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Property Overview

Riverstone Townhomes

303 Baldwin Street, Jenison, MI 49428
Total Sale Price: $7,000,000
Price for Phase I: $6,400,000 (Complete Units)
Price for Land: $600,000 (Phase II*)
Existing Unit Count: 38 Units
Price per unit: $168,421 (Existing Units)
*Phase II Approved Land with Infrastructure of another 30 Units

Investment Highlights

Stabilized Asset with Upside Potential: Offers investors stable cash flow, which reduces risk on future expansion by developing Phase 2 land.

New Construction: Recently completed in 2017.  Ownership will enjoy very little capital costs for the first three to five years.

Strong Rental Submarket: Submarket occupancy exceeds 98% and subject property is 95%, thus supporting healthy annual rental rate increases.

New Financing Opportunity: The property is offered free and clear of existing debt, providing an investor the opportunity to take advantage of the highly aggressive capital markets, low interest rates, long-term financing with interest only period, and maximum leverage.

Townhome Style Units: Units offer spacious floor plans with direct access, attached garages and direct unit access. No common area to heat or maintain.

Stable and Diverse Economy: Grand Rapids metropolitan area is a dynamic and growing market with a stable and diverse economy anchored by over 90 international companies, including 4 of Forbes largest private companies, in addition to a strong medical component.

Priced Below Replacement Cost: Opportunity to own new product without the hassle and risk of the development process.

Outdoor Adventure Awaits: Proposed Grand River Greenway extension is expected to connect through the parcel behind Riverstone along the Grand River, thus providing easy access for cyclists, hikers and joggers to the current 22.2 mile Kent Trail system that extends from John Ball Park Zoo to Byron Center.  The existing trail is already very close by.  Other outdoor options include Millennium Park (1,500 acres), Johnson Park (258 acres), neighboring Wallinwood Springs Golf Club and only a 26 mile drive to the beautiful white sand beach of Holland State Park along Lake Michigan.

Contact Information
Craig Black, CCIM
Direct: 616.242.1126
Email: craigb@naiwwm.com
Scott M Nurski, MBA
Direct: 616.242.1106
Email: scottn@naiwwm.com
NAI Global Great Lakes Region
100 Grandville Ave SW Suite 100
Grand Rapids, MI 49503
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100 Grandville Ave SW Suite 100
Grand Rapids, MI 49503

The NAI Global Great Lakes Region Multifamily Team specializes in Investment Properties throughout Michigan.