GRAND RAPIDS, MI—Ramblewood Apartments, a multifamily property in suburban Wyoming, MI, just outside of Grand Rapids, just sold for $100.4 million, according to officials from Berkadia, who brokered the sale. MLive.com reports that the new owners are a Georgia-based investment group, making this the second time in just a few months that an outside investor plunked down more than $100 million for a multifamily community in the area.

As reported in GlobeSt.com, in December Marcus & Millichap helped complete the $102 million sale of the Grand Rapids 6 Apartment Portfolio, a 1,651-unit portfolio of six multifamily properties located in and around the city. Officials from the firm said it was the largest commercial real estate transaction recorded in the state up to that point in 2014.

Berkadia's managing director Rick Vidrio, senior directors David Walstrom and Rick Brace, and director Jason Krug of the Detroit office negotiated the sale of Ramblewood. Senior managing director Pete Benedetto, managing director David Sibbold, and assistant vice president Jillian Maki of Berkadia's Detroit office arranged the acquisition loan through Fannie Mae.

Built in phases between 1971 and 1983, Ramblewood is located at 4277 Stonebridge Dr. SW and features 1,710 studio, one-, two- and three-bedroom units. Featured amenities include balconies and patios, vaulted ceilings, fireplaces, skylights, cable and internet with free WiFi, and walk-in closets. Community amenities include a community center with an indoor pool, an outdoor pool with a sundeck, a tennis and health club with indoor and outdoor courts, basketball and volleyball courts, a playground, and 188 acres of woods and a pond.

“The Grand Rapids rental market is registering historically low vacancy and healthy rent growth," says Walstrom. "The market's appeal, coupled with the potential to add value through strategic unit upgrades, made Ramblewood an extremely attractive investment.”