Market research for the Tri-Cities indicated a clear need for a fully amenitized, Class A multifamily housing product to meet the needs of those seeking an upscale, carefree Apartment Home option in the Lakeshore community.
When Denny Cherette saw the opportunity to purchase 98 acres of rolling, wooded land just a quarter of a mile from Lake Michigan, he immediately saw the possibility to create not only a 390-unit multifamily community but also a premier senior care center.
Timber View Apartments was purchased by Cherette Group in late November 2014. The property had occupancy of 89%, below market rental rates, a lackluster reputation, and no marketing presence. In just six months, occupancy climbed to 99% and base market rent increases ranged from 6.1-20.7% depending on the unit style.