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| Matt Fiascone |
CHICAGO, IL – Chicago-based
The Habitat Company, a leading U.S. multifamily
property developer and manager, announced it has acquired three new rental
properties.
They are:
---The Village of Hyde Park, a development of 43
townhomes in Detroit;
---Harbour Club, a 1,112-unit market-rate property in
Bellville, Mich.;
----Cedarvale Highlands, a 108-unit market-rate
community in Eagan, Minn.
Habitat’s total acquisition value was approximately $100
million for all three properties. Funding is in place for significant upgrades
and renovations at each property.
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| Located at 2154 Hyde Park Road, Detroit, MI, The Village of Hyde Park offers market-rate townhomes and is the first rental townhome property in The Habitat Company’s portfolio. |
“These acquisitions align perfectly with our forward-looking
goals for the company, which include remaining dedicated to identifying and
acquiring value-add properties that have long-term potential,” said Matt
Fiascone, president, The Habitat Company.
“All three of these properties not only meet that requirement
and expand our ownership to new markets like Minneapolis, but also support our
ongoing commitment to growing the number of communities we serve.”
Habitat added Harbour Club to the company’s growing presence
in the southeast Michigan market when it closed on the acquisition last month.
With this acquisition, Habitat’s portfolio of residential units under
management in Michigan tops 2,500.
This 1,112-unit market-rate property is located just outside
of Ann Arbor, Mich. and is approximately 15 minutes from the Detroit
International Airport and features studio, one-bedroom/one-bath and
two-bedroom/two-bath units.
Habitat has an extensive renovation plan for Harbour Club,
which includes a multi-tiered unit renovation program, clubhouse expansion,
common area renovations, and a new name and brand identity along with external
enhancements to highlight the property’s magnificent setting on Lake Belleville
and its own 9-hole golf course, which is open to both residents and the general
public.
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| Harbour Club is a 1,112-unit market-rate property located at 49000 Denton Road, Belleville, MI and was acquired by The Habitat Company last month. |
Community amenities include a swimming pool, boat docks and
boat launch, spa, fitness center, business center, and a clubhouse with a
demonstration kitchen and fireplace.
Additionally, the landscaped outdoor amenity space includes
a family-friendly courtyard and three playground areas, tennis court and sand
volleyball court.
The Village of Hyde Park is situated immediately outside of
Detroit’s vibrant downtown and offers 43 two-bedroom, 1½-bath market-rate
townhomes.
The rental townhomes feature 16-foot ceilings, private
patios with views of either the park or city, in-unit washer and dryer and extra
storage.
A full renovation program will take place over the next few
years, updating unit interiors with granite counters, stainless steel
appliances, wood plank flooring, and new lighting and plumbing fixtures.
The Village of Hyde Park is a gated community surrounded by
lush grounds and is a short drive from downtown Detroit with easy access to the
freeway.
Habitat acquired the
property in February 2019, which is within walking distance from another
Habitat property, Pavilion Apartments.
Marking The Habitat Company’s first acquisition in Minnesota, Cedarvale Highlands is a market-rate rental community located at 3908, 3916, and 3924 Cedar Grove Parkway in Eagan, MN, featuring extensive outdoor amenities, including a pool.
The Cedarvale Highlands acquisition meets Habitat’s
strategic growth plans in the Minneapolis market. Located on Cedar Grove
Parkway in Eagan, Minn., Cedarvale is located steps away from the popular Twin
Cities Premium Outlets and provides immediate access to highways and a
significant employer base.
This market-rate community offers 108 studio and one-bedroom
rental units.
Habitat will continue with a unit renovation strategy that
includes new kitchens and baths along with enhancements to the common areas and
shared spaces (both indoor and out).
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| Robin Plous |
Other property amenities include an outdoor gated pool,
grilling area, detached garages, on-site bus stop, laundry rooms and storage
lockers. Habitat closed on this acquisition in March 2019.
Habitat is also handling leasing and property management for
all three communities. For more information, please visit
www.habitat.com.
For more information
or to schedule an interview, please contact
Robin Plous at (312) 267-4512
or
rplous@taylorjohnson.com
CONTACTS:
