Manistee & Montague Portfolio

Manistee & Montague Portfolio
Available | $11,500,000

Manistee, MI | Units: 131 | Price Per Unit: $87,786 | Avg Sq Ft: 856 | GRM: 7.53 | DSC: 1.33 | Year 1 ROI: 6.83% | Listing Agent: A.J. Beachum, J.D.

Location

Executive Summary

The Manistee & Montague Portfolio is a three-property multifamily offering, comprised of two communities located in Manistee, MI and one in Montague, MI. Built in 2002 with MSHDA financing, all three assets are former LIHTC properties that were successfully taken through the Qualified Contract Process (QCP) and were formally released from their Regulatory Agreements in September 2025. Two of the three assets remain eligible for PILOT property tax programs. Over the past five years, the portfolio has been well maintained with numerous capital improvements completed, positioning the assets for continued operational stability and rental growth.

  • Horizon Pointe – 49 Units (Manistee, MI)
    17 one-bed / one-bath units (691 sf)
    32 two-bed / one-bath units (752 sf)
  • Rietz Park Village – 48 Units (Manistee, MI)
    32 two-bed units (975 sf)
    16 three-bed units (1,213 sf)
  • Harbour Pointe – 34 Units (Montague, MI)
    20 one-bed units (691 sf)
    14 two-bed units (849 sf)