The Barrington offers an outstanding location, excellent market metrics, a strong economy of scale, highly competitive property features, and an exceptional value Enhancement opportunity. The Barrington is poised for a Value Enhancement program due to the current below market rents, and the ability to add value through strategic common area and interior unit renovations. These unique features will allow a new owner to take full advantage of the opportunity to increase the revenue through rental rate premiums.
The Barrington is a 312-unit, garden-style apartment community located in Romulus, Michigan, approximately four miles from the Detroit Metropolitan Airport. Built in 1972, the property consists of two-and-one-half-story masonry constructed buildings featuring brick and wood-sided exteriors as well as pitched roofs with composition shingles. Situated on 25.5 acres of land with 252,160 square feet of rentable space, The Barrington contains a unit mix comprised of eight studio units measuring 650 square feet each, 105 one-bedroom units spanning 760 square feet each, and 199 two-bedroom units measuring 840 square feet each, with an average unit size of 808 square feet.
Billions of dollars are being invested in Metro Detroit, rapidly attracting new businesses, creating jobs, and drawing Millennials. The six-county region in southeast Michigan, the Detroit-Warren-Dearborn, MI, Metropolitan Statistical Area (MSA), encompasses nearly 3,900 square miles. Home to more than 4.3 million residents, Metro Detroit is the 14th-largest MSA in the nation and a key pillar of the U.S. economy. Increased investment is rejuvenating downtown and driving growth as businesses, investors, and entrepreneurs are recognizing Detroit as a city of opportunity.
Greater Detroit is the epicenter of the global automotive industry and home to other specialized industries including health care, defense, information technology, and life sciences. The area is home to 10 of the 16 Fortune 500 companies headquartered in Michigan, including General Motors (No. 10), Ford Motor Company (No. 11), Lear Corporation (No. 148), and Ally Financial Inc. (No. 299).
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
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