FENTON, Mich., April 3, 2019 /PRNewswire/ -- CAPREIT, a fully-integrated real estate operating company responsible for the ownership and management of more than $5 billion of multifamily assets, today announced it has acquired Silver Lake Hills, a market-rate apartment community featuring 310 apartment homes near Silver Lake Park.
CAPREIT will renovate the community, which is surrounded by scenic wooded grounds and several nature trails. Silver Lake Hills also features commuter-friendly access to the key employment centers to the north and south.
"Fenton boasts a prime location between Flint and Ann Arbor, and we're delighted to join the neighborhood and offer quality homes at a competitive price point," said Ernie Heymann, chief investment officer for CAPREIT. "We believe this submarket will continue to grow with the continued expansion of downtown Fenton, and we look forward to serving the community."
Situated at 320 Foley Glen Drive, Silver Lake Hills sits less than a mile east of Silver Lake and less than a mile south of Lake Ponemah. Silver Lake Park is located along the shoreline of Silver Lake and provides outdoor sports courts, nature trails and picnic areas. Fenton Lake and Seven Lakes State Park are within a short drive of the community, offering a multitude of additional recreation options.
The community is also conveniently positioned just west of U.S. Route 23, the area's primary north-south thoroughfare. The highway provides direct access to Flint (18 miles north) and Ann Arbor (38 miles south).
CAPREIT's renovation efforts at Silver Lake Hills will include new flooring, appliances, countertops, two-tone paint and fixtures. In addition to the in-unit renovations, CAPREIT plans to upgrade several community amenities, including the clubhouse, fitness center, pool and the dog park.
Silver Lake Hills consists of one-, two- and three-bedroom homes with various floor plans ranging from 700 to 1,810 square feet. Apartment interiors at the pet-friendly community include vaulted ceilings, in-home washers and dryers, controlled-access entry and private patios or balconies.
Additional community amenities include a business center, playground, covered parking and onsite recycling options. Silver Lake Hills is CAPREIT's second community in Michigan, joining Kensington at Beverly Hills in Southfield.
As one of the nation's leading housing companies since its inception in 1993, CAPREIT has been involved in more than 200 multifamily communities, representing more than 40,000 rental homes housing more than 100,000 residents. CAPREIT is focused on the implementation of a savvy acquisition strategy, innovative financial structures, and a professional property management style based on resident satisfaction and retention, as well as asset preservation and enhancement. Today, CAPREIT maintains its mission to create value-added growth through strategic acquisitions, continuing to capitalize on multifamily housing opportunities. The company currently owns and/or manages approximately 14,000 apartment units in over 20 U.S. states and is actively seeking to grow its multifamily footprint throughout the continental United States.