Case Studies

The Aventine at Oakhurst North, Aurora, Illinois

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TYPE:
Light value-add
ACQUISITION PRICE:
$86.0 million
YEAR ACQUIRED:
January 2021
PROJECT HOLD PERIOD:
7 to 10 Years ($185,345/unit)
DESCRIPTION:
464-unit, Class A, apartment community
INVESTOR RETURNS (2025):
IRR – 23% (Quarterly operating)
  • Rents increased 6.6% annually
  • January 2025, rent per occupied unit of $1,810 was $365 higher than the rent at closing ($1,445) and was $177 higher than proforma rent ($1,633)

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550 Stephenson, Troy, Michigan

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Property Description:
One, 4-Story, Class B, Office Building
Total Square Footage:
69,899 RSF
New Leasing Square Footage:
27,960 RSF (40%, full occupancy achieved)
Number of Leasing Transactions:
13
Leasing Period:
24 Months

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Ann Arbor Woods, Ann Arbor, Michigan

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Type:
Value-add
Property Description:
261-unit, Class C, apartment community
Year Acquired:
June 2018
Acquisition Price:
23.4 million ($89,350/unit)
Project Hold Period:
7 to 10 years
Investor Returns (Projected):
IRR – 20%
Cash on cash
year one 7.0%, increasing to 14% by year seven
  •  Rents increased 5.1% annually (Increased to $1,430 in Jan. 2025 from
    $1,035 in June 2018
  • Prior didn’t charge for water/sewer/trash. In 2024 Hayman collected $92/unit/month

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Livonia Office Portfolio, Livonia, Michigan

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Property Description: 
Four, Single-Story, Class B, Office Buildings
Total Square Footage:
 75,653 RSF
New Leasing Square Footage:
15,206 RSF (20.1%)
Number of Leasing Transactions:
6
Leasing Period:
12 Months and Sold

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