Location

EXECUTIVE SUMMARY:

Cambridge Terrace is located on Cambridge Lane, immediately east of S. Isabella Road and south of E. Broomfield Street. As a result of this exceptional location, residents have an abundance of employment, higher education, dining, shopping and entertainment options surrounding the community. Most notably is the property’s proximity to Central Michigan University (1¼ miles), Downtown Mount Pleasant (1¼ miles), Soaring Eagle Casino & Resort (2¾ miles) and Mount Pleasant Municipal Airport (2¾ miles). In addition to these nearby schools, hospitals and employers, Cambridge Terrace is located just over a mile from US Route 127, which runs from Grayling, MI to Chattanooga, TN, offering residents easy access to the entire state and beyond.

The 120-unit Cambridge Terrace Apartments were built in 2001 and consist of sixteen 2-story buildings and a clubhouse. The property contains a very attractive mix of 24 one-bedroom units with an average size of 757 ft.2, 64 two-bedroom units with an average size of 954 ft.2, and 32 three-bedroom units with an average size of 1,203 ft.2. Notable for investors are the two sizable rehabilitations that were done to the property, both in 2018. Nearly $200,000 was invested into the Clubhouse in addition to a complete repair, seal-coat, and stripe of the parking lot. The renovations to the Clubhouse and Office included new paint, LVT flooring, carpet, the installation of a key-fob entry system, fireplace, new TV, new furniture, new pool table, and two resident computers with a printer. In addition to the Clubhouse and parking lots, as of June 2019, 62 units have undergone full renovations. 22 of the units that were renovated include new carpet, paint, and kitchens (standard unit), while the remaining 40 include new paint, carpet, kitchens, LVT throughout, medicine cabinets, bathroom vanities and washer & dryers.