Bronco Apartment Portfolio

Location: Kalamazoo, MI
Type: Multifamily
Price: $ 4,300,000

SMC has provided a $4,300,000 first mortgage loan to refinance existing debt collateralized by five Class B apartment properties totaling 190 units located in Kalamazoo, MI known as the Bronco Apartment Portfolio. The Portfolio has exhibited significant historical occupancy stability The Portfolio is located in a submarket characterized by low historic vacancy given the beneficial impact of its proximity to a major state university with a total enrollment of nearly 20,000 students. Additionally the region has experienced growing demand associated with the Kalamazoo Public School systems and the Kalamazoo Promise, a privately funded organization offering full tuition to qualifying local students that enroll in state universities or community colleges. Two of the Properties are attractively located within a quarter mile of Western Michigan University’s main campus.