Location

EXECUTIVE SUMMARY:

This portfolio consists of 56 total units and three separate properties: Mary Court Place (24 units), Wright Ave (20 units), and Rivers Edge (12 units) are all located within 2.5 miles of each other and have been well stabilized for many years. Currently 94.6% occupied, these assets have an attractive unit mix of 26 one-bedroom units and 30 two-bedroom units. The two larger properties (Mary Court and Wright Ave) are outfitted with tenant paid electric baseboard heat, while the smaller property (Rivers Edge) has landlord paid boiler heat. All three properties also have tenant paid electric with tenant-supplied sleeve A/C units. Each property is uniquely located within Alma. Wright Ave is across the street from Alma College, Mary Court is a few hundred feet from the Mid-Michigan Medical Center and Rivers Edge is a riverfront property at the end of a quiet dead end street with immediate access to Alma’s lighted and paved river walk.

Mary Court is situated on approximately 1.98 acres of land area and the 24-unit complex consists of five, two-story buildings, with brick and aluminum siding with mansard roofs. All 5 of the buildings received new siding in 2014 along with three buildings received new roofs in 2014. Ownership did a partial parking lot replacement, sealed and re-striped in 2013.

Wright Ave is adjacent to Alma College and situated on approximately 0.91 acres. The 20-unit complex consists of one, two-story building, with T-111 siding and a low-pitch roof with asphalt shingles. The utility breakdown of this property includes tenant-paid electric with landlord-paid for water and trash and tenant-supplied sleeve A/C units.

River’s Edge is situated on approximately 0.90 acres along the Pine River located on the west side of N Court Ave just north of E Superior St. The 12-unit complex consists of one, two-story building, with aluminum siding and low-pitch asphalt shingled roof. In 2013 ownership changed the roof from a flat roof to shingled pitched roof with 30-year shingles. They also replaced the vinyl siding, exterior light fixtures, aluminum fascia and soffit, windows and sliding glass doors in and added a new super-efficient boiler in 2013. The common area carpet was replaced in 2017.