4205 S Collegiate Way
Mount Pleasant, MI 48858
The Reserve at Mt Pleasant · Multifamily Property For Sale · 216 Units

Please visit www.greystonebel.com to view the full offering memorandum. The Reserve is a 584-bed purpose built student housing property just over one mile east of Central Michigan University in Mount Pleasant, MI. Built in 2014, the property consists of all 2 and 3 bedroom units with bed-bath parity and is the newest, most highly amenitized property in the CMU market. The property truly is best-in-class, nine years newer then the closest competition with a complete modern amenity set. The fully furnished units have large, open floor plans, full-size washer/dryers, individual private locking bedrooms, upgraded cabinetry and counter tops, and balconies or patios. The community has a 24-hour fitness center, resort-style swimming pool, sand volleyball court, outdoor basketball court, game room, study lounge with printing services, picnic area, tanning salon, free campus shuttle, and community-wide Wi-Fi. At less than half of replacement cost, The Reserve offers a tremendous opportunity on a price per pound basis. On real current numbers, going-in cash-on-cash returns should be well north of 13% with interest only debt. The Reserve offers the opportunity to acquire a newer construction best-in-class asset at a stabilizing university and see immediate cash yields while harboring the upside of rent and occupancy levels beginning to see signs of improvement. Rents have come down over 10% at CMU in the past 5 years but are expected to plateau for 2019-20 with occupancy gains. The Reserve is offered free and clear and could take advantage of historically low cost long term financing.