Multifamily V Michigan

Habitat Company purchases trio of apartment communities in Midwest

Habitat Company purchases three apartment communities,ph01
Village of Hyde Park

Chicago-based The Habitat Company has acquired three rental properties: The Village of Hyde Park, a development of 43 townhomes in Detroit; Harbour Club, a 1,112-unit market-rate property in Bellville, Michigan; and Cedarvale Highlands, a 108-unit market-rate community in Eagan, Minnesota.

Habitat’s total acquisition value was about $100 million for all three properties. Funding is in place for significant upgrades and renovations at each property.

Habitat added Harbour Club to the company’s growing presence in the southeast Michigan market when it closed on the acquisition last month. With this acquisition, Habitat’s portfolio of residential units under management in Michigan tops 2,500.

This 1,112-unit market-rate property is located just outside of Ann Arbor, Michigan, and is about 15 minutes from the Detroit International Airport. The community features studio, one-bedroom/one-bath and two-bedroom/two-bath units.

Habitat has an extensive renovation plan for Harbour Club, which includes a multi-tiered unit renovation program, clubhouse expansion, common area renovations, and a new name and brand identity along with external enhancements to highlight the property’s magnificent setting on Lake Belleville and its own 9-hole golf course, which is open to both residents and the general public.

Community amenities include a swimming pool, boat docks and boat launch, spa, fitness center, business center, and a clubhouse with a demonstration kitchen and fireplace. Additionally, the landscaped outdoor amenity space includes a family-friendly courtyard and three playground areas, tennis court and sand volleyball court.

The Village of Hyde Park is situated immediately outside of Detroit’s downtown and offers 43 two-bedroom, 1½-bath market-rate townhomes.

The rental townhomes feature 16-foot ceilings, private patios with views of either the park or city, in-unit washer and dryer and extra storage. A full renovation program will take place over the next few years, updating unit interiors with granite counters, stainless steel appliances, wood plank flooring, and new lighting and plumbing fixtures.

Habitat acquired the property in February 2019, which is within walking distance from another Habitat property, Pavilion Apartments.

The Cedarvale Highlands acquisition meets Habitat’s strategic growth plans in the Minneapolis market. Located on Cedar Grove Parkway in Eagan, Cedarvale is located steps away from the Twin Cities Premium Outlets and provides immediate access to highways and a significant employer base. This market-rate community offers 108 studio and one-bedroom rental units.

Habitat will continue with a unit renovation strategy that includes new kitchens and baths along with enhancements to the common areas and shared spaces (both indoor and out). Other property amenities include an outdoor gated pool, grilling area, detached garages, on-site bus stop, laundry rooms and storage lockers. Habitat closed on this acquisition in March 2019.

Habitat is also handling leasing and property management for all three communities.