A private market offering for a build-for-rent townhome development is available to investors looking to add a real estate asset to their portfolio.
Townhomes at the Trail includes developing 103 Class A townhomes in the Detroit suburb of West Bloomfield, Michigan. The build-for-rent strategy involves developing a condominium community for renting rather than selling the completed properties. The townhomes will have two-car garages, modern finishes and a community fitness center and private pool.
The project site was acquired for $1.97 million and has received the entitlements required to begin construction in January. Following a 20-month construction timeline, the development is expected to reach stabilization in December 2024.
According to U.S. Census Bureau data, West Bloomfield has an affluent demographic with a median household income of $121,282. The Detroit metropolitan area has 5,700 units under construction as of November 2023, according to CoStar. The ...
Full story available on Benzinga.com
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Townhomes at the Trail includes developing 103 Class A townhomes in the Detroit suburb of West Bloomfield, Michigan. The build-for-rent strategy involves developing a condominium community for renting rather than selling the completed properties. The townhomes will have two-car garages, modern finishes and a community fitness center and private pool.
The project site was acquired for $1.97 million and has received the entitlements required to begin construction in January. Following a 20-month construction timeline, the development is expected to reach stabilization in December 2024.
According to U.S. Census Bureau data, West Bloomfield has an affluent demographic with a median household income of $121,282. The Detroit metropolitan area has 5,700 units under construction as of November 2023, according to CoStar. The ...
Full story available on Benzinga.com
Continue reading...
- Minimum Investment
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