Trio of Midwest Communities Commands $100M
With this acquisition, The Habitat Co. enters the Minnesota market while expanding its multifamily portfolio in Michigan to more than 2,500 units.
Cedarvale Highlands. Image courtesy of Yardi Matrix
The Habitat Co. has acquired three multifamily communities in Michigan and Minnesota for approximately $100 million. Together, the properties total 1,263 apartment units.
Two of the communities are located in Michigan: The Village of Hyde Park is a 43-unit collection of townhomes in Detroit, while Harbour Club is a 1,112-unit community in Belleville, Mich. The third property, the 108-unit Cedarvale Highlands, is located in Eagan, Minn.
Along with the acquisition of the multifamily properties, Habitat has secured funding for significant upgrades and renovations at each of the properties. The company has previously been recognized as one of the top apartment owners in Chicago.
Renovation plans
Harbour Club, purchased from seller GFI Capital Resources Group, is located about 19 miles from downtown Ann Arbor, Mich., and about 30 miles from downtown Detroit. The community offers a mix of studio, one- and two-bedroom units and features community amenities including a 9-hole golf course, swimming pool, boat docks and boat launch, spa, fitness center, business center, clubhouse, playground areas, tennis court and sand volleyball. Habitat plans to extensively renovate unit interiors and common amenities.
Cedarvale Highlands was purchased from seller Bader Development and is located at 3908 Cedar Grove Pkwy., about 18 miles from downtown Minneapolis. The property offers a mix of studio and one-bedroom units and provides easy access to the Twin Cities Premium Outlets as well as Interstate 35 and Highway 77. Habitat plans to continue an ongoing unit renovation initiative as well as upgrades to common area amenities, which include a swimming pool, grilling area, detached garages, on-site bus stop, laundry rooms and storage lockers.
The townhome community The Village of Hyde Park is located about 1.5 miles from downtown Detroit and offers 43 two-bedroom, one-and-a-half bathroom townhomes. Units at the property feature 16-foot ceilings, private patios, in-unit washers and dryers and extra storage space. Habitat will implement a full renovation campaign over the next few years, with plans to renovate unit interiors with modern finishes.
