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Competition Overview

300 North Ingalls Building – Repositioning Case Study

EXECUTIVE OVERVIEW

You are the deal team at Wolverine Capital Partners, a value-add real estate investment firm.
The Opportunity: 300 North Ingalls Street, Ann Arbor, Michigan – an 8-story former hospital
building.

The Situation:

  • Michigan Medicine vacating by Q2 2027
  • Building available for acquisition
  • Requires significant capital investment

Your Task: Present to Wolverine Capital Partners’ Investment Committee:

  • Should we acquire this building?
  • At what price?
  • What repositioning strategy?
  • What returns can we achieve?

THE PROPERTY

Basic Information

  • Address: 300 North Ingalls Street, Ann Arbor, MI 48109
  • Original Use: St. Joseph Mercy Hospital (vacated 1976)
  • Current Use: Medical research facility (Michigan Medicine)
  • Stories: 8 floors
  • Gross Building Area: ~280,000 SF
  • Site Size: ~2.5 acres
  • Zoning:
  • Parking: Surface lot (~150 spaces)

Building Characteristics

  • Reinforced concrete construction
  • Multiple wings from central core
  • Complex floor plates
  • Built pre-1976, converted from hospital to research use in 1976
  • Building systems are 50+ years old
  • Significant deferred maintenance

BUILDING HISTORY

1976:

University of Michigan purchased from St. Joseph Mercy Hospital for ~$10M and
converted to research use.

2027:

Michigan Medicine consolidating operations, building will be vacant.
Current Condition: Building requires major capital investment for continued use.

YOUR ASSIGNMENT

Present to Wolverine Capital Partners Investment Committee your analysis and
recommendation.

Your presentation must address:

  1. MARKET ANALYSIS
    ● Research Ann Arbor market across potential uses
    ● Analyze supply/demand fundamentals
    ● Evaluate competitive landscape
  2. HIGHEST & BEST USE
    ● What is the optimal use?
    ● Consider: office, multifamily, student housing, senior housing, mixed-use,
    demolition/redevelopment, other
    ● Justify with market data and financial analysis
  3. DESIGN & REPOSITIONING STRATEGY
    ● Design concept: Space program, unit mix, amenity package, design vision
    ● Architectural approach: Adaptive reuse or demolition/new construction?
    ● Renderings/diagrams: Visual representation of proposed design
    ● Capital requirements and scope of work
    ● Timeline to stabilization
  4. FINANCIAL ANALYSIS
    ● What should Wolverine pay?
    ● Build complete pro forma
    ● Calculate IRR, equity multiple, cash-on-cash returns
    ● Sensitivity analysis
  5. CAPITAL STRUCTURE
    ● Optimal debt/equity split
    ● Financing strategy
    ● All-in capital requirements
  6. EXECUTION & RISK
    ● Critical path and timeline
    ● Key risks and mitigation
    ● What could cause underperformance?
  7. RECOMMENDATION
    ● Reposition existing structure or demo and start from scratch?
    ● Purchase price and expected returns

EVALUATION CRITERIA

  • Strategic Insight – Market understanding and positioning
  • Analytical Rigor – Financial modeling quality
  • Design Creativity – Innovation, feasibility, and visual communication of design concept
  • Practicality – Execution feasibility
  • Presentation Quality – Clarity and professionalism
  • Defense – Ability to defend assumptions

TEAM REQUIREMENTS

  • Team Size: 3-5 University of Michigan students
  • Composition: Cannot be all graduate students
  • Recommended: Multidisciplinary team (investment, development, design)
  • All members must be enrolled Winter 2026

DELIVERABLES

  1. PDF presentation (max 15 slides + 5 appendix)
  2. Submit by: Tuesday, April 7, 2026 at 11:59 PM EST
  3. Live presentation: 10-minute presentation + 15-minute Q&A on April 8, 2026

RESOURCES & CONSTRAINTS

Available:

  • CoStar
  • Excel
  • Public research and databases
  • Site visits – select from scheduled times for full site tour
  • Floor plans provided
  • eConverge™ and TruPriceData™ powered by BNi® eConverge™ is a web-based
    construction estimating and project platform built for AECO teams, with a strong focus
    on JOC, SABER, and IDIQ programs. It brings estimating, cost data, and collaboration
    into one workspace so your team can move from concept to detailed pricing with full
    transparency.
  • TruPriceData™ is the cost data engine behind eConverge™, delivering detailed unit cost
    data with full labor, material, and equipment breakdowns.
  • See email for login directions

You may NOT:

  • Contact University officials, brokers, developers, contractors, lenders
  • Seek input from faculty, alumni, or peers outside your team
  • Access building interior without approval
  • All analyses must be your original work