Description

Knollwood Place Apartments is a 144-unit multifamily community located at 2770 Pine Knoll Drive in Auburn Hills, Michigan. This investment opportunity presents prospective purchasers with the ability to acquire the seller's interest in an asset secured by a first mortgage. The sale being offered is a structured deed in lieu with a recent property appraisal value of $5.8 million. The purchase price will be determined by the market.

Knollwood Place is a Class B+, garden-style apartment property situated on approximately 14.55 acres. The Property is currently 80.56% occupied and is comprised of six (6) two and one-half story buildings. Property amenities include carports, in-unit laundry equipment, and a one-story leasing office/clubhouse with walk-out lower level to an outdoor, in-ground swimming pool. There is a total living area of approximately 133,000 square feet with a mix of one and two-bedroom units ranging in size from 780 to 1,020 square feet.

Knollwood Place Apartments is located in Auburn Hills, Oakland County, Michigan. The area surrounding the Property includes a mix of single and multi-family residences, commercial, retail, medical and office properties, which creates a diverse employment base.

Auburn Hills is a suburban area, also home to Chrysler' s World Headquarters and Oakland University, which are located just a short distance from the property, as well as several GM manufacturing facilities and the Palace of Auburn Hills, home to the three-time NBA Champions Detroit Pistons, located nearby. The city is situated in central Oakland County approximately 25 miles northwest of the Detroit CBD. The area is well-known as the high technology, corporate capital of Oakland County, ranked the fourth wealthiest county in the United States.