Manistee & Montague Portfolio 3 biens | Immeuble residentiel | À vendre | 9 923 005 € | Localisations multiples

ATTRACTIVE PROPERTY FUNDAMENTALS
The Manistee & Montague Portfolio is a three-property multifamily offering comprised of two communities located in Manistee, Michigan and one in Montague, Michigan. Built in 2002 with MSHDA financing, all three assets are former LIHTC properties that were successfully taken through the Qualified Contract Process (QCP) and were formally released from their Regulatory Agreements in September 2025. Two of the three assets remain eligible for PILOT property tax programs.
Over the past five years, the portfolio has been well maintained with numerous capital improvements completed, positioning the assets for continued operational stability and rental growth.
Horizon Pointe –49 Units (Manistee, MI)• 17 one-bedroom / one-bath units –691 SF• 32 two-bedroom / one-bath units –752 SF
Rietz Park Village –48 Units (Manistee, MI)• 32 two-bedroom units –975 SF• 16 three-bedroom units –1,213 SF
Harbour Pointe –34 Units (Montague, MI)• 20 one-bedroom units –691 SF• 14 two-bedroom units –849 SF
IPO projects forward stabilized NOI of approximately $787,588, based on street (asking) rents and trailing twelve-month operating expenses. Current average in-place rent across the portfolio is approximately $914 per unit. Upon transition to market rents, average rents are projected to increase to approximately $1,199 per unit, providing meaningful revenue upside.
The Manistee & Montague Portfolio represents a stabilized, value-add opportunity with regulatory restrictions removed, demonstrated operating history, and clear path to market rent conversion. This is a turnkey acquisition for investors seeking a Northern Michigan multifamily portfolio with both scale and upside.