CrowdStreet: Packard Row

Real estate investment platform CrowdStreet announced an offering for an equity investment in a multifamily development in Ann Arbor, Michigan.

Packard Row will be a three-story, 72-unit multifamily building with ground-floor retail space. Ann Abor, home to the University of Michigan, is frequently cited as one of the top places to live in the U.S. in terms of quality of life, a factor that should benefit the project.

Ann Arbor restricts new development so it’s difficult to get approval for new development projects. Because of this, Packard Row will be positioned to take advantage of the demand for housing in a submarket with a 3.3% vacancy rate. 

The University of Michigan announced the addition of a 12-story hospital, bringing 2,000 new medical jobs to Ann Arbor. The new healthcare facility, combined with the university, employs more than 35,000 people and has 18,000 graduate students who will drive demand for housing. The hospital is expected to be completed when leasing at Packard Row begins. The targeted completion date for Packard Row is in the fall of 2024.

U.S. News and World Report recently listed Ann Abor as the No. 1 Best Place to Live for Quality of Life. Additionally, StudyFinds ranked Ann Arbor as No. 1 on its list of the Best Places to Live in America 2023. 

In addition to the university, Ann Arbor has a strong tech and engineering contingency that contributes to the above-average levels of household income. Young professionals working in these fields, among others, should be drawn to the new development, allowing sponsors Jackson Dearborn Partners to achieve and maintain a high occupancy rate. 

Both Jackson Dearborn Partners and Cabrio Properties, a full-service property management and investment firm, are investing in Packard Row. Since its inception in 2014, Jackson Dearborn Partners has focused on developing and acquiring Class A multifamily assets across the country. 

The minimum investment for Packard Row is $25,000.

CrowdStreet will host a live webinar at 10 a.m. PST on June 15 with the investment window opening 30 minutes into the webinar.

View details of CrowdStreet’s offerings

Photo courtesy of CrowdStreet