Kalamazoo Village

GREA is pleased to present the exclusive offering of Kalamazoo Village Apartments, a 24-unit LIHTC community located in Kalamazoo, Michigan. The property features a desirable unit mix of two- and three-bedroom floorplans, with all units offering two full bathrooms, private entrances, in-unit washer and dryer, central air conditioning, and carport parking. 

Originally placed in service in 2005, Kalamazoo Village Apartments has satisfied its initial compliance period and is currently operating within the extended use period. While affordability restrictions remain in place, in-place rents are approximately $100 below current maximum LIHTC limits, providing a clear path for revenue growth through mark-to-market increases as leases renew. Additionally, projected increases to 2026 LIHTC rent limits are expected to further enhance this upside.

Ownership has completed significant capital improvements, including roof replacements, new furnaces, and parking lot upgrades, positioning the asset as a stabilized, low-maintenance investment. Kalamazoo Village Apartments offers investors a compelling combination of durable cash flow, operational stability, and embedded rental upside. Over the long term, investors may also benefit from the eventual expiration of extended use restrictions, providing additional flexibility and value creation potential.