Icon Park
Market
Metro Detroit
Sub Market
Macomb county
Land Price
$900,000
Total Cost
$24,849,000
Stabilized Value
$28,032,000
Projected NOI
$1,541,797
Projected Occupancy
95%
Units
140
Cap Rate:
5.50%
Icon Park is a newly developed luxury apartment complex that offers a modern and lavish living experience. Situated amidst beautiful surroundings, Icon Park features a stunning reflection pond and an outdoor pavilion, providing residents with a serene and peaceful environment. The "residence boulevard" offers various outdoor amenities such as seating, fire pits, and other features, allowing residents to socialize and relax in a comfortable and inviting atmosphere. The development offers convenient transportation with on-site ride share and an EV charging station. The outdoor playground is perfect for families with children. The clubhouse provides a state-of-the-art fitness center, making it easy for residents to maintain an active and healthy lifestyle. The three different room types including studio, one-bedroom, and two-bedroom units, offer a variety of choices to suit different needs and preferences. Overall, Icon Park offers a luxurious living experience with top-of-the-line amenities and facilities.
BRE brought in a group of investors who recognized the immense potential of this real estate project. The investors were drawn to the development's prime location, excellent amenities, and luxurious design, which is sure to appeal to discerning buyers looking for a premium living experience. One of the advantages of investing in Icon Park is the potential for high returns. With its desirable location and impressive amenities, the development is expected to attract a high-end clientele, ensuring strong demand for its units. Additionally, the developer has a strong track record of successful projects, giving investors confidence in the project's success. Another advantage of investing in Icon Park is the potential for long-term appreciation in value. The development's modern design and desirable location are likely to hold their value over time, making it a sound investment for those looking to build their wealth through real estate. Overall, investing in Icon Park offers investors the opportunity to be a part of a luxurious and highly sought-after development, with the potential for both short and long-term gains.