Beverly Place Apartments 105-Unit Multifamily Portfolio

FOR SALE BEVERLY PLACE APARTMENTS 105-UNIT MULTIFAMILY PORTFOLIO

JDS REAL ESTATE SERVICES, INC. 01 EXECUTIVE SUMMARY TABLE OF 02 PROPERTY DESCRIPTION

CONTENTS 03 FINANCIALS

EXCLUSIVELY LISTED BY 04 COMPARABLES

KIDDER MATHEWS JDS REAL ESTATE SERVICES, INC. 05 MARKET OVERVIEW CHRIS ARMES, PRIMARY BROKER JENNIFER D. STEIN, CO-BROKER 760.613.9200 213.446.5366 [email protected] [email protected] LIC N° 01379750 LIC N° 6505385865 06 DEVELOPMENT BOOM KIDDER.COM JDS REAL ESTATE SERVICES, INC.

The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Kidder Mathews and should not be made available to any other person or entity without the written consent of Kidder Mathews. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Kidder Mathews has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Kidder Mathews has not verified, and will not verify, any of the information contained herein, nor has Kidder Mathews conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. This information has been secured from sources we believe to be reliable. We make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Recipient of this report must verify the information and bears all risk for any inaccuracies. E KALAMAZOO ST LANSING, MI

EXECUTIVE SUMMARY & PROPERTY DESCRIPTION FINANCIALS & COMPARABLES

SUBJECT PROPERTY E KALAMAZOO ST E KALAMAZOO

KIDDER.COM $83.42 $42,000

PRICE/SF PRICE/UNIT

EXECUTIVE 105 Lansing, MI SUMMARY TOTAL UNITS SUBMARKET

toilets, aerators, and faucets. The Situated adjacent to Lansing’s building’s units feature high-speed INVESTMENT SUMMARY central business district, Beverly internet access, ceiling fans, and Place contains 105 one-, two- and cable ready hookups; many units Price $4,200,000 three-bedroom units across three also enjoy balconies and patios. stories. The 83 one-bedroom, one- Average Price/Unit $40,000 bathroom units, 21 two-bedroom, Residents of Beverly Place enjoy the use of community laundry facilities Price/SF $77.85 one bathroom units and 1 three- and a surface parking lot. The Cap Rate bedroom, one-bathroom unit. 7.3% property benefits from its location (2020 Revenue) directly across from Lansing’s 13- acre Hunter Park and its recently- GRM 5 BEVERLY PLACE renovated pool and splash pad. Number of Units 105 Originally built in 1961/1972, Michigan State University, Frandor Beverly Place began renovations Shopping Center and the rest of Total Portfolio SF 53,944 in 2016 where 83% of the units have downtown Lansing are also nearby, been fully renovated, including the providing Beverly Place’s residents installation of new water saving with ample area amenities.

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 4 PROPERTY SUMMARY

Address 1401 E Kalamazoo

Year Built 1961

Number Of Buildings 5

Number Of Stories 3

Gross Building Size 53,944 SF

Parking Surface Lot 1 Space per unit

Number Of Units 105 1 Bed x 1 Bath (83) Unit Mix 2 Bed x 1 Bath (21) 3 Bed x 1 Bath (1) Assessor’s Parcel # 01-01-15-407-081

Rental Restrictions 3 Pet Limit | Breed Restrictions Electricity, Gas, Water & Sewer, Tele- Utilities BEVERLY phone & Internet Construction Wood Frame PLACE Type Of Building Garden Style Low Rise

OFFERING TERMS Price $4,200,000

Price/Unit $40,000

Price/SF $77.85

# of Units 105

Year Built / Renovated 1972 / 2017

Building Size 53,944 SF

Lot Size 4.05 Acres Cap Rate 7.3% (2020 Revenue)

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 5

UNIT AMENITIES

High Speed Internet Heating Smoke Free Garbage Disposal Balcony Air Conditioning Ceiling Fans Wired for Cable Carpeting

APARTMENT HIGHLIGHTS

Self-Service Laundry Walk Score | 63 Across from Hunters Park Close proximity to Frandor Shopping Center, Michigan State University & Downtown Lansing 4.7 mi to Capital Region International Airport

NEARBY SCHOOLS

Riddle Elementary School Pattengill Academy Eastern High School

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 6 FORWARDS LOOKING 2020 FINANCIAL SUMMARY BEVERLY PLACE ANNUALIZED OPERATING DATA

Current

renovated pool and splash pad. Michigan Gross Potential Rent $847,800 State University, Frandor Shopping Center BEVERLY PLACE Vacancy $41,760 and the rest of downtown Lansing are also Situated adjacent to Lansing’s central nearby, providing Beverly Place’s residents Loss to Lease $-26,892 business district, Beverly Place contains with ample area amenities. Other Income $0 107 one-, two- and three-bedroom units across three stories. The 83 one-bedroom, Total Income $779,148 POTENTIAL RE-DEVELOPMENT one-bathroom units, 20 two-bedroom, one bathroom units and 1 three-bedroom, two- Although the portfolio is currently bathroom unit. Originally built in 1961/1972, positioned as workforce housing, Beverly Beverly Place began renovations in 2016 Place can be a significant Re-development ANNUALIZED OPERATING DATA where 83% of the units have been fully play. Beverly is well located between the renovated, including the installation of University and Downtown Lansing. The Current new water saving toilets, aerators, and entire corridor between Michigan State Taxes $82,392 faucets. The building’s units feature high- and Downtown is currently under major re- Insurance $21,845 speed internet access, ceiling fans, and development. A new Hospital is being built cable ready hookups; many units also enjoy in close proximity to the property as well On-Site Payroll $164,611 balconies and patios. as high-end Multi-Family, Condominium, and Retail assets. It is part of the cities Management Fee $32,987 Residents of Beverly Place enjoy the use of development plan to significantly upgrade Contract Services $7,209 community laundry facilities and a surface the corridor in the past and future years. parking lot. The property benefits from its They are very pro-development in the Repairs and Maintenance $19,339 location directly across from Lansing’s corridor. A 300 unit mixed-use project is Legal & Collection $15,385 13-acre Hunter Park and its recently- high on the city plannings list for the site. Telephone/Internet $4,385 Garbage Removal $2,990 Electricity $28,188 Gas $27,622

Sewer and Water $43,149 Misc. & Reserves $21,200 Total Operating Expenses $471,302

Net Operating Income $307,846

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 7 FINANCIALS

BEVERLY PLACE PRICING AND UNDERWRITING

Address Price Price/Unit Price/SF CAP Rate

BEVERLY PLACE 1401 E Kalamazoo $4,200,000 $40,000 $77.85 7.3% Lansing, MI 48912

UNIT MIX

Gross Potential Unit Type Number of Units Average SF Price/Unit Price/SF Monthly Rent

BEVERLY PLACE: 1 Bed, 1 Bath 83 472 $650 $1.38 $53,950

BEVERLY PLACE: 2 Bed, 1 Bath 21 672 $750 $1.12 $15,750

BEVERLY PLACE: 3 Bed, 1 Bath 1 2,000 $950 $0.48 $950

Total/Weighted Avg 105 Units 53,944 $692/Unit $1.10/SF $70,650

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 8 LANSING CATHOLIC HIGH SCHOOL EASTSIDE Oak Park Frandor Shopping Center

WEST LANSING Sparrow Hospital Reutter Hunter Park Municipal Park Park

BEVERLY Transportation Museum RED Cedar PLACE Natural Area

Scott GM Grand River Park Assembly Plant Crego Park

POTTER PARK ZOO

Lansing Railroad Depot Lansing Country Club Carl G Fenner MICHIGAN STATE Arboretum UNIVERSITY

Forest Akers Golf Course

Scott Woods Park

EVERETT HIGH SCHOOL

WAINWRIGHT ELEMENTARY OLD EVERETT NEIGHBORHOOD Risdale Park Cavanaugh Park RIO ELEMENTARY

SCHOOL N Jolly Cedar Plaza Benjamin Davis Park

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 9 SALES COMPARABLES

BELMONT PARK, MARVIN GARDENS & BEVERLY PLACE # of Year Address Units Built Price Price/Unit Price/SF CAP Rate Sale Date

01 AUTUMN RIDGE APARTMENTS Common 618 1977 $34,500,000 $55,825 — 5/22/2014 900 Long Blvd laundry Lansing , MI 49811

02 WOODLAND LAKES APARTMENT 344 2004 $31,500,000 $91,570 $82.85 6.85% 6/30/2014 4320 Dell Rd Lansing, MI 48911

03 WATERS EDGE 7530 Waters Edge 120 1996 $7,000,000 $58,333 $51.07 7.45% 1/23/2015 Lansing, MI 48917

04 PLUMTREE APARTMENTS 229 Parkwood Dr 406 1969 $20,200,000 $49,754 $40.18 6.95% 3/29/2016 Lansing, MI 48917

05 FAIRFAX APARTMENTS 831 Brookside Ln 156 1988 $14,600,000 $93,590 $98.17 5.75% 12/9/2016 Lansing, MI 48917

06 SANDSTONE CREEK APARTMENTS 169 1975 $7,700,000 $46,107 $50.59 7.00% 2/26/2017 1110 Jenne St Lansing, MI 48917

07 ASHTON LAKE APARTMENTS 120 1989 $8,500,000 $70,833 $72.73 - 6/15/2018 2610 Marfitt Rd Lansing, MI 48911

08 RIVERSHELL APARTMENTS 3615-3625 136 1968 $5,600,000 $41,176 $49.12 - 03/29/18 Bayview Dr Lansing, MI 48911

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 10 7

6 EASTSIDE 4 WEST LANSING

BEVERLY PLACE

8 LANSING, MICHIGAN

OLD EVERETT NEIGHBORHOOD

2 N 1

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 11 RENT COMPARABLES

BELMONT PARK & MARVIN GARDENS # of Year Unit Type Address Units Built BD/FB/PB Unit SF Qty Rent Rent/SF

01 PLUMTREE APARTMENTS 1/1/0 664 64 $695 - $820 $1.05 - $1.23 2/1/0 900 204 $755 - $890 $0.84 - $0.99 406 1969 229 Parkwood Dr 2/1/1 950 50 $805 - $910 $0.85 - $0.96 Lansing, MI 48917 3/1/1 1,166 88 $940 - $960 $0.81 - $0.82

02 900 WEST TOWNHOMES 2/1/1 892 80 $875 - $930 $0.98 - $1.04 160 1995 900 Edgewood Blvd 3/2/1 1,211 80 $1,020 - $1,190 $0.84 - $0.98 Lansing, MI 48911

03 WILLOW POND APARTMENTS 2/1/1 1,000 34 $875 $0.88 7500 Yellow Wood Rd 136 1998 3/2/1 1,200 85 $985 $0.82 Lansing, MI 48917 4/2/0 1,400 17 $1,150 $0.82

04 EDGEWOOD VILLAS 1/1/0 720 18 $638 $0.89 1010 W Edgewood Blvd 150 2004 2/1/1 925 90 $794 $0.86 Lansing MI 48911 3/1/1 1,120 42 $871 $0.78

05 RESIDE 3031 APARTMENTS 1/1/0 615 81 $585 - $635 $0.95 - $1.03 3031 S Washington Ave 138 1965 2/1/0 755 17 $685 - $720 $0.91 - $0.95 Lansing MI 48910 2/1/0 885 40 $695 - $740 $0.79 - $0.84

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 12 RENT COMPARABLES

BEVERLY PLACE # of Year Unit Type Address Units Built BD/FB/PB Unit SF Qty Rent Rent/SF

01 STADIUM DISTRICT 1/1/0 597 10 $1,043 $1.75 APARTMENTS 2/2/0 910 16 $1,254 $1.38 42 2007 500 E Michigan Ave 2/2/0 925 1 $1,368 $1.48 Lansing, MI 48912 2/2/0 1,250 15 $1,677 $1.34

02 VINE STREET APARTMENTS 0/1/0 467 1 $407 $0.87 1418 Vine St 14 1966 1/1/0 703 6 $561 $0.80 Lansing, MI 48912 2/1/0 893 7 $637 $0.71

03 MOTOR WHEEL LOFTS 1/1/0 724 94 $1,172 $1.62 2/1/0 1,386 3 $2,210 $1.59 119 2006 707 Prudden St 2/2/0 1,430 18 $2,650 $1.85 Lansing, MI 48906 3/2/0 1,610 4 $2,935 $1.82

04 JI CASE LOFT 1/1/0 965 1 $1,245 $1.29 2/1/0 1,100 1 $1,617 $1.47 21 2013 113 Pere Marquette Dr 2/1/0 1,680 1 $2,460 $1.46 Lansing MI 48912 2/2/0 1,370 18 $1,888 $1.38

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 13 3

8 EASTSIDE WEST LANSING 7 1 6 9 BEVERLY PLACE

OLD EVERETT NEIGHBORHOOD

4 2 N

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 14 MARKETING OVERVIEW

THREE-PROPERTY, 282-UNIT MULTIFAMILY PORTFOLIO LANSING MARKET OVERVIEW

KIDDER.COM Lansing is the capital of the US Michigan”, is an important center for educational, state of Michigan. It is mostly in cultural, governmental, commercial, and industrial Ingham County, although portions functions. The area is home to two medical schools, of the city extend west into Eaton one veterinary school, two nursing schools, two law schools—including Western Michigan University and County and north into Clinton Michigan State University—a Big Ten Conference County. university (Michigan State), the Michigan State Capitol, the state Supreme Court, the Court of Appeals, a The 2010 Census placed the city’s federal court, the Library of Michigan and Historical population at 114,297, making it Center, and headquarters of four national insurance the fifth largest city in Michigan. companies The population of its Metropolitan Statistical Area (MSA) was 464,036, As the capital city of Michigan and next-door neighbor while the even larger Combined to one of the state’s major universities, Lansing attracts Statistical Area (CSA) population, people from all across the region and benefits from a which includes Shiawassee County, culturally diverse landscape. Downtown is a charming, was 534,684. It was named the new historic district along the Grand River. The Michigan state capital of Michigan in 1847, State Capitol overlooks a walkable collective of ten years after Michigan became storefront shops, cafes, and bars, mainly situated along LANSING, a state. South Washington Square. Lush riverside parks like Hawk Island and Scott Woods give the locals scenic The Lansing Metropolitan Area, areas to picnic, exercise, or just hang out and enjoy MICHIGAN colloquially referred to as “Mid- the scenery.

472,400

METRO POPULATION

$98,440

AVERAGE HOUSEHOLD INCOME

$98,484

MEDIAN HOME PRICE

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 16 FLOURISHING METROPOLITAN AREA

Suites is among four hotels in various stages of construction across Greater Lansing. $24.4 B Another three are approved and slated to hundred million dollars and General Motors open within the next few years. Four more IN GROSS METRO PRODUCT have recently invested $580 Million in local hotels are still in the early planning stages. expansion efforts, helping fuel Lansing’s strong Rated as the 3rd best economy annual job growth and low unemployment In addition to the strong employment in the mid-west, Lansing is figures. Developers continue to invest in drivers, the market enjoys a robust average experiencing strong economic multi-million dollar mixed-use projects in household income of over $98,000 in Q1 11.3% growth and development downtown Lansing, with private investment of 2017. The annual average household throughout its neighborhoods, in development experiencing a strong surge income has enjoyed a positive growth rate COST OF LIVING (BELOW NATIONAL AVERAGE) leading to a metropolitan area in the post-recession years. Overall, Lansing in every year since 2005. The high average with high sustained demand for remains poised for steady and stable growth household income is derived from several multifamily properties. over the long term. high paying employment opportunities in Lansing. Other Primary drivers of high Each year, 4.8 million people visit the region, income employment include, education, 1.5% Major employers such as Jackson helping to generate an economic impact of with the Michigan State University and National Life Insurance Co. $1.1 billion, according to the visitors bureau. medical jobs with Sparrow Health System, PROJECTED JOB GROWTH recently investing upward of one To that end a $15-million Hilton Homewood which is the largest health system in the area.

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 17 INVESTMENT HIGHLIGHTS

FLOURISING METROPOLITAN AREA

Vanacy Vacancy Asking Asking Rent Population Household Average HH Average HH Employment Year Rate Change Rent Change Population Change Households Change Income Income Change Employment Change

2012 3.0 -130 (BPS) $732 2.5% 467,300 0.2% 187,540 0.7% $88,825 2.8% 217,100 0.5%

2013 2.9 -10 (BPS) $748 2.2% 469,110 0.4% 189,260 0.9% $88,043 -0.9% 221,900 2.2%

2014 2.8 -10 (BPS) $762 1.9% 471,270 0.5% 190,910 0.9% $90,785 3.1% 222,670 0.3%

2015 2.0 -80 (BPS) $784 2.9% 472,540 0.3% 192,070 0.6% $94,836 4.5% 226,500 1.7%

2016 2.2 20 (BPS) $812 3.6% 473,670 0.2% 192,940 0.5% $97,645 3.0% 233,170 2.9%

2017 2.1 -10 (BPS) $818 0.7% 474,320 0.1% 194,250 0.7% $101,765 4.2% 236,530 1.4%

2018 2.0 -10 (BPS) $829 1.4% 474,790 0.1% 195,470 0.6% $105,617 3.8% 239,230 1.1%

2019 2.0 0 (BPS) $848 2.2% 475,140 0.1% 196,730 0.6% $109,591 3.8% 241,250 0.8%

2020 2.1 10 (BPS) $871 2.8% 475,380 0.1% 197,920 0.6% $113,261 3.3% 242,120 0.4%

2021 2.2 10 (BPS) $894 2.6% 475,760 0.1% 199,120 0.6% $116,392 2.8% 242,500 0.2%

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 18 INVESTMENT VACANCY RATE DISTRIBUTION HIGHLIGHTS CONTINUED 100 80

0 national average growth rate of ABOVE-AVERAGE MSA 2.3%. Occupancy throughout the Under 4.3% 8.6% 12.9% 17.2% 21.5% 25.8% 30.1% MULTIFAMILY PERFORMANCE market is equally strong. Market 4.2% 8.5% 12.8% 17.1% 21.4% 25.7% 30.0% Over

Throughout the Lansing-East forecast in the next 3 years puts Number of Properties Lansing metropolitan statistical area, Lansing in the top 3 economies rental apartment activity has been in the midwest and the top 20 strong in recent quarters. Effective nationally. With an occupancy rate ASKING RENT COMPARISONS rents grew by 1.9% between the of 98 % in the second quarter of first and second quarters of 2017, 2017; since 2011, the overall rate of $2,000 corresponding to a 3.7% annual occupancy throughout the market growth rate; this far exceeds the has averaged a robust 97%. $1,500

$1,000

$500

VACANCY RATE DISTRIBUTION Studio 1 Bed 2 Bed 3 Bed Low 25% Mean Median 75% High Lansing Midwest US 0.0% 1.0% 2.0% 1.6% 2.7% 10.4% ASKING RENT PER SF

$2.50 UNIT MIX RENT DETAILS $2.00 1Q 2017 Avg SF YTD 1 Year $1.50 Studio/Efficiency $611 524 -4.8% 5.8%

1 Bedroom $679 680 -1.6% 3.9% $1.00

2 Bedroom $862 976 0.6% 2.9% $0.50

3 Bedroom $1,138 1,240 0.9% 6.1% 0

Avg over Studio 1 Bed 2 Bed 3 Bed 3/31/17 12/31/16 period ending Lansing Midwest US

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 19 DEVELOPMENTS

LANSING, MICHIGAN

Address Description

01 SPARROW HEALTH SYSTEMS Sparrow Health System is developing a $64 Million five story Herbert-Herman cancer center. The glass-fronted 132,000 square foot building will house all of the health system’s cancer treatments under one roof for the first 1215 E Michigan Ave time. Complimenting the hospital will be a new dining area, called the Gathering Place featuring a full service Lansing, MI Starbucks.

02 SPARROW HEALTH SYSTEM HEALTH CENTER & LABORATORY Also in development is the $20 Million, three-story health center which is set to partially open in November for primary care services. Sparrow Health System is nearing completion of a $10 million Sparrow Reference labora- 1210 W Saginaw St tory. The 35,000 sf facility will house labs located within the St. Lawrence campus. Lansing, MI

03 LOC PERFORMANCE PRODUCTS LOC Performance Products announced a $96.5 million expansion to the 1600 N. Larch St property. The expan- 1600 N. Larch St sion will provide 700 new jobs and is expected to create a huge economic boost in the area. Lansing, MI

04 SCHOOL FOR THE BLIND PROJECT Indianapolis-Based TWG Development will redevelop the former Michigan School for the Blind to low-income senior housing. At $24.4 million the plan includes creating 72 multi-family units and 60 senior units between 3 656 W Maple St buildings. Lansing, MI

05 REO TOWN INVESTMENT - REO town has seen a $500,000 investment that will allow for development of a brewery and pottery studio. THE VENUE AT EAST TOWN Lansings East Side is the site of “The Venue at East Town”, a $5 million 4 story development that will have 39 2010 – 2020 East, Michigan Ave apartments atop retail space on the first floor. The Gillespie Co. Strange Matter Coffee and Rajje’s Taphouse have Lansing, MI been named as tenants.

06 500 SOUTH WASHINGTON AVENUE Urban Systems purchased the 500 South Washington Avenue block in the beginning of 2018. 500 South Washington Avenue The development plans for the property include building a five-to eight-story 170-unit apartment building. The Lansing, MI building will also have retail space on the SW corner of Washington Avenue and Lenawee Street.

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 20 DEVELOPMENTS

LANSING, MICHIGAN

Address Description

07 ARCADIA ALES & SMOKEHOUSE Lansing developer Kris Elliot of Urban Feast obtained the licensing from Arcadia Brewing Co. to build a brewpub and restaurant at 2101 E. Michigan Ave. The 10,000-square-foot brewpub will serve Arcadia brands and 2101 E Michigan Ave will also brew six Lansing-only beers on site. The project will also include an outdoor patio to accommodate 150 Lansing, MI people.

08 Ballein Management of East Lansing has partnered with a Chicago developer to build two 12-story buildings CENTER CITY DISTRICT in downtown East Lansing. The first building would be located on the 100 block of East Grand River Avenue Albert Ave and Grand River Ave and would include apartments with a grocery store on the first floor. The second would be built in City Lot 1 off Lansing, MI Albert Avenue. It would include retail space on the first floor, a parking deck on the next five levels and housing for people 55 and older in the top six floors.

09 HILTON HOMEWOOD SUITES Hilton Homewood Suites will be the third hotel built since 2015 at the Heights in Eastwood in Lansing Township. 2201 Showtime Dr Hyatt Place and Fairfield Inn both opened within the last two years at the heights. The 7 story hotel, located next Lansing, MI to Walmart, will have 139 rooms.

10 SPRINGHILL SUITES A $10-million Spring Hill Suites hotel will be built at the former Howard Johnson motel at 1100 Trowbridge Road BY MARRIOTT in East Lansing. The four-story hotel will have 88 rooms, a swimming pool and a fitness center. A one-story retail 1100 Trowbridge Road building will also be constructed on the site, which will accommodate four tenants, anchored by a restaurant and Lansing, MI a drive-thru coffee shop.

11 COSTCO A 157,000-square-foot retail warehouse is being built at 5800 Park Lake Road, the site of the former Four Winds 5800 Park Lake Rd Golf Course. When it opens, Costco will employ 150 people. The $30-million project includes a tire center and a Lansing, MI standalone gas station that will have 24 pumps.

12 MARKETPLACE APARTMENTS Developer Pat Gillespie is building more riverfront apartments in downtown Lansing. The expansion of Mar- ketplace apartments will add 79 rental units to the area, half of which overlook the Grand River while the rest 313 N Cedar St overlook the Cooley law School Stadium. The apartment complex will have a rooftop patio and amenities that Lansing, MI take advantage of the riverfront, though specifics have not yet been announced.

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 21 DEVELOPMENT BOOM

THREE-PROPERTY, 282-UNIT MULTIFAMILY PORTFOLIO LANSING DEVELOPMENT BOOM

KIDDER.COM LANSING DEVELOPMENT BOOM

DEVELOPMENT BOOM The already up and coming metropolitan area of development organization Lansing Economic Area Lansing is continuing to see an increase in population Partnership Inc. following a huge development boom. Recent job EMPLOYMENT & JOB GROWTH growth significantly outpaced the national average with According to data from the Lansing Economic the unemployment rate at 4.5%. In the upcoming few Development Corp., the city’s economic development 1.5% Projected Annual Job Growth years alone, Lansing will undergo multiple business arm that contracts with LEAP, there has been more than expansions equaling upwards of $397 million dollars, $2.2 billion in private investment in the city of Lansing 4.5% Unemployment creating hundreds, maybe even thousands of new alone over the past 10 years. A bulk of that — nearly $51,386 Median Household Income jobs. Sparrow Health Systems is also in the process $1.1 billion — came in the past three years and was of developing a $64 million five story cancer center mainly the result of GM spending roughly $1 billion 1.7% Household Income Growth and a $20 million three story health center to open on its Lansing Delta Township assembly plant, along 1.3% High-Tech Employment in November. with adding a stamping plant, logistics operation and hundreds of workers as it retooled its Lansing Grand Builders have taken notice of these positive trends, and River assembly plant. Regionally, there has been an development has returned to the metro. More than 700 additional $199.5 million in private investment outside HOUSING housing units have been completed during this cycle the city since 2013, according to LEAP. with multiple projects are underway. In 2016, after $143,400 Median Home Price The Outfield, a 4 Star 84-unit apartment in the Stadium Michigan State University is an economic driver with District of the Central/Northside Submarket was built, it more than 50,000 students, high-profile projects such 7.1% Increase Home Price Change was fully occupied four months later. Another example as the $730 million Facility for Rare Isotope Beams is Prestwick Village Apartments, a 66-unit complex for nuclear science and the basic construction and built in April of last year which has already reached employment that come with being a Big Ten university. stabilization. Following new employment and housing EDUCATION opportunities in the area, a $276 million redevelopment General Motors is adding a stamping plant and a project, the largest in the area in recent history, will be logistics operation to its Lansing Grand River plant 93.1% High School Attainment to support moving production of the Camaro from creating spaces with retail, restaurants, breweries, and 34.2% College Attainment multiple hotels. Canada to Lansing. It’s part of a long-term strategy to operate its plants at full capacity and adhere to terms 13.8% Graduate Degrees Additionally, $2.2 billion in private investment in of its labor contract with the United Auto Workers. Lansing over the past 10 years is being used for projects Top College Michigan State University negotiated or spearheaded by regional business SOURCE: CRAINSDETROIT.COM

QUALITY OF LIFE

11.3% Below National Average Cost of Living 21 Minute Average Commute 2,418 Crimes per 100K Residents DEVELOPMENTS

LANSING, MICHIGAN

Address Description

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 24 DEVELOPMENTS

LANSING, MICHIGAN

Address Description

LANSING, MI  OFFERING MEMORANDUM  KIDDER MATHEWS 25 JDS REAL ESTATE SERVICES, INC.

For leasing information contact

KIDDER MATHEWS JDS REAL ESTATE SERVICES, INC.

CHRIS ARMES, PRIMARY BROKER JENNIFER D. STEIN, CO-BROKER 760.613.9200 213.446.5366 [email protected] [email protected] LIC N° 01379750 LIC N° 6505385865 KIDDER.COM

This information supplied herein is from sources we deem reliable. It is provided without any representation, warranty, or guarantee, expressed or implied as to its accuracy. Prospective Buyer or Tenant should conduct an independent investigation and verification of all matters deemed to be material, including, but not limited to, statements of income and expenses. Consult your attorney, accountant, or other professional advisor.