Westwood Apartments
Pontiac, Michigan (Owned)
Projected Completion: December 2022
Total Cost: $5.0MM
• Plan: Develop 64 apartments (48 two bed / 2 bath and 16 one bedroom / one bath) at affordable rental rates
• Potential Deal Breakers: Managing costs such that an affordable rental rate can be achieved during a period of high inflation and lack of materials and labor.
• Result: Construction on budget and on schedule with pre-leasing activity indicating full lease up will be achieved in a matter of months and at rates from $1000 per month.
The 819 Apartments
Pontiac, Michigan (Owned)
Delivered: September 2020
Total Cost: $2.1MM
• Plan: Perform a complete gut and rebuild to convert a former college dormitory into apartment rentals
• Potential Deal Breakers: Maintaining construction costs in general and, specifically, performing during outbreak of Covid 19
• Result: Lost only two months of schedule and the asset is now 100% occupied with no issues since inception
Ypsilanti Apartments
Ypsilanti, Michigan (Owned)
Delivered: February 2019
Total Cost: $800k
• Plan: Diversify holdings by adding multi-family
• Potential Deal Breakers: Finding a multi-unit apartment building at an affordable cost
• Result: Fully occupied with no issues since inception
Madison Heights Recovery Home
Madison Heights, Michigan (Owned)
Delivered: November 2018
Total Cost: $200k
• Plan: Find an appropriately zoned residence to be utilized and at an affordable price point for a statewide provider of recovery care services
• Potential Deal Breakers: Overcoming the stigma associated with recovery housing
• Result: Fully occupied with no issues since inception