Case Study
Geddes Lake Condominiums
360-unit Ann Arbor conversion
Property location
3000 Lakehaven Dr, Ann Arbor, MI 48105
360
Total Units
MI
State
Property details
Context that shaped the conversion
Year Built
1970
Underlying Mortgage
No - Fees & Closing Cost only
The transformation
From constraints to outcomes
Before conversion
The constraints
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.
After conversion
The documented outcomes
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.
Project record
Documented project scope
The source record does not provide a complete financial return table for this project, so only verified scope details are shown.
No unknown, estimated, or unavailable values are displayed.
Community voices
What residents say
“[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.”
Patty Urban, President of the Board of Directors
“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.”
Stephanie Palmer, Secretary of the Board of Directors
Property location
Geddes Lake Condominiums
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