Location

EXECUTIVE SUMMARY:

The 80-unit Meadows on Michigan is comprised of five, 2-story garden style buildings and contains a very attractive unit mix of 4 studio units (350 sq.ft.), 52 one-bedroom units (700-750 sq.ft.), 1 one-bedroom townhome unit (850 sq.ft.), 17 two-bedroom units (950 sq.ft.), and 6 two-bedroom 1½-bathroom townhouse units (1,050 sq.ft.). The property is outfitted with gas boiler systems and the Landlord is responsible for gas, water, common area electric and trash. The units are separately metered for electricity, and this is the responsibility of the tenants. Meadows offers a wide range of amenities including on-site laundry, a swimming pool, clubhouse, and carports. The Meadows is an exceptionally well-maintained asset that has seen over $300K in improvements in the last two years alone. Some of these improvements have included clubhouse updates, parking lot work, gutter & downspout replacement, new landscaping, building paint, hallway improvements and the upgrade of 44 units. Unit upgrades have included new appliances, counters, fixtures, some cabinets, flooring, lighting, and hardware. With the property fully stabilized a new owner could easily fund the upgrade of the remaining units through existing cash-flow.