400 Maynard, University of Michigan
Off market transaction from long term owner (son of 1970s developer)
A+ location adjacent to campus in supply constrained market.
Property wasn’t marketed as a student housing property by previous owner. •Long term tenants resulted in rents 30% under market.
Unit mix comprised primarily of highly desirable studios and one bedrooms. New purpose built properties in this market rarely offer studios and one bedroom units, thus limiting new competition.
Investment Strategy Highlights
Complete rebrand and reposition from quasi conventional to student oriented housing.
Negotiated better terms with retail tenants and converted vacant retail space into leasing office and community gym. This gave the leasing office frontage on a street with significant pedestrian traffic.
The original leasing office was difficult for prospects to locate and was converted into an additional unit to increase revenue.
Renovated 70% of the unit interiors with new appliances, quartz counter tops, vinyl plank flooring, cabinet faces, furniture, appliances, and fixtures throughout.
Updated and redesigned the lobby, hallways, and created a community roof deck amenity.