| CREOP

The Townsend at Kercheval is a new construction, mixed use property located in the Villages of Detroit, Michigan. The property is approximately 35,700 SF and consists of 24 apartments units on top of 9,000 square feet of retail space. The property started construction in 2020 and is currently (Q1 2022) being leased up.
Townsend at Kercheval has class A finishes such as engineered hardwood floors, quartz countertops, stainless steel appliances, and floor to ceiling windows through out the apartments. The units are spacious and have modern, open designs with 9' ceilings giving the apartment a loft like feeling. Each unit has its own stacked washer and dryer. There is a bike room that residents can use, and an additional parking lot is being built for an additional 30 gated spaced.

The property is located in an Opportunity Zone, and per the owner, still qualifies for opportunity zone investment as the permanent C of O has not been issued on the property. This is an opportunity for an Opportunity Zone Investor to place capital into a brand new property - without taking the risk of construction, or the time it takes to build. Please consult with your own attorney to confirm these assumptions.
Lease up of the property has been fluent and the property management company has been getting higher rents than expected. At the start of this project - ownership has budgeted towards $2.25 / SF for rents, and are now getting $2.50 / SF. With a shortage in housing demand and rise in inflation, rents will continue to push and demand will continue to rise for new construction housing. If the buyer would like to take control of the lease up, now is the time while the building is still in the process of being leased.
The property has an NEZ tax abatement that freezes the current taxable value on the property for the next 15 years. These frozen taxes will erase any uncertainty of a taxing uncap and what their property taxes may be year after year. The NEZ is transferable and will follow the next owner.

The Villages, of Detroit Michigan is one of the most trendy neighborhoods in the City. The Villages are sprawling with mansions, coffee shops, restaurants, and sporting clubs all within walking distance from Townsend on Kercheval. Only a 5 - 10 minute drive to downtown Detroit, many professionals call the Villages home. This location is a 30 minute drive to thousands of jobs from major employers such as Ford, Google, GM, Chrysler, Rocket Companies, United Wholesale Mortgage, and many more.