Setting New Directions in Residential & Commercial Property Solutions
Compass partners with local investors and contractors to develop thriving communities through careful investment that reduces risk to achieve high revenue growth potential.
Building Beyond
Expectations
There’s a huge shortage of housing in Western Michigan. Compass Property Development provides intelligent, sustainable, and responsible housing solutions that preserve local community character and deliver portfolio growth.
Compass Creates Communities
We do more than build houses. At Compass, we create communities. Because our roots are firmly planted in the Michigan community. We live here. We work here. We are part of the very communities we build.
Places Worth Living & Working In
Listed below is just a sample of communities we created or are about to create.
Completed 2020
Victory on Leonard
900 Leonard St NW, Grand Rapids, MI 49054
Co-developed a ground-up, 84,000 square foot, 120-unit multifamily property.
Coordinating:
- City of Grand Rapids
- State of Michigan for incentives
- Bank
- Development team
- KMG
Perfect blend of a residential neighborhood with shops and other businesses.
- $22M budget
- $183K per unit
- Property is fully occupied
Watch Our Amazing TIME-LAPSE Transformation!
Under Construction
Ann Street Office Addition
Ground-up addition to an existing office building.
Coordinating:
- City of Grand Rapids
- State of Michigan for incentives
- Bank
- Development team
- KMG
This project is under construction and projected to be completed by June 2025.
- $8.3M budget
- $188K per unit
Completed 2017
Ann Street North of Downtown Grand Rapids
Rehabbed an old radio station built in 1964 into a class A office building.
Fully stabilized and gets rents equal to downtown office buildings due to easy on/off the highway, ease of parking, over 1 acre green space and water views.
- $1.5M budget
- $100 per square foot cost
- Cash on cash 38%
- Annualized return: 52%
- Equity multiple: 4.6
Completed 2022
304 East Bridge Street
Lead developer on the rehab of an independent bank built in 1899 to a 10,000 square foot, 9-unit, mixed use building.
Bought the building from the Township of Lyons. Did a full remodel of the building as there had not been any updates since the 1960’s.
- $1M budget
- $111K per unit
- Cash on cash 18%
- Annualized return: 45%
- Equity multiple: 2.27
Completed 2023
16057 Blue Star Highway
16057 Blue Star Hwy, South Haven, MI 49090
Lead developer on the rehab of an old church built in 1988, converting it into a 3-unit, 3,100 square foot boutique hotel.
Capitalized on the large 1-acre green space to attract families while repurposing the church parking lot to attract people with boats/RV and large family groups.
- $1M budget
- $333K per unit
Coming 2025
Park Side Apartments
Co-developer on the rehab of the Holiday Inn built in 1968.
This 100,000 square foot, 138-unit multifamily property is a perfect complement to the $10M investment being made to the adjacent property. Both parcels will control 6 acres along the Grand River and dovetail with the excitement of the roughly $2B of river front construction that is happening in Grand Rapids.
Coordinating:
- Bridge financing
- Construction financing
- City of Grand Rapids
- State of Michigan for incentives
- Development team
- KMG
- Annualized return: target 15%
- Cash on cash target 8%
- Equity multiple: target 1.5
Compass Invests in Our Communities
We work with local contractors and investors; we don’t deal with national companies. Why? Because people who live in the community are already invested in making new communities thrive.
Developer, General Partner
Jack Hoedeman
