170 Unit Multi-Family Community. High Quality 2006 Construction. Assumable Non-Recourse CMBS financing of $9.57M with a 5.40% Interest Rate & 30 Year Amortization. Significantly Below Market Rents.

A 170-unit multifamily apartment community located on the northern edge of East Lansing, MI. The property was completed in 2006 and features a mix of One, Two and Three bedroom apartment and townhouse units.

Units are large, averaging 1,169 square feet, and feature newer finishes, open floor plans, balconies or patios, and in-unit laundry. Some apartments have vaulted ceilings and attached garages. The property has an amenity package that includes a swimming pool with hot tub, fitness center, business center, beach volleyball court, playground and business center.

Hunters Ridge is located on the far north side of East Lansing in Bath Charter Township. This is a rapidly growing area of the Lansing-East Lansing, MSA boasting population growth of 53.8% from 2000-2010. The greater metropolitan area has a total population of 464,036. The location is convenient to US-127 and I-69 and exactly 3.5 miles straight north of Michigan State University via Abbott Road.

This property has maintained consistently high occupancy with rents that are below the market. While Hunters Ridge caters to a mix of tenants including young professionals, empty nester’s, families and some students, most competing properties are targeting undergraduate students. Thus, average rents in the area are nearly 56% higher than Hunters Ridge on a per square foot basis. While it is unlikely there is quite that much upside, Hunters Ridge should be able to continue to operate as a primarily multi-family property, still be well below competing student properties and yet raise rents considerably.

The Lansing-East Lansing metropolitan area is a critical regional hub of educational, cultural, governmental, business, and high-tech manufacturing institutions. In addition to being the state capitol, the area is also home to Michigan State University, the largest university in the state, and Cooley Law School, which is the nation’s largest and most diverse law school. The Lansing-East Lansing Metropolitan Statistical Area encompasses three counties: Clinton, Eaton, and Ingham, with a total population of 464,036, according to the 2010 Census. The Lansing MSA is known colloquially as Mid-Michigan.



Ingham County is the most populous, with around 282,000 residents, while Eaton and Clinton County have 108,000 and 76,000 inhabitants respectively. The City of Lansing is the largest municipality in the MSA with a population of 114,297, followed by East Lansing (48,579) and Meridian Charter Township (39,688), which includes the unincorporated communities of Okemos and Haslett. The population of the MSA grew by 3.6% between 2000-2010 and it has never posted a decennial population loss since records have been kept. As of the 2010 American Community Survey, the median income for a household in the MSA was $47,731 and the per capita income was $23,359.



The multi-family housing market in the Greater Lansing area is currently strong and stable. In January 2014, Multifamily Executive, which uses data provided by Axiometrics, stated that the Lansing-East Lansing MSA had the second highest occupancy rate (97%) of any metropolitan area in the country, trailing only Naples, Florida. And according to REIS, Inc., the market only improved over the next two financial quarters, as the Lansing MSA had an occupancy rate of 97.2% in June 2014, according to the New York-based real estate analytics company.

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Hunters Ridge

Units  |  170

Square Ft.  |  198,800 SF

Site  |  17.46 Acres

Year Built  |  2006

Cap Rate  |  7.01%