MadGrey Apartments
48 Unit Apartment Building | For Sale | Lansing, MI 48912
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
- Property Type
-
Multifamily
- Square Feet
- 11,880 SF
Listing Contacts
Mike McClafferty
Verified Profile
Charley Henneghan
Verified Profile
- Property Info
Property Overview
Introducing The Madgrey (Madison) apartment complex, featuring 48 units suitable for both conventional and student housing, is approximately 2 miles northwest of MSU’s Brody Hall and the Kellogg Conference Center. Located near the intersection of Grand River and Highway 127 the building offers high visibility and easy access major thoroughfares.
The Lansing 3 portfolio (136 units) includes Highland, Walden Woods, and MadGrey. With a total of 136 units, the portfolio will present a prospective investor with a unique opportunity to acquire three stabilized assets in a flourishing student and conventional apartment market.
The operational efficiency of the assets plus superb market metrics are features that will elevate the Lansing 3 portfolio as a highly desirable multifamily investment opportunity. Unit mix is broken down as follows: Highland consists of 58 units with an average of 584 SF (45 one-bedrooms, and 11 two-bedrooms, and one three-bedroom), MadGrey is 48 units with an average of 747 SF (17 one-bedrooms, 31 two-bedrooms), Walden Woods is 30 units with an average of 533 SF (25 one-bedrooms & five two-bedrooms).
Conventional and student residents are attracted to the properties due to the quality locations with proximity to MSU and all of the surrounding freeways. The residents enjoy a comfortable lifestyle surrounded by all the benefits of a positively trending market. Further advancement of both the properties and overall East Lansing market will rely heavily upon continued growth of Michigan State University and the various major employers/institutions. These exceptional features coupled with prominence in the East Lansing market, ensure the long-term viability and success of the portfolio.
For more information visit the property website here: https://properties.berkadia.com/the-lansing-3-436334
The Lansing 3 portfolio (136 units) includes Highland, Walden Woods, and MadGrey. With a total of 136 units, the portfolio will present a prospective investor with a unique opportunity to acquire three stabilized assets in a flourishing student and conventional apartment market.
The operational efficiency of the assets plus superb market metrics are features that will elevate the Lansing 3 portfolio as a highly desirable multifamily investment opportunity. Unit mix is broken down as follows: Highland consists of 58 units with an average of 584 SF (45 one-bedrooms, and 11 two-bedrooms, and one three-bedroom), MadGrey is 48 units with an average of 747 SF (17 one-bedrooms, 31 two-bedrooms), Walden Woods is 30 units with an average of 533 SF (25 one-bedrooms & five two-bedrooms).
Conventional and student residents are attracted to the properties due to the quality locations with proximity to MSU and all of the surrounding freeways. The residents enjoy a comfortable lifestyle surrounded by all the benefits of a positively trending market. Further advancement of both the properties and overall East Lansing market will rely heavily upon continued growth of Michigan State University and the various major employers/institutions. These exceptional features coupled with prominence in the East Lansing market, ensure the long-term viability and success of the portfolio.
For more information visit the property website here: https://properties.berkadia.com/the-lansing-3-436334
Property Details
- Class
- C
- Year Built
- 1985
- Stories
- 3
- Lot Size (sq. ft)
- 16,117 SF
- Units
- 48
Highlights
- The East Lansing submarket contains over 15,000 market-rate apartments, 1Q24 occupancy exceeds 95%, and the effective rent is up 5.1% YOY.
- Minutes away from major freeways including I-96, US-127, I-69, and I-496
- Approximately 62.8% of workers within the submarket are in white collar positions.
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