This community boasts 260 spacious Studio, one-bedroom, and two-bedroom apartment homes, each measuring between 350-850 square feet. Harvest House & Juniper Square were built in 1967 and consists of 20 buildings. Over the past two years, the property has seen over $400k of capital improvements to include over $250k in unit renovations.
While the occupancy at Harvest House & Juniper Square had been low due to the extensive unit renovation plan, the improved rents ownership is achieving on renewals, and new leases prove it is worthwhile. The strong market fundamentals ensured this was only a temporary issue due to renovations.
Further, IPO has projected an NOI going forward of $1,209,857 in Year-One and an NOI of $1,330,498 in Year-Two based on approximate market rents and T12 expenses. Harvest House & Juniper Square represents a well-located Lansing poised for new ownership with a value-add mentality. Contact IPO to set up a confidential tour before it’s gone.