(Natalie Keith is a contributing writer to GlobeSt.com.)
LINCOLN PARK, MI-A 40-unit apartment complex was sold for $1.19 million. The complex, located at 1429 and 1779 St. Johns Blvd. was sold to Southfield-based A Grade Properties.
The seller of the building was Wilbert Wilhelm, of Southgate-based E & W Investors. Mark Rohr, Eric Taylor and Jared Mann, of the Detroit office of Phoenix-based Hendricks & Partners represented both the buyer and seller in the transaction.
Mann tells GlobeSt.com that Wilhelm used to run the building with his children but sold the it so he could retire and move to Florida.
This is the first apartment acquisition for the buyer, which is planning extensive interior improvements at the property. "There was some deferred maintenance on the building which he plans to do," Mann tells GlobeSt.com. "He's just getting started with the building but he plans to hang onto it for a while."
Mann adds that Lincoln Park is a strong rental area and that the building has had stable occupancy. At the time of the sale, the building was 95% occupied, with units renting for an average of $595.
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