Ivanhoe Apartments

Multi-Family / 48-Units / Ann Arbor, MI

Purchased the garden style multifamily property in August 2018 directly from the estate of a local long-term owner.  Ivanhoe Apartments is a market rate apartment community consisting of 48 apartments situated in six buildings in Ann Arbor, Michigan. Ivanhoe sits within a residential setting approximately 2 miles from the University of Michigan’s central campus and features an outdoor pool, individual balconies and patios, storage units, carports and common area laundry facilities. Due to the long-term ownership and tenancy, the existing rental rates were 55% below comparable market rents at acquisition. Premier immediately began a capital improvement plan to renovate units and upgrade the common areas. Premier is in the process of increasing monthly rents and recovering utility reimbursements to more than double the net operating income within 24-36 months.