Location

EXECUTIVE SUMMARY:

Sterling Hill Apartments is located at 5871 Althea Street near the intersection of 23 Mile Road and Mound Road in Shelby Township. It was built in 1970 and consists of a four 2-story buildings. The property contains a very attractive unit mix of thirteen one-bedroom and twenty-five two-bedroom units.

The current owners have spent $450,000 so far on an extensive renovation. As it relates to the exterior, they have replaced the roofs, soffit/fascia, gutters, lights, asphalt work, signage, landscaping, shutters, doors, septic field, etc. As it relates to the interior, they have replaced two boilers, lights, fire extinguishers, signage, flooring, laundry machines, etc. When a unit is fully rehabbed, they address the flooring, carpet, cabinets, lights, plugs, switches, and the doors. The property is currently 95% occupied.

Shelby Township is a northern suburb of Detroit, located roughly 15 miles north of the city. As of the 2000 census, the township had a total population of 65,159. The 2010 Census places the population at 73,804. Shelby Charter Township is one of the fastest growing communities in Metro Detroit. Amazon confirms that it is opening a 1 million-square-foot distribution center in Shelby Township that is expected to create 1,000 new jobs. This distribution center will only be about a half mile from Sterling Hill. “Amazon’s announcement to open another new fulfillment center in Michigan once again shows the company’s commitment to our state and the great people who live here,” Governor Snyder said in a written statement. “As we continue to see an increasing convergence between the tech and manufacturing sectors, Amazon’s continued investment here proves the value of Michigan’s diverse, hard-working talent pool and reformed business climate.”