rolling meadows - loopnet...properties ith 2,300 units for $141 million and disposed of 24...

52 Multi Family Affordable Residential Units

ROLL ING MEADOW S

a Berkshire Hathaway and Jefferies Financial Group company| Exclusive Multifamily Offering

2

CONTACT INFORMATION

JEREMIAH JARMIN, J.D., CCIMDirector - Affordable [email protected]: 404.654.2609

TIMOTHY BRACKENDirector - Affordable Housing [email protected]: 303.689.8336

For Real-Time Property InformationScan QR Code or go to:

BERKADIA.COM

CHARLEY HENNEGHANDirector [email protected]: 248.341.3303

KEVIN DILLONSenior Managing [email protected]: 248.341.3309

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CONTENTS

Area Overview .......................................................................................4

Property Overview ..............................................................................7

Market Positioning ............................................................................20

Engagement Team ............................................................................ 31

4 ArEA OvErviEw4

AREA OVERVIEW: FOWLERVILLE

5ArEA OvErviEw 5ArEA OvErviEw

AREA MAP

OPTIONALADJACENT LOT

ROLLINGMEADOWS

Fowlerville

23

96

94

6 ArEA OvErviEw

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PROPERTY OVERVIEW

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Rolling Meadows is a 52-unit, garden-style affordable apartment community located in Fowlerville, Michigan. Constructed originally in 1979, the property features a wood frame construction and pitched shingle roofing. Unit mix at Rolling Meadows is made up of 40 one-bedroom units, ranging in size from 588 to 700 square feet, and 12 two-bedroom units, each measuring 735 square feet. Average unit size for the property measures 648 square feet. A lush lawn, professionally maintained, decorates the exterior of the property. Residents of this property have always taken pride in their surroundings.

We are offering the properties free and clear. The loan that was in place on Elderly has fully amortized. The remaining loan balance on Family will be paid off by May 2019.

Rolling Meadows offers community and room amenities including:

• On-site laundry facilities

• Free parking

• Private patio / balcony

• Proximity to popular local retail centers

Additionally, there is a vacant 29 acre parcel available for future phases of new construction.

PROPERTY DESCRIPTION

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Elderly

• Housing Assistance Payments – Project-Based Section 8

• Less than 1% economic vacancy in 2018

• Maximum Allowable Rent & Utility Allowance Schedule

• 1 Bedroom – $543 Rent, Utility Allowance $96

• 100% Occupancy Historically

• Market rent based on November 2018 Appraisal $725 per unit

Family

• Rural Development Rent Schedule

• Maximum Allowable Rent & Utility Allowance Schedule

• 1 Bedroom - $563 Rent, $93 Utility Allowance

• 2 Bedroom - $598 Rent, $100 Utility Allowance

• 100% Occupancy Historically

Opportunity for 4% and 9% Low-income housing Tax Credits from MSHDA

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Floor Plans

1 Bedroom1 Bath700 Sq. Ft.



PROPERTY DESCRIPTION

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ROLLING MEADOWS ELDERLYSUMMARY

Year Built 1979

Units 28

Total SF 16,646

Allowable Rent $588

Section 8 Coverage 28 Units/100%

Occupancy 100%

Types of Buildings One-Story

Construction/ExteriorWood frame with Vinyl Siding (5 buildings), Wood frame with wood siding (2 Buildings)

Roofs Pitched / Asphalt Shingle

Plumbing Copper

Electrical Copper

Utility Structure Master Metered Water, Electric Individual

Laundry Community Laundry Center

360 North Ann St • Fowlerville, Mi

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• Ranch Units• 24-Hour Laundry Center• Playground• Backs up to Park• Walking Distance to Downtown• Ample Parking• Convenient Mail Center• 24-Hr Emergency Maintenance• Patios/Balconies• Private Entry


SUMMARYYear Built 1979

Units 24

Total SF 17,220

Allowable Rent $599.67

Occupancy 100%

Types of Buildings Two-Story

Construction/Exterior Wood frame with Wood Exterior

Roofs Pitched / Asphalt Shingle

Plumbing Copper

Electrical Copper

Utility Structure Master Metered Water, Electric Individual

Laundry Community Laundry Center

360 North Ann St • Fowlerville, Mi

ROLLING MEADOWS FAMILY

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• 2-Story Buildings• 24-Hour Laundry Center• Playground• Backs up to Park• Walking Distance to Downtown• Ample Parking• Convenient Mail Center• 24-Hr Emergency Maintenance• Patios/Balconies• Private Entry


PRO FORMA

IMPORTANT INFORMATION & DISCLAIMER: The information contained herein is assumed to be correct and market-supported. Output produced from this model should not be considered an appraisal. Projections are forecasts and are not to be considered fact. The information contained in this file is privileged and confidential; it is intended only for use by Berkadia and their clients. This file may not be reproduced physically or in electronic format without the expressed written consent of Berkadia. CAUTION: Security codes have been included into this file and unauthorized use may render this file useless. Berkadia Employees, affiliates, and contractors are instructed to hard-code this model for reproduction and distribution. Not responsible for errors and omissions. COPYRIGHT 2018. All Rights Reserved. DRAFT REPORT: Privileged & Confidential, For Discussion Purposes Only

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Lot 32 & Part of Lot 37

29 ACRES ADJACENT TO ROLLING MEADOWSAdjacent lots with option to buy

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In addition to the Rolling Meadow community site there is an additional 29 acres available for purchase. This land could be used for future phases of new construction. A portion of the property is wetlands. No wetlands determination has been made but is estimated to be +/- 12 acres. While the wetland portion along the Red Cedar would likely not be developable, it would be an attractive greenway and park amenity for the adjacent property.

20 MArkEt POSitiONiNG

MARKET POSITIONING

21MArkEt POSitiONiNG

COMPARABLE RENTAL PROPERTIES



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Vill

age

Pla

ceONE

BED

TWO

BEDS

Average$553

$0

$125

$250

$375

$500

$625

$750

$875

$1,000

$0

$100

$200

$300

$400

$28,750

$500

$600

$700

Average$759


MARKET RATE COMPARABLE SALE PROPERTIES



BUILT: 1973

UNITS: 24

PRICE / UNIT: $27,083

PRICE / SF: $23.80

AVG SF: 1,138

SOLD FOR: $650,000

CLOSED ON: 9/18

5075 BRADY ST5075 Brady St

Swatz Creek, Mi 48473

BUILT: 1989

UNITS: 48


PRICE / SF: $34.95

AVG SF: 846

SOLD FOR: $1,418,624

CLOSED ON: 3/18

GREENWOOD1055 E North St

Owosso, Mi 48867

BUILT: 1989

UNITS: 48


PRICE / SF: $34.95

AVG SF: 846

SOLD FOR: $1,418,624

CLOSED ON: 3/18

PEACHTREE521 - 543 Peachtree Place

Mason, Mi 48854

BUILT: 1950

UNITS: 17


PRICE / SF: $58.05

AVG SF: 542

SOLD FOR: $535,000

CLOSED ON: 9/17

3148 E MOORE RD3148 E Moore rd

Saginaw, Mi 48601



BUILT: 1964

UNITS: 16


PRICE / SF: $63.02

AVG SF: 600

SOLD FOR: $605,000

CLOSED ON: 9/17

FLUSHING VILLAGE APARTMENTS550 Chamberlain St

Flushing, Mi 48433

BUILT: 1972

UNITS: 48


PRICE / SF: $57.97

AVG SF: 719

SOLD FOR: $2,000,000

CLOSED ON: 9/17

GRANGE OAKS3301 Grange Hall

Holly, Mi 48442

BUILT: 1984

UNITS: 36


PRICE / SF: $43.14

AVG SF: 673

SOLD FOR: $1,045,000

CLOSED ON: 8/17

MEADOWVIEW902 - 906 East Sturgis Street

St. John, Mi 48879


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ICE/

SF

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314

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Average$34,596

Average$44.89

$0.00

$10.00

$20.00

$30.00

$40.00

$50.00

$60.00

$70.00

$80.00

$0

$5,750

$11,500

$17,250

$23,000

$28,750

$34,500

$40,250

$46,000MARKET RATE COMPARABLE SALE PROPERTIES

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ENGAGEMENT TEAM


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��

197 334 603 360

Lofts of Greenville Johnston Mill Lofts Lakes at Indian Creek The Park at Hairston Rendant Ashland Manor Tropical Manor Eastside PortfolioWest Village Lofts

LIHTC LIHTC LIHTC

Section 8 Section 8 Section 8 Section 8

129 189 85 96

Under Contract$25,500,000$32,500,000$13,500,000$6,7000,000

Under Contract $5,100,000

Marketing$42,150,000Historic Tax Credit 182

Jeremiah Jarmin is the Director for the Berkadia Affordable Housing Team responsible for the brokerage of Section 42 and Project-Based Section 8 housing nationally. Prior to joining Berkadia, Jeremiah brokered multi-family properties out of Atlanta, Georgia at his previous firm where he was ranked as one of the top 10 producers and a candidate for the Atlanta Commercial Board of Realtors Million Dollar Club. In a former life, Jeremiah was a practicing attorney in the State of Georgia primarily handling commercial real estate transactions before making his way into real estate advisory. In addition to holding a license to practice law, Jeremiah is a Certified Commercial Investment Member (CCIM) designee.

Since joining Berkadia shortly three years ago, Jeremiah has closed over 4,400 units which involved some of the largest affordable housing operators in the country such as Glick Company, Alden Torch Financial and The Hallmark Companies.

AFFILIATIONS

EDUCATION

RECENT 2018 SELECTED TRANSACTIONS

Historic Tax Credit

UnitsUnitsUnitsUnits

UnitsUnitsUnitsUnitsUnits

ADviSOr SNAPSHOt

JEREMIAH JARMIN, CCIMBerkadia Affordable [email protected]

Three Alliance Center3550 Lenox RD NE, Ste 260Alanta, GA 30326Phone: 404.445.1065Fax: 404.445.1065

EDUCATION

RECENT 2018 SELECTED TRANSACTIONS

Jeremiah Jarmin is the Director for the Berkadia Affordable Housing Team responsible for the brokerage of Section 42 and Project-Based Section 8 housing nationally. Prior to joining Berkadia, Jeremiah brokered multi-family properties out of Atlanta, Georgia at his previous firm where he was ranked as one of the top 10 producers and a candidate for the Atlanta Commercial Board of Realtors Million Dollar Club. In a former life, Jeremiah was a practicing attorney in the State of Georgia primarily handling commercial real estate transactions before making his way into real estate advisory. In addition to holding a license to practice law, Jeremiah is a Certified Commercial Investment Member (CCIM) designee.

Since joining Berkadia shortly three years ago, Jeremiah has closed over 4,400 units which involved some of the largest affordable housing operators in the country such as Glick Company, Alden Torch Financial and The Hallmark Companies.

Lofts of GreenvilleJohnston Mill LoftsLakes at Indian CreekThe Park at HairstonRendantAshland ManorTropical ManorEastside PortfolioWest Village Lofts

Wagner College, B.S., FinanceAtlanta’s John Marshall Law School

AFFILIATIONS

Certified Commercial Investment Member (CCIM), 2016Georgia Bar Member (inactive), 2007

Historic Tax CreditLIHTCLIHTCLIHTC

Section 8 Section 8 Section 8 Section 8

Historic Tax Credit

197 Units 334 Units 603 Units 360 Units 129 Units189 Units85 Units96 Units

182 Units

Under Contract$25,500,000$32,500,000$13,500,000$6,7000,000

Under Contract $5,100,000

Marketing$42,150,000

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ENGAGEMENT TEAM

TIMOTHY BRACKEN

[email protected]

1331 17th Street, Suite 550Denver, Colorado 80202Phone: 303.689.8336Fax: 303.607.9024

Timothy Bracken joined Berkadia in 2018 to co-found the firm's national affordable housing investment sales specialty group. He brings 15 years of commercial real estate experience in institutional equity and debt across dispositions, acquisitions, financing and asset management functions, with a focus on multifamily. During his career on the principal side, he acquired 22 properties with 2,300 units for $141 million and disposed of 24 properties with 4,200 units for $199 million.

PROFESSIONAL EXPERIENCE

Berkadia Real Estate Advisors – DirectorCo-founded the firm's national affordable housing group, focused on multifamily investment sales and advisory of LIHTC and HUD properties.

Alden Torch Financial – Vice PresidentPerformed dispositions, acquisitions, financing and asset management for the nationʼs largest affordable housing investor. Executed the sale of 17 LIHTC proper-ties with 2,700 units for $99 million. Co-led a 16-property HUD refinance using FHA 223(f) debt with total loan proceeds of $150 million.

JCR Capital – Director & Head of Asset ManagementFounded the firmʼs asset management platform, overseeing 100+ preferred equity investments and bridge loans with AUM of $550 million. Executed the sale of seven conventional multifamily properties with 1,500 units for $101 million.

Aviv REIT – DirectorPerformed acquisitions and asset management of senior healthcare properties. Executed the acquisition of 22 skilled nursing and assisted living facilities with 2,300 beds for $141 million.

EDUCATION

University of Colorado Boulder – M.B.A.University of Illinois at Urbana-Champaign – B.S. Finance

2009 - 20111999 - 2003

2018-present

2016-2018

2012-2011

2007-2011

ADviSOr SNAPSHOt

TIMOTHY BRACKENBerkadia Affordable [email protected]

1331 17th Street, Suite 550Denver, Colorado 80202Phone: 303.689.8336Fax:303.607.9024

EDUCATION

Timothy Bracken joined Berkadia in 2018 to co-found the firm’s national affordable housing investment sales specialty group. He brings 15 years of commercial real estate experience in institutional equity and debt across dispositions, acquisitions, financing and asset management functions, with a focus on multifamily. During his career on the principal side, he acquired 22 properties with 2,300 units for $141 million and disposed of 24 properties with 4,200 units for $199 million.

University of Colorado Boulder – M.B.A.University of Illinois at Urbana-Champaign – B.S. Finance

PROFESSIONAL EXPERIENCE

Berkadia Real Estate Advisors – DirectorCo-founded the firm’s national affordable housing group, focused on multifamilyinvestment sales and advisory of LIHTC and HUD properties.

Alden Torch Financial – Vice PresidentPerformed dispositions, acquisitions, financing and asset management for thenation’s largest affordable housing investor. Executed the sale of 17 LIHTC propertieswith 2,700 units for $99 million. Co-led a 16-property HUDrefinance using FHA 223(f) debt with total loan proceeds of $150 million.

JCR Capital – Director & Head of Asset ManagementFounded the firm’s asset management platform, overseeing 100+ preferred equityinvestments and bridge loans with AUM of $550 million. Executed the sale of sevenconventional multifamily properties with 1,500 units for $101 million.

Aviv REIT – DirectorPerformed acquisitions and asset management of senior healthcare properties.Executed the acquisition of 22 skilled nursing and assisted living facilities with2,300 beds for $141 million.

2018-present

2016-2018

2012-2011

2007-2011

2009 - 20111999 - 2003

34 ENGAGEMENt tEAM

ADviSOr SNAPSHOt

CAREER HIGHLIGHTS

EDUCATION

PROFESSIONAL ACHIEVEMENTSCHARLEY HENNEGHANBerkadia Affordable [email protected]

28411 Northwestern Highway Suite 300 Southfield, MI 48034 Phone: 248.341.3303 Fax: 248.646.0320 www.Berkadia.com

As a Director on Berkadia’s Michigan multifamily sales team, Charley Henneghan has utilized his extensive knowledge to facilitate the sale, refinance, and recapitalization of multifamily assets, with a focus on the Midwest. Since joining Berkadia, Charley has contributed to over $1 billion in total Investment Sales.

• CoStar Power Broker Award – 2016, 2017• Intercollegiate Athletics, Division I Men’s Varsity Lacrosse• Pittenger Award Winner for Most Valuable Senior (2010)• CAA First Team All-Conference - 2010• Born and Raise Detroit Foundation Board Member• Committee member at Wish Upon a Teen Charity

Pennsylvania State University• Bachelor of Arts

Since joining Berkadia’s Midwest Investment Sales team as an Associate Director in 2015, Charley has demonstrated his expertise in commercial real estate sales and dedicated leadership skills, which has gained him recognition as a key contributor to Berkadia’s success in the region. In 2016, Charley was awarded the prestigious CoStar Power Broker Award, which recognizes industry leaders for their success in the commercial real estate market. Some of Charley’s most notable closings include Spicetree Apartments, The Crossings at Canton, and Sutton Place.

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ADviSOr SNAPSHOt

CAREER HIGHLIGHTS

EDUCATION

PROFESSIONAL ACHIEVEMENTS

KEVIN DILLONBerkadia Affordable HousingSenior Managing [email protected]

28411 Northwestern Highway Suite 300 Southfield, MI 48034 Phone: 248.341.3309 Fax: 248.646.0320 www.Berkadia.com

Kevin Dillon is one of Berkadia’s most esteemed Senior Managing Directors in the Midwest. Since joining Berkadia in 2003, Kevin has worked diligently to become one of the top producing Investment Sales Advisors in recent company history. Specializing in the sale, refinance, and recapitalization of multi-family real estate, Kevin has established himself as a leading force in the world of real estate investments, cultivating an extensive list of notable clients, closings, and professional achievements.

• Top Producer - Berkadia 2017*, 2016*, 2015*, 2014, 2013 (* Top 3)• 50 Names to Know in Real Estate - Crain’s Detroit Business - June 2016• Power Broker CoStar 2016, 2015, 2014, 2013, 2012, 2011, 2010 & 2004• Top Producer - Hendricks & Partners 2012, 2011, 2010, 2009 & 2008

• Northwood University - Midland, MI• Holy Cross College - South Bend, IN

Kevin Dillon began his real estate career in 1985, as a member of the Dietz Organization. During his time there, he fostered a reputation for success and professionalism, earning recognition as the top producer in the company multiple times. Kevin continued to establish himself as a successful real estate professional throughout his career, earning the title of Top Producer five years in a row while employed at Hendricks & Partners, as well as a multitude of Power Broker CoStar Awards. As a member of Berkadia’s Investment Sales Team, Kevin has generated upward of $2.3 billion dollars in sales, and has been recognized as one of Berkadia’s top producers every year since joining the company. Kevin has quite successfully utilized his vast experience and knowledge of the commercial real estate industry to become one of the most prominent multi-family real estate brokers in the Midwest. Some of his most notable closings include Riverfront Towers, Northville Woods, and the Crossings at Canton.

AFFILIATIONS

• Member of Real Estate Answer Forum (REAF)• Board of Directors - Apartment Association of Michigan 2016

• Transaction Volume Exceeds $335 Million - 2017• Speaker 2008 - 2017 Apartment Association of Michigan Annual Economic Forecast• Speaker Midwest Real Estate News Detroit Summit 2015 and 2016• Keynote Speaker 2013 IREM Regional Annual Forecast

• Speaker 2014 IREM DMAA Trade Show, Novi, Michigan• Major Gift Committee of PAV2000 Capital Campaign• Marion High School Athletic Club President 2014 - 2016• Received Elite Eight Award for Exceptional Real Estate Achievements by Commercial Inc

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a Berkshire Hathaway and Jefferies Financial Group company

rolling meadows - loopnet...properties ith 2,300 units for $141 million and disposed of 24...

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