Hidden Valley Apartments is located in the northeastern part of Grand Rapids, off Beltline Avenue between Four and Five Mile roads. Built in the 1970s, the complex features a combination of one-bedroom garden-style apartments and two- and- three-bedroom town homes.
"The transaction was significant to both owners, as they both were able to relocate their portfolios," Rick Brace of Dietz tells GlobeSt.com.
His company has been busy in 2001, handling about $24.45 million in transactions. Since January, the company has:
* Closed on the $1.3-million sale of Arlington Apartments in Lansing, MI. Private investors from Okemos, MI purchased the 66-unit apartment complex from Wenco, LLC, of Lansing. Arlington Apartments is located in the southwestern section of Lansing.
* Brokered the sale of River Street Apartments in Lansing, MI. The 17-unit apartment complex was purchased for $350,000 by D.E.M.& K., LLC, which is headquartered in Lakeland, MI. The seller was a Lansing-area family-owned limited liability company. River Street Apartments is located in the Downtown area. K&D Enterprises,also of Lakeland, will manage the apartment complex. Plans call for renovation of the property.
* Closed on the sale of Ardmore Apartments, a 48-unit multi-family propertylocated in Grand Rapids, MI. The complex was purchased for $1.6 million by 297 Clay Inc., a property acquisition, management and redevelopment company headquartered in Muskegon, MI. The seller was Ardmore Apartments, a Grand Rapids-based partnership. Ardmore Apartments features garden-style one- and two-bedroom apartments with patios, balconies and carports. The complex was built in 1965-66.
* Brokered the $7.1-million sale of Surrey Park Apartments in Ann Arbor, MI. The 168-unit apartment complex was purchased by Surrey Park Investors, LLC, an investment company based in metropolitan Detroit. The seller, Plymouth Limited Liability Company, also is headquartered in the Detroit Metro area. Surrey Park Apartments is located on Ann Arbor's west side. Built in 1987, the property features single-story, garden-style one- and two-bedroom apartments on 17 acres.
* Closed on the sale of Plymouth Square Apartments, a 68-unit residential property located in Plymouth Township in southeastern Michigan. Plymouth Square Apartments LLC, based in Detroit, purchased the property for $3.2 million from P.J.D. Realty Enterprises LLC, also a Detroit-area firm. Plymouth Square Apartments is located near the intersection of Ann Arbor and Sheldon roads on the western edge of the city of Plymouth. The two-story, garden-style residential complex features one-and two-bedroom units. It was built in 1973-74.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.