Riverview Crossings Apartments

Riverview, MI (Detroit, MI MSA)

Download Offering Memorandum


Pepper Pike Acquisition Associates, LLC

Asset/Strategy Type

Value-Add Apartments

Minimum Investment



Information *

Express Interest

Targeted Hold Period:
3 years

Post-Converted Units:
276 Apartments Units

* There is no guarantee that targeted returns will be achieved.

Fairway America Management Group IV, LLC (“Fairway”) and Pepper Pike Acquisitions Associates, LLC (“Pepper Pike”) (collectively, the “Co-Managers”) intend to acquire Riverview Crossings (the “Property”) and execute a value-add renovation plan to improve the quality of the property and bring rents up to market. Fairway has done over 15 deals with Pepper Pike. The sponsor has a successful track record in the Detroit market, having recently exited three assets in December 2021 at per-unit pricing above this property’s acquisition price.​

Investment Summary

The Property consists of 276 units and a clubhouse across 13 garden-style buildings. The surrounding neighborhood is characterized by working-class households and family-oriented neighborhoods. Employers such as U.S. Steel Corp, Ford, and General Motors anchor the community, and various national brands including a Kroger, Meijer, Walmart, Lowe’s, Sears, and Target anchor the nearby retail amenities.

  • Low Basis: This opportunity was sourced off market and is being acquired at an attractive basis of $101,449 per unit.
  • Strong Demand: Submarket rent growth projected by CoStar is 4.6% for the next three years; vacancy today is only 3.7%.1
  • Mark to Market Opportunity: Average in-place rents at the Property are significantly below market. Within 4 miles of the property there is a similar quality building but in an inferior location, that was able to achieve average rents over 16% higher than at Riverview Crossings.​2
  • Renter Friendly: With a median household income of $60,666 within the 5-mile radius,3 the Property’s underwritten post-renovated weighted average rents of $1,183 per month will still only be a 22.8% rent burden on median income residents. ​
  • Value Add Return on Investment: By implementing the $7.3 million value-add program, we are projecting to capture a $300 monthly increase in rents over and above the mark-to-market increases. ​
The business strategy is subject to change. There are many risks to participating in this opportunity. See “Risk Factors and Fee Disclosures” in the Offering Memorandum for a discussion of some of these risks, including loss of capital, illiquidity, lack of diversification, and capital call risks. This opportunity is unsuitable for investors who are not prepared to hold their ownership position indefinitely and who cannot afford a complete loss of capital.

1 CoStar Q1 2021 Downriver Submarket Report, accessed March 2021
2 Southpointe Square CoStar Property Summary Report, March 2022
3 Southpointe Square CoStar Property Summary Report, March 2022

Property & Renovation Summary

15027 Brookview Dr
City / State
Riverview, MI
Year Built
Average Unit SF
Rentable SF
In-Place Rent
Underwritten Market Rent: Unrenovated / Renovated
$1000 / $1183
Expected Hold Period
3 years
Total All-In Cost

Interested in the Riverview Crossings opportunity? Please click below to request more information.

Download Offering Memorandum

Express Interest