Search
 

Village Green Bullish on Apartment Market

SHELBY TOWNSHIP, MI-Village Green's CEO tells GlobeSt.com that there are opportunities to be had in the apartment market.

By Dan Heaton | Updated on February 17, 2004

SHELBY TOWNSHIP, MI-There are still plenty of opportunities in the apartment market, says the leader of a Detroit area firm that operates more than 100 apartment complexes. Jonathan Holtzman, chairman and CEO of Village Green Cos., says even with governmental and other efforts aimed at moving more people into home ownership, there’s still a sizeable and lucrative renters market out there.

“When we started this current economic cycle, 63% to 64% of Americans owned their own homes. Now we are at 68%. The president and every one else wants to see that number get to 70%,” Holtzman says. “Well, that still leaves 30% of almost 300 million people in this country who are in the rental market.”

Village Green, a Farmington Hills, MI-based company started by Holtzman’s grandfather in 1919, is using its “Village Park” brand communities to target young, first time renters. Under the concept, Village Green buys older complexes, renovates the facilities, builds a new clubhouse and is able to raise rental rates $100 to $200 per unit–more than what a 30-ish-year old complex normally rents for, but less than what a new complex demands.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.