I look for opportunistic deals in Detroit so the deals you will be getting as my partner will fall into 2 groups:
1. Broken Assets: Distressed properties either completely or more than 50% vacant. Mismanaged by either family members or inexperienced real estate agents playing property manager without any experience, personnel, maintenance crews or processes in the field. Good bones (location, foundation, structural integrity) with interiors that will require complete remodel.
2. Situational Sellers: Low occupancy + good bones but with problems in sellers life: retirement, business partner passing away, divorce, spouse was the manager and now she no longer wants to manage it due to age, business partners thinking about dissolving partnership, active landlord in their late 60’s who already made their money in their buildings and are now burned out in day to day grind of managing their building. Also commercial mortgages coming to maturity at 10 year terms and the partners don’t want to re-start the mortgage clock again in their 60’s.
Our partnerships are structured as our partners providing the capital (purchase, closing costs and rehab) and my team doing the multifamily development:
- Finding, evaluating & selecting the RIGHT Multifamily properties for our partners deals
- Negotiating & structuring favorable terms for acquistion
- Pre-purchase inspections
- Project management of rehab
- Budgeting and project expense management
- Tenant marketing via veteran & senior affordable housing agencies
- Cost savings via in-house management
- Year-End financial reporting
Call Mark Ijlal at 248-561-3535 (EST) or email via our contact form to schedule a phone call.
Develop & Transform Distressed Vacant Multifamily Properties in Northwest Detroit into Beautiful Green Senior’s and Veterans Communities
- Seniors represent a stable tenant base. Tenants in their 20’s and 40’s move due to job, relationships and kids. They also might leave the tenant pool and buy / rent a house as kids get older. Seniors in their 60’s have already passed that phase in their lives.
- What seniors in Detroit want? They expect a combination of convenience living (close to shopping, restaurants, public transport), beautifully remodeled apartments and active hands-on management (all of our properties are managed by us; we don't outsource property management).
We Focus On Green Energy Efficient Multifamily Developments in Detroit
- Dual flush toilets, new energy efficient windows, high efficiency heating furnaces and hot water heating solutions, better insulation, low pressure water faucets, solar panels and geo-thermal installations are some of the initiatives that we are incorporating in our future development projects in Detroit.
- Not only converting older buildings in Detroit into energy efficient multifamily apartments is good for the environment but it also lowers cost for both long term owners and tenants. Irrespective whether the utilities are being paid by the owners or tenants, our green initiatives create short and long term savings for both.