Ann Arbor, Michigan
Geddes Lake Condominiums
360-unit Ann Arbor conversion
Explore the projectRequest your free feasibility study- Location
- Ann Arbor, Michigan
- Units
- 360
- Year built
- 1970
- Year converted
- 2008
- Underlying mortgage
- No - Fees & Closing Cost only
The challenge
Co-op values had declined to one-half of their values in just a few years
Shareholders were abandoning their units and their banks defaulting.
Cash was needed for major repairs.
The outcome
Market values increased IMMEDIATELY after the conversion by nearly 80%.
After conversion, owners were able to sell their condos and defaults declined.
$2 Million was raised during conversion.
From the community
“[They] really did save our community and after seeing the work The Hutton Group put into our conversion, residents told me the fee was not only well worth it, but after they noted the conversion process, they stated that we never could have accomplished conversion without The Hutton Group.”
“Because of our contract with The Hutton Group, Geddes Lake has stabilized property values in a declining market, raised $2M of capital to replace our roofs and given our community a fresh start. I highly recommend The Hutton Group to any coop community who sees the potential to improve the value of their property by converting to condominiums.”
In Ann Arbor
Geddes Lake Condominiums3000 Lakehaven Dr, Ann Arbor, MI 48105Open the building in Google Maps (opens a new tab)
What would conversion mean for your building?
A free feasibility study starts with your building’s numbers and the questions your community needs to answer.