Location

EXECUTIVE SUMMARY:

The Portfolio consists of: 40 West Apartments (16U) and The Prescott Apartments (24U). In total there are 40 units and the properties are approximately ¼ mile from each other. The Portfolio as a whole is operating at 93% economic occupancy; however, it is management’s expectation that occupancy will once again reach 100% with the summer months approaching.
This Portfolio provides investors with an incredible opportunity to acquire two extremely well located assets in one of the strongest rental markets in the Midwest. There’s also a value-add component to this offering through management efficiencies and a reduction in the operating expenses. Notable for investors is the in-place Tax Exemption Period that will be maintained for 11 more years. This program greatly improves the cash-flow position of these assets by keeping the taxes below market levels.

PROPERTY – 40 WEST:
40 West is located along West 3rd avenue, one block from the intersection of 3rd and N. High St. This strategic location less than one mile from the city center, and in the heart of Short North provides residents with an abundance of shopping, entertainment and employment opportunities. This low-rise community was built in 2015 and outfitted with high-end appointments such as: stainless steel appliances, granite counters, LVT flooring, in-unit washer and dryers (in select units) and a parking garage. Notable for investors is the fact that all utilities at the property are separately metered and the responsibility of the tenant.
The unit breakdown at 40 West provides a diverse mix of studio, one and two-bedroom units ranging from 345 to 1,346 square feet, with the penthouse units including an additional half bath. Rental rates at 40 West range from $799 on the low-end to as high as $2,199 for a two-bedroom, two and one half bath unit. More impressive than these Street Rents is the price-per-square foot that this asset commands, which is $1.54 on the low-end and as high as $2.87 per foot on the high-end.

THE PRESCOTT:
The Prescott is located along Prescott street, one block from the intersection of Prescott and N. High St. As with it’s sister property, this strategic location less than one mile from the city center, and in the heart of Short North provides residents with an abundance of shopping, entertainment and employment opportunities. This Prescott was built in 2015 and outfitted with high-end appointments such as: stainless steel appliances, granite counters, LTV flooring, in-unit washer and dryers (in select units) and a parking garage. Notable for investors is the fact that all utilities at the property are separately metered and the responsibility of the tenant.
The unit breakdown at The Prescott includes a mix of studio, one-bedroom and one-bedroom, bath and a half units ranging from 463 to 1,000 square feet. Rental rates at The Prescott range from $999 on the low-end to as high as $1,999 for a one-bedroom, one and one half bath unit. More impressive than these Street Rents is the price-per-square foot that this asset commands, which is $1.80 on the low-end and as high as $2.32 per foot on the high-end.

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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