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Despite rising interest rates, tightening credit and lingering uncertainty over the geopolitical climate, many commercial real estate experts remain bullish on the market going into the new year.
The plan features two residential buildings with an affordable housing component, plus retail and parking steps from the University of Michigan campus.
Each of the portfolio's properties are well-located and poised to capitalize on the positive rent environment, thanks to their location within a metropolitan area exhibiting strong fundamentals.
The project demonstrates the firm's specialized expertise in the redevelopment of complicated, infill sites located in institutional submarkets, says Steve Groetsema of Bridge Development Partners.
The New York City-based firm that specializes in corporate sale-leasebacks, built to suits and purchases of single-tenant net lease properties, reports today that it has made approximately $119 million in new acquisitions/investments.
“Because the space and layout of these plans more closely resemble a single-family home, we're seeing strong interest from buyers in their mid-30s who are on their second home purchase,” says Jeff Benach, principal of Lexington Homes.