Pinefield Condominiums Apartments
Sale Price: Subject to Market
Property Type: Townhomes
Unit Count: 213 Units
Average Unit SF: 1,395 SF
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Institutional Size Asset with a Condominium Neighborhood Feel
NAI Wisinski Great Lakes (member NAI Global) is pleased to present the exclusive offering of Pinefield Condominiums Apartments, a quality Class “B” apartment community offering an impressive array of site and unit amenities. This sizeable asset provides economies of scale for staffing and operations. The asset consists of 212 condominium/townhome style apartments and one single family home. The townhome units were constructed in three phases with Phase I delivered in 2003, Phase II in 2016 and Phase III in 2017.
Tenants enjoy a neighborhood style site plan without the parking lots, carports and dumpster corrals typical of most apartment communities. Each unit offers a private entrance, attached garage with private driveway, and no residents living above or below the unit. There are very few competing assets in the Kalamazoo/Portage market with a similar neighborhood configuration.
The site plan includes visitor parking along the internal streets, additional garage/storage units, a common enclosed trash compactor for all residents, a mailbox kiosk and coach-style streetlamps. Other common amenities include a well amenitized clubhouse with heated indoor pool, large dog park and playground. The spacious grounds feature underground sprinkling.
The property has been very well maintained and boasts a significant amount of recent capital improvements.
Exceptional Performing Asset in a Strong Rental Submarket
The asset has a strong operating history and continues to perform very well, in part due to incredibly favorable income and population demographics. Several unit types currently have a waiting list for potential new tenants. Rents are significantly above market average, mostly due to large unit sizes. However, the owner continues to raise rents while maintaining an 98.6% occupancy. Submarket occupancy exceeds 97% and annualized rent growth for the Kalamazoo/Portage/Battle Creek area is 7.33% (Q1 2021 – Costar), thus supporting healthy annual rental rate increases.
Pinefield Condominiums Apartments presents a compelling opportunity to increase existing rents by implementing unit finish upgrades with an associated rent premium of at least $100 - $300 per unit, depending on existing finishes. In addition, most rents for in-place leases are significantly under market.