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Grandville Castle Apartments


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On 6/1/2019 at 1:13 PM, walkermat said:

I guess that is a potential market for the Castle but I'm not sure if their leases allow for students, who usually want an academic year only lease. I could be wrong but I'd think most college students wouldn't want to live in something that gaudy anyway.

I shared rent in some of the trashiest, dirties houses in Kalamazoo when I went to college. Student ghetto down the hill from East campus, and close to Waldo's Tavern.  Have college students gotten a little privileged? 

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So I did some of my own measurements on this because I wasn't sure whether they were including the parking ramp in the space devoted to parking or in the "Castle Apartments".  Using the scale on the s

I have to share a funny story about this development.  My mother lives in the Chicago area.  She is 76 and is legally blind from macular degeneration.  She sees pretty good far away,  just not so good

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I shared rent in some of the trashiest, dirties houses in Kalamazoo when I went to college. Student ghetto down the hill from East campus, and close to Waldo's Tavern.  Have college students gotten a little privileged? 
Ha! Having lived in the Ann Arbor version of the student ghetto, I'd say there's nothing privileged about not wanting to live in slumlord-owned housing. No one should have to live like that, especially for those prices.

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7 hours ago, 54equalsunity said:

Ha! Having lived in the Ann Arbor version of the student ghetto, I'd say there's nothing privileged about not wanting to live in slumlord-owned housing. No one should have to live like that, especially for those prices.

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I didn't mind it. I couldn't afford the nice apartments West of campus so I didn't really think I was missing out on anything. :)  My point is, I think you underestimate the appeal of cheap apartments with amenities (and parking) to college students, regardless if it's a castle of a recently used meth den. 

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13 hours ago, GRDadof3 said:

I shared rent in some of the trashiest, dirties houses in Kalamazoo when I went to college. Student ghetto down the hill from East campus, and close to Waldo's Tavern.  Have college students gotten a little privileged? 

The answer is a resounding 'YES'. The majority of apartments going up in East Lansing and Ann Arbor are basically luxury student housing. Huge kitchens that will never get used, big bedrooms with walk-in closets, more than one bathroom, etc ...  But their parents will pay, so go for it.

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I didn't mind it. I couldn't afford the nice apartments West of campus so I didn't really think I was missing out on anything.   My point is, I think you underestimate the appeal of cheap apartments with amenities (and parking) to college students, regardless if it's a castle of a recently used meth den. 
Oh, I totally get the appeal of the Castle. You just wouldn't catch me living there. I lived in the most boring and dreary of buildings at College Hill Apartments. It was the walkability that I needed.

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I've been hearing commercials of them trying to push their three bedrooms.  They're trying to appeal to families.  I heard if you sign a lease you get a kayak! They also made it sound like the "private lake" is good for swimming?  They didn't truck in sand did they?  I'm thinking along the lines of Millennium park.

If they were smart they would take a page from some of the apartments in kzoo for students.... nine month leases with rent prorated and separate leases per bedroom

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17 hours ago, Floyd_Z said:

They also made it sound like the "private lake" is good for swimming?  They didn't truck in sand did they?  I'm thinking along the lines of Millennium park.

From the looks of it, from the highway at least, I can't see any sand around the 'lake'. That being said, it looks like they're building a miniature castle by the 'waterfront' as a play feature for the little lords and ladies that live there.

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The bottom / sides of the lake should be sand / gravel because that was mined from the pit for the construction of I-196. All the "lakes" along 196 are man made, dredged for material for the freeway.  Drove by there (as in around the building) and it looked like a fair number of college kids are residents. The parking lot(s) were pretty full, the garage(s) only a third full. They are getting "foliage" to grow up the exterior walls of the parking garage(s). There are "wires" to have the foliage go where it is desired. Should have taken a photo. :(

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https://t.co/QThmcsqNUU

a current tenant posted pics of his studio and some of the common areas. He (I think it’s a he) says all of the studios are on the 8th floor and are all rented (more than 100 units), and that all of the 1-bedrooms are rented too. They are still finishing the upper floors. 

Looks like a really cheap apartment, but the amenities sure seem nice. I can see why folks are renting there in spite of the novelty. 

What will be telling is how well they keep up these amenities.  Do they let the common room couches wear down/out? Do they repair their arcade games? Do they replace the giant jenga when pieces get thrown off the roof?

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13 hours ago, discgrab21 said:

https://t.co/QThmcsqNUU

a current tenant posted pics of his studio and some of the common areas. He (I think it’s a he) says all of the studios are on the 8th floor and are all rented (more than 100 units), and that all of the 1-bedrooms are rented too. They are still finishing the upper floors. 

Looks like a really cheap apartment, but the amenities sure seem nice. I can see why folks are renting there in spite of the novelty. 

What will be telling is how well they keep up these amenities.  Do they let the common room couches wear down/out? Do they repair their arcade games? Do they replace the giant jenga when pieces get thrown off the roof?

The finishing on the apartment is what got me.  Exposed metal ducting with tape and just jutting through the living space.  The size of those square windows in those arched window space.  The lack of quality is all over the place,  If an apartment is not finished well from the beginning it will never look good again,  it becomes a quick slide downhill because now gets compared to before and its just bad..

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15 hours ago, discgrab21 said:

https://t.co/QThmcsqNUU

a current tenant posted pics of his studio and some of the common areas. He (I think it’s a he) says all of the studios are on the 8th floor and are all rented (more than 100 units), and that all of the 1-bedrooms are rented too. They are still finishing the upper floors. 

Looks like a really cheap apartment, but the amenities sure seem nice. I can see why folks are renting there in spite of the novelty. 

What will be telling is how well they keep up these amenities.  Do they let the common room couches wear down/out? Do they repair their arcade games? Do they replace the giant jenga when pieces get thrown off the roof?

It does has the appearance of the inside of York Creek, just with nicer cabinets. I also find it interesting that they sprung for video doorbells but went with individual AC units. 

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3 hours ago, EastownLeo said:

It’s a bridge loan, so I’m pretty sure a majority of it will go to covering expenses. Not adding gold leaf to the moat. :)

Joe

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It's a bridge loan, between the construction loan and the permanent mortgage. From the article:

"The 24-month, floating-rate loan includes full-term, interest-only payments and enables the borrower to pay off the existing construction debt with ample time to complete the remaining lease-up. Additionally, the flexible prepayment structure allows for seamless conversion to permanent upon stabilization, according to Walker & Dunlop."

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On 6/30/2015 at 9:15 AM, ModSquad said:

If I am not mistaken, this is the same developer that built the Bavarian looking apartment complex just east off 196 by Mars Hill Church,  He has a thing for castles.

hah I hate but also kinda love that building. It's got ponies painted on it. yeeeehaaaw!

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9 hours ago, WMrapids said:

Have been in Dallas for the past few days.

Who wore it better?

 

 

To me Texas wins running away.  

Since you brought up this thread, it leads me to wonder...anyone know how occupancy is doing at the Castle?  Last I heard (pre-covid) they were struggling to lease up, especially the larger units.

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lol the grandville has its back to the river, then mows down all the trees except the ones right on the river and wedeges a parking ramp then a surface parking lot next to it, at least the tx one has a dock and a couple of buildings to embrace the waterfront there 

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