52 Multi Family Affordable Residential Units ROLLING MEADOWS a Berkshire Hathaway and Jefferies Financial Group company | Exclusive Multifamily Offering
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
3
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
7PrOPErty OvErviEw
PROPERTY OVERVIEW
8 PrOPErty OvErviEw
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
9PrOPErty OvErviEw
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
10 PrOPErty OvErviEw
Floor Plans
1 Bedroom1 Bath700 Sq. Ft.
2 Bedroom1 Bath735 Sq. Ft.
1 Bedroom1 Bath588 Sq. Ft.
PROPERTY DESCRIPTION
11PrOPErty OvErviEw
12 PrOPErty OvErviEw
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
13PrOPErty OvErviEw
• 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
14 PrOPErty OvErviEw
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
15PrOPErty OvErviEw
• 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
16 PrOPErty OvErviEw
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
17PrOPErty OvErviEw
18 PrOPErty OvErviEw
Lot 32 & Part of Lot 37
29 ACRES ADJACENT TO ROLLING MEADOWSAdjacent lots with option to buy
19PrOPErty OvErviEw
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
22 MArkEt POSitiONiNG
COMPARABLE RENTAL PROPERTIES
23MArkEt POSitiONiNG
24 MArkEt POSitiONiNG
COMPARABLE RENTAL PROPERTIES
25MArkEt POSitiONiNG
26 MArkEt POSitiONiNG
COMPARABLE RENTAL PROPERTIES
Gra
nd
Ro
llin
g M
ead
ow
s
Me
ado
w-V
iew
Vill
age
Pla
ce
Gar
den
Lan
e
Liv
ing
sto
n G
ree
ne
Ro
llin
g M
ead
ow
s
Liv
ing
sto
n G
ree
ne
Gle
nw
oo
d
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
27MArkEt POSitiONiNG
MARKET RATE COMPARABLE SALE PROPERTIES
28 MArkEt POSitiONiNG
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 / UNIT: $29,555
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 / UNIT: $29,555
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 / UNIT: $31,471
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
29MArkEt POSitiONiNG
MARKET RATE COMPARABLE SALE PROPERTIES
BUILT: 1964
UNITS: 16
PRICE / UNIT: $37,813
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 / UNIT: $41,667
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 / UNIT: $29,028
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
30 MArkEt POSitiONiNG
PRIC
E/UN
ITPR
ICE/
SF
50
75 B
rad
y S
t
Me
ado
wv
iew
Gre
en
wo
od
314
8 E
Mo
ore
Rd
Flu
shin
g V
illag
e A
par
tme
nts
Gra
ng
e O
aks
Pe
ach
tre
e
5075
Bra
dy
St
Pe
ach
tre
e
Gre
en
wo
od
Me
ado
wv
iew
Gra
ng
e O
aks
314
8 E
Mo
ore
Rd
Flu
shin
g V
illag
e A
par
tmen
ts
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
31ENGAGEMENt tEAM
ENGAGEMENT TEAM
MARKET RATE COMPARABLE SALE PROPERTIES
32 ENGAGEMENt tEAM
����������������
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
33ENGAGEMENt tEAM
ENGAGEMENT TEAM
TIMOTHY BRACKEN
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.
35ENGAGEMENt tEAM
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
36 ENGAGEMENt tEAM
37ENGAGEMENt tEAM
a Berkshire Hathaway and Jefferies Financial Group company