Monday, January 9, 2012

HFF closes $41.475 million sale of Ann Arbor, MI Class A multi-housing community

CHICAGO, IL – HFF announced today that it has closed the sale of Lake Village of Ann Arbor (top left photo), a 360-unit, Class A multi-housing community in Ann Arbor, Michigan.
HFF, along with Pankhurst Properties, marketed the property on behalf of the seller, Northwestern Mutual. 

An affiliate of The Habitat Company purchased Lake Village of Ann Arbor for $41.475 million on a free and clear basis. 

Lake Village of Ann Arbor is located at 101 Lake Village Drive, adjacent to the University of Michigan soccer complex and a short drive from the main campus in Ann Arbor.  The 29.2-acre site has 18 three-story buildings built in two phases in 1997 and 2002. 

Units are available in one-, two- and three-bedroom floor plans averaging 1,220 square feet each.  Community amenities at the fully leased property include a clubhouse, health club and tanning bed, heated pool with hot tub, tennis court and business center.

The HFF investment sales team was led by managing director Marty O’Connell, executive managing director Matthew Lawton and managing director Sean Fogarty.

“Lake Village of Ann Arbor’s proximity to the University of Michigan ensures consistent demand from graduate students, faculty and employees of the university, which is the largest employer in Ann Arbor,” said O’Connell.

Founded in 1971, The Habitat Company is a full-service real estate company, committed to the highest standards in management, service and development.  The company has offices in Chicago, Atlanta, Detroit and St. Louis.

 MARTY O’CONNELL, HFF Managing Director,
(312) 528 3650 
 KRISTEN MURPHY,  HFF Associate Director, Marketing, (713) 852-3500                                       

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