Monday, December 8, 2014

$102 Million Multifamily Portfolio Sold by Marcus & Millichap in Grand Rapids, MI; Largest commercial real estate transaction recorded in Michigan so far this year.

Woodland Creek Apartments, Kentwood, MI

Earl E. Elliott
 GRAND RAPIDS, MI,  Dec. 8, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Grand Rapids 6 Apartment Portfolio, a 1,651-unit portfolio of six multifamily properties located in and around Grand Rapids, Mich.

The portfolio sold for $102,150,000. The sale is the largest commercial real estate transaction recorded in Michigan so far this year.

            Earl Elliott, vice president investments, and senior associates Gordon Navarre and Christopher Futo, represented the seller, as well as the buyer, a New York-based private investment firm.

            “The Grand Rapids 6 Apartment Portfolio is a true long-term investment built on Grand Rapids’ rich history of quality and family values,’ says Elliott. “All of the properties are within 15 minutes of each other and make a huge statement in the market.”

Gordon A. Navarre
            The properties sold are:

·         Woodland Creek, 756 units, Kentwood, Mich.
·         Woodbridge, 168 units, Kentwood, Mich.
·         Wyndham Hill, 192 units, Grand Rapids, Mich. 
·         Autumn Ridge, 328 units, Grand Rapids, Mich.
·         Oak Valley and Pinery Woods, 207 units, Wyoming, Mich. 
The Woodland Creek, Woodbridge, and Autumn Ridge properties offer furnished apartments at daily, weekly and monthly rates.

Grand Rapids, Mich., located along the Grand River 25 miles east of Lake Michigan, is the economic and cultural heart of western Michigan. The city is the second-largest in the state.

 Major employers include Steelcase Inc., Herman Miller Inc., Spectrum Health, Johnson Controls Inc., Alticor (formerly Amway), Kellogg’s, Meijer Inc., Axios Systems, Perrigo and Farmers Insurance.

For a complete copy of the company’s news release, please contact:

Gina Relva
Public Relations Manager

(925) 953-1716

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