(To read more on the multifamily market, click here.)

(Natalie Keith is a contributing writer to GlobeSt.com.)

KENTWOOD, MI-A four-building, 724-unit apartment portfolio was sold for $17.1 million, a sale valued at $28 per sf. The portfolio consists of Hunters Ridge at 4552 Hunter South Ridge Dr., Breton East and Breton Court at 4645 Drummond Blvd. and Walnut Hills at 4141 Walnut Hills Dr.

Sellers in the transaction were Breton Court Associates, LLC/Breton East Associates, LLC/Hunters Ridge Apartments Associates and LLC/Walnut Hills Associates. Buyers were TG Walnut Hills LLC, TG Brenton East LLC, TG Hunters Ridge LLC, and TG Brenton Court LLC. All entities are based in Farmington Hills. The sellers assumed the existing Fannie Mae mortgages.The portfolio was listed at $19.54 million. The sale was negotiated by Kevin Dillon and Dave Walstrom, agents located in the Detroit office of Phoenix-based Hendricks & Partners.

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