of the Alamo Drafthouse will bring increased tax revenue and job opportunities to the Midtown district. The estimated costs of construction for the project will be greater than $9 million.

City Club Apartments

Built on the site of the historic Statler Hotel, City Club Apartments CBD Detroit is the first ground-up, mixed use, conventionally financied high-rise under con-struction in Detroit’s central business district in the last 30 years. This $70-million development will have 288 units, 12,000 square feet of retail space, and 400 un-derground parking spaces. Other amenities will include an outdoor movie theater, bark park and pet store.



Construction and DevelopmentMotown Museum

The Motown Museum is undergoing a $50 million, 50,000-square-foot expansion. The expansion will include a new theatre, recording studios, interactive exhibits, and meeting spaces. The intent is to create a national and international tourist destination, while providing employment, stability, and community pride to the surrounding area.

Gordie Howe International Bridge

The entire southeastern Michigan region will beneit from the new $2.1 billion Gordie Howe International Bridge over the Detroit River, providing another link between the U.S. and Canada. More than 200,000 Michigan jobs depend on U.S.-Canada trade, and the project will generate an additional 12,000 jobs directly and 31,000 indirectly. The six-lane bridge will link Interstate 75 and Highway 401 from Detroit’s Delray neighborhood to Windsor, Canada. A groundbreaking ceremony took place in July 2018 on the project, to be followed by full-scale construction as early as October. Completion of the bridge and opening to traffic is slated by 2023. In addition to the bridge, a 167-acre U.S. customs plaza is planned that will spread from the bridge’sfootprint.

640 Temple

The redevelopment of the former Standard Accident Insurance Co. building at 640 Temple is expected to cost $72 million and be named Temple Detroit, key figures for the project announced July 2019. The 192,000-square-foot building will house a 100-room boutique hotel and 70 residential units, as well as restaurant and nightclub venues. o Temple Detroit is expected to open in June 2020 and feature the work of architecture firm McIntosh Poris Associates and Kravitz Design, Lenny Kravitz’s New York-based interior design company. Cost of the development is expected to be $65 million.

79

The Mid

The Mid, 3750 Woodward Avenue, will consist of a pair of skyscrapers, 25 and 30 floors in height, making it the largest development north of Mack since the 1920s. Construction will begin in 2019 on the 25-story, 228-room, Thompson Hotel, with luxury condos making up the upper nine floors. The 30-story, mixed-use development is expected to start several months later. It will include 250 apartments and first floor retail. Other details of the development include 744 parking spaces in above and below ground structures, as well as a 12-story "co-living" tower just north of the apartments. Cost of the development is $310 million.

Selden Corridor Initiative

The Selden Corridor Initiative, located around 3rd Street and Selden, is one of the biggest current Midtown developments. Developments include rehabbing older buildings for Barcade, a brewery training program, North Peak Brewery, eight residential units, and a large co-working space.

Eco Homes

Part of the Seleden Corridor Initiative; The Ecohome Projects consists of 14 net zero energy residences on 4th Street in Midtown. The homes range in price from roughly $450k to $600k. The homes are expected to be delivered by the end of 2019. The first ever net zero energy homes come with a variety of different energy efficient features such as: pitched roofs with solar panels, LED lighting, energy efficient windows and programmable thermostats.



Wayne State University 2020 Master Plan

The Master Plan charts a course of physical development that leverages capital assets and resources to highest and best uses. The Master Planning process will create a campus that is a model for the urban university of the 21st century. The future Wayne State University campus. First, a growth of students from 31,000 to 36,000 is desired to meet the university’s evolving academic mission; faculty and staff will expand at current ratios to serve these additional students. A second goal is to increase the resident population fivefold, coincidentally accommodating 5,000 additional students. The 2020 population goal of 45,315 students, faculty and staff represents a 16 percent increase from the total Midtown Detroit campus population estimated in 2000.

Detroit Pistons /Henry Ford Health Facility New Center

The Selden Corridor Initiative, located around 3rd Street and Selden, is one of the biggest current Midtown developments. Developments include rehabbing older buildings for Barcade, a brewery training program, North Peak Brewery, eight residential units, and a large co-working space.

SOMA (South of Mack)

SOMA is a high-end, mixed-use development located at the southeast corner of Woodward and Mack. The project includes two existing office buildings with one 90,000-square-foot building at 100 Mack Avenue and a 55,000-square-foot building at 100 Eliot Avenue. The owners, George and Adam Nyman, are planning on adding two new office towers along Woodward as an opportunity for possible corporate headquarters. The development, starting in August 2019, will also include two planned parking decks with 500-600 spaces each.


81

Brigitte Harris Cancer Pavilion Henry Ford Hospital

Located at 2799 West Grand Boulevard, is the Brigitte Harris Cancer Pavillion, an estimated $155 million development. The six-story, 187,000-square-foot Pavilion, designed by SmithGroupJJR, will be part of a larger 300-acre expansion and neighborhood redevelopment. The pavilion will be connected via skyway to the Henry Ford Hospital on West Grand Boulevard.

Midtown West

Midtown West is a 7-acre 335-unit for-sale/for-lease residential with retail development at an estimated cost of $77 million. It is bounded by Selden Street to the north, the Lodge Freeway northbound service drive to the west, an alley west of Third Street to the east and Brainard Street to the south. The development is a joint venture with Detroit-based developer Roderick Hardamon’s Urge Development Group LLC & NYC-based developer Mario Procida’s Procida Cos. LLC.

Sugar Hill Historic District

The Sugar Hill Historic District, located at the corner of John R and Garfield, is a $32 million dollar apartment community development. It will include 84 units, 75% market / 25% affordable, and 7,000 square feet of retail space. The now-vacant acre will include a 300 space parking deck for residents, and public and green alleyways.



Cass & York

The site of the former Criminal Justice building at WSU is being redeveloped by Platform Group Developer into residential units, retail, and an art gallery. The site at 6001 Cass Avenue will include 69 residential units, plus 19,000 square feet of retail and a permanent art gallery. 445 York street, bordering Antoinette Street, Cass Avenue, and York Street, will include 64 apartments, 48 condos, and a 543-space parking structure.

Shipyard 2.0

Shipyard 2.0, located at 444 Peterboro is the second installment from Detroit Rising Development Co., who opened Detroit Shipping Company in 2018. The Shipyard 2.0 will consist of 22,000 SF of 1st floor retail and 2nd & 3rd floor office space.

Cass & Canfield - Broder Sasche

Broder & Sachse Real Estate Services will develop the 1.5-acre site into a $60 million dollar mixed-use development. A parking lot at Cass and Canfield in Midtown Detroit will be turned into a nine-story mixed-use building under an agreement approved today by the Wayne State University Board of GovernorsThe building will include approximately 248 market-rate apartments, 19,000 square feet of ground-floor retail space, a hotel with up to 120 rooms and a conference center with capacity for up to 300 people.


83

Hudson’s Block Tower - Bedrock Developments

Billionaire mortgage mogul and real estate maven Dan Gilbert’s skyscraper slated for downtown Detroit is estimated to be 912 feet tall and cost well over $900 million. Overall, the project at the time was expected to include 103,000 square feet of retail and restaurant space; 168,000 square feet of event and conference space; 263,000 square feet of office space; 93,000 square feet of exhibit space; and 330 residential units in the tower.

Monroe Block - Bedrock Developments

The $830 million Monroe Blocks project, which is planned to include a 35-story office tower and 482 residential units, plus retail and other uses. The office tower is slated to be 814,000 square feet, and the project is also anticipated to include 169,000 square feet of retail space spread across the two phases. A 1,200-space below-ground parking deck is also planned.

Book Tower - Bedrock Developments

The $313 million redevelopment of the Book Tower and Book Building on Washington Avenue into a mix of uses. Among them: 95 residential units; an approx-imately 200-room hotel; 106,000 square feet of office space; 50,000 square feet of conference and event space; and 29,000 square feet of first-floor retail. A 400-space parking deck is also planned.



One Campus Martius Addition - Bedrock Developments

A $95 million, 310,000-square-foot office addition to Gilbert’s One Campus Martius building that he co-owns along with Meridian Health is in development.

Brewster - Douglass Redevelopment - Bedrock Developments

Dan Gilbert’s new development at the Brewster-Douglass site will have over 900 residential units, and come in at a cost of over $300 million. According to Crain’s, the development will include 648 apartments, 265 for-sale units, 3.2 acres of public space, 19,000 square feet of retail, 60,000 square feet of “early childhood education space”, and a possible 80-room hotel. This project, like another Brush Park development just announced, is expected to include an affordable housing component - at least 25 percent of this development will be designated “affordable” housing. Market rate apartments are expected to lease for $2.15 per square foot.

City Modern - Bedrock Developments

The $100 million Dan Gilbert-led project includes 104 for-sale units, 306 rental units, and 54 affordable seniors housing apartments. The project is due to complete this Fall and residents have already begun to move in.


DETROIT OFFICE28411 Northwestern Highway Suite 300

Southfield, MI 48034 Phone: 248.646.7701 | Fax: 248.646.0320

www.Berkadia.com

a Berkshire Hathaway and Jefferies Financial Group company

ALBUQUERQUE, NMAMBLER, PAATLANTA, GAAUSTIN, TXBAKERSFIELD, CABATON ROUGE, LABIRMINGHAM, ALBOCA RATON, FLBOSTON, MACAMAS, WACAPISTRANO BEACH, CACHARLESTON, SC CHATTANOOGA, TN CHICAGO, ILCLEARWATER, FLCOLORADO SPRINGS, CO DALLAS, TXDC METRODENVER, CODETROIT, MIEL SEGUNDO, CAFRESNO, CAHOUSTON, TX

IRVINE, CAJACKSON, MSJACKSONVILLE, FLKANSAS CITY, MOLAS VEGAS, NVLEAWOOD, KSLENOX, MALOS ANGELES, CAMANCHESTER, MOMARBLEHEAD, MAMEMPHIS, TNMIAMI, FLMIDVALE, UTNASHVILLE, TNNEW YORK, NYNEWPORT BEACH, CANEWPORT NEWS, VAOKLAHOMA CITY, OKONTARIO, CAORLANDO, FLPASADENA, CAPHILADELPHIA, PAPHOENIX, AZ

PORTLAND, ORRALEIGH, NCRICHMOND, VASACRAMENTO, CASALT LAKE CITY, UTSAN ANTONIO, TX SAN DIEGO, CA SAN FRANCISCO, CASCOTTSDALE, AZSEATTLE, WASHREWSBURY, NJST. LOUIS, MOTACOMA, WATAMPA, FLTEMECULA, CATEMPE, AZTHE PLAINS, VATROY, MI TUCSON, AZTULSA, OKWAUKESHA, WIWOODLAND HILLS, CAHYDERABAD - INDIA

Documents

Luxury - LoopNet · 2019-09-13 · 3 2 Bed / 1 Bath / Office 778 2,334 $1,850 $5,550 $66,600 $2.38 8 3 Bed / 1 Bath 760 6,080 $1,975 $15,800 $189,600 $2.60 1 3 Bed / 1 Bath (Basement)