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| Woodland Creek Apartments, Kentwood, MI |
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| 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.”
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| 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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