Location

EXECUTIVE SUMMARY:

Hidden Brook Manor Apartments is a senior community comprised of a ranch-style building containing a total of 32 units with ample parking. The property is located close to Historic Downtown Alpena, and a short drive all the local attractions, shopping, dining, theater and other various forms of entertainment such as the Alpena Wildlife Sanctuary, NOAA, The Jessie Besser Museum, Alpena Community College, Besser Elementary and more.
As for the property itself, Hidden Brook Manor is comprised of 24 one-bedroom apartment units (approximately 700 sq.ft.) and 8 two-bedroom apartments units (approximately 780 sq.ft.). The property was built in 1986 and has been exceptionally well maintained over its lifetime with recent replacement of the roof. The utility structure at the property includes a landlord-paid, hot-water base-board heat and the in-unit electricity is separately metered and the responsibility of the tenant.

Pinecrest Manor Apartments is also a senior community comprised of 44-units in a ranch-style building with ample parking adjacent to the building. Pinecrest Manor is adjacent to Hidden Brook Manor.
As for the property itself, Pinecrest Manor is comprised of 34 one-bedroom apartment units (approximately 700 sq.ft.) and 10 two-bedroom units (approximately 780 sq.ft.). The property was built in 1986 and has been exceptionally well maintained over its lifetime and has received numerous capital improvements including: roofs, asphalt parking lot, and new boiler. The utility structure at the property includes a landlord-paid, hot-water base-board heat and the in-unit electricity is separately metered and the responsibility of the tenant. The property amenities include a community room, a puzzle room, an outdoor pavilion and a Sunroom; Onsite Cable TV, private & secure heated foyers with Main foyer intercom & door buzzer systems.

Currently, Hidden Brook Manor and Pinecrest Manor are both part of the U.S.D.A.’s Rural Development Program. The existing financing is subsidized through the government, and in exchange, the rental rates are restricted and set by RD each year. Additionally, RD administers significant control over the operation of the complex, requiring annual budgets to establish a balanced income and expense, to provide negligible cash flow. Hidden Brook Manor and Pinecrest Manor are being offered to the market via the “Prepayment Program,” whereby the asset is officially removed from the government program. All loans were originated prior to 1989 thus eligible for prepayment. This process enables an investor to operate the communities outside of governmental control by increasing rents and having no limit on cash flow.

MEET OUR TEAM

GregoryDCoulter

Founder & Managing Member Michigan

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Jason Gardner

Associate Broker, Michigan

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J.J. Zwada

Associate Broker, Michigan | Managing Broker, Indiana

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A J Beachum

Associate Broker, Michigan | Broker, Ohio

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Bruce Lister

Sales Associate Michigan and Ohio

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John Teringo

Sales Associate Michigan and Ohio

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Joseph Crane

Sales Associate Michigan

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Paul McHugh

Sales Associate Michigan and Ohio

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Matt Seeley

Associate Broker, Michigan | Executive Assistant

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Sales Associate, Michigan | Broker, Indiana

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