Stonecrest Apartments is a portfolio of two multi-family properties consisting of 296 units and a parcel of land in Mount Pleasant, MI. Community-wide amenities include a 24-hour clubhouse with an entertainment center, coffee bar and free Wi-Fi, a business center, 24-hour fitness center, sand volleyball court, basketball court, swimming pool with sundeck, a playground, and a dog park. The value-add potential of the organic rent increases together with an interior upgrade program provide investors with a unique opportunity to own a well-maintained and well-performing asset with tremendous potential to produce additional upside and value.

Purchase Price: $44,660,000 (Sep 2022)
Total Equity: $12,800,000
Initial Annual Yield: 8%