Type: Moderate value-add
Property Description: 440-unit, Class B suburban
Hayman Company’s heavier renovation completely modernized the apartments with new cabinets (replaced Euro cabinets) and counters, opening of kitchens, new faux-wood flooring, lighting, and blinds, resulting in an average renovation rent increase of $177/unit (19%). In addition, non-renovated and renewal rent increases are averaging 7.0%. Hamptons is very desirable rental product with a full-size washer/dryer in every apartment, two-story buildings, numerous windows providing ample light and with a great amenity package with attractive clubhouse, pool, fitness center, racquetball court, tennis courts, and garages/carports. Hamptons strong performance is also due to its excellent location, including being in the Ann Arbor school district where there is very limited new multi-family supply and high home values and incomes.