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.
Residents of the Tri-Cities (Grand Haven, Spring Lake, and Ferrysburg) enjoy beautiful Lake Michigan beaches, many inland lakes and rivers, and a high quality of life. The community has seen strong economic and population growth, however, due principally to the Real Estate recession, no new multifamily inventory was added from 2007 to 2014. Just 48 new units were added in 2015 and 2016. This constrained supply has created substantial pent-up demand. For several years, comparable properties have maintained occupancies of 95-100% while implementing aggressive rent increases.
Envisioning the high-end community is a specialty of Cherette Group. The firm sought to develop a multifamily community that would incorporate best practices in design, construction, luxury features, and concierge services with the goal of creating significant differentiation from the existing market.
Cherette Group identified and acquired a strategic parcel of land located in a rapidly growing area of Grand Haven Township, and worked with local officials to create a Planned Unit Development Community (PUD) for the project. It also obtained all required approvals from the MDEQ for Wetlands Permitting as well as additional Governmental Approvals. The Company also retained architectural, engineering, construction services as well as negotiated and obtained financing for the project.
The resulting community is Piper Lakes Apartment Homes. It contains 204 luxury apartment homes in eight three-story buildings including 128 attached garages, all surrounding three large ponds. The property is being managed by Cherette Property Management, a sister company to Cherette Group. Cherette Property Management’s professional on-site management offers a premium level of services and coordinated social events to increase resident satisfaction and create additional market differentiation.
Piper Lakes Apartment Homes offers residents a modern clubhouse with management offices, a community great room, a 24/7 fitness center overlooking the heated pool and hot tub, and a resort-style sundeck. Outdoor amenities include a private dog park, children’s play area, walking paths, and recycling center. Tall, landscaped berms with native plantings surround the property.
The homes feature fresh, white entertainment kitchens with gray quartz counters, stainless appliances, spacious pantries, counter seating and soft-close cabinetry. Designer features throughout include nine-foot ceilings, upscale plumbing and lighting fixtures, walk-in closets, master suites, private decks and patios, laundry rooms with full-size appliances, in-unit media and technology panels, fiber optic networking, and programmable thermostats. All homes are pet-friendly and non-smoking.
Attached garages are a rarity in this multifamily market. They offer home-like convenience, easy access, as well as additional storage for residents.
Cherette Group is overseeing all disciplines of development including site selection, engineering, design, financing, and construction and property management. This approach delivers long term quality, operational efficiencies and superior returns. Cherette Property Management began pre-leasing in spring 2017, and provides a seamless transition from the construction phase through lease stabilization and ongoing management of the community.
Cherette Group believes that a key to any successful Real Estate development project is to have a fully integrated process that allows for all aspects of a development from site analysis, construction, leasing, and management to ultimate timely disposition. The firm offers all of these skill sets within its organizational structure.