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HōM Flats at 24 East in Holland, Michigan
Affordable HousingDevelopmentMichiganMidwestNews

Magnus Capital Partners Breaks Ground on $60 Million Workforce Housing Development in Holland, Michigan

by Channing Hamilton

HOLLAND, MICH. — Magnus Capital Partners has begun development on HōM Flats at 24 East, a $60 million workforce housing project in Holland, 28.7 miles west of Grand Rapids, Michigan. Once completed, the complex will comprise 202 apartments across eight acres. HōM Flats at 24 East will offer one-, two- and three-bedroom units with full-size washers and dryers and secured key fob access. The property will also feature 13,000 square feet of retail space, including an on-site childcare center and suites for locally owned businesses.  Planned amenities include pickleball courts, a …

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DevelopmentLeasing & MarketingMichiganMidwestNews

Thompson Thrift Opens 344-Unit The BLVD at Wilson Crossings in Grand Rapids, Michigan

by Channing Hamilton

WYOMING, MICH. — Thompson Thrift has opened The BLVD at Wilson Crossings, a 344-unit asset in the Grand Rapids suburb of Wyoming. The property offers townhome-style units that come in one- to four-bedroom floor plans. Select units feature attached garages and private yards. Amenities include a clubhouse, fitness center, pickleball courts, game lawn with fire pit, pool and dog park. The first residents began moving in during the winter of 2023. The community is 45 percent leased. Thompson Thrift expects construction to conclude this fall.

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Annika Place in Traverse City, Michigan
Affordable HousingDevelopmentLeasing & MarketingMichiganMidwestNews

Woda Cooper Cos. Opens $14.7 Million Affordable Housing Development in Traverse City, Michigan

by Channing Hamilton

TRAVERSE CITY, MICH. — Woda Cooper Cos. has opened Annika Place, a $14.7 million affordable housing project located at 947 S. Garfield in Traverse City. Annika Place offers 53 units, including 29 one-bedroom and 24 two-bedroom residences. The property is available to households earning between 30 and 80 percent of the area median income. Monthly rates range from $377 to $1,125 depending on the income restriction and size of the unit. The Traverse City Housing Commission will provide rental assistance for eight units, which will be occupied by formerly homeless …

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Forum Flats in Troy, Michigan
FinanceInvestment SalesMarket ReportsMichiganMidwest

Why Metro Detroit Should Be on Apartment Investors’ Radar Screens

by Channing Hamilton

The multifamily market in Detroit, characterized by its mature and stable nature, boasts robust operating fundamentals, making it an attractive investment destination. While markets across the country are facing swells of new apartment deliveries resulting in oversupply, Detroit is forecast to easily absorb all new units that come online in 2024.  In fact, 4,896 units are expected to be absorbed in 2024 while only 4,072 new units will be delivered — illustrating the strong, stable demand across the metro area.  The positive outlook for rent growth is another encouraging sign. …

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Leasing & MarketingMichiganMidwestNews

Friedman Communities to Manage 717-Unit The Loop on Greenfield in Oak Park, Michigan

by Channing Hamilton

OAK PARK, MICH. — Friedman Communities, the management division of Friedman Real Estate, has been selected to manage The Loop on Greenfield in Oak Park, about 14 miles north of Detroit. The property was built in 1965 and features 717 units. Apartments come in studio, one- and two-bedroom layouts. Amenities include a fitness center, playground, pool and courtyard.

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $4.2 Million to Refinance Property in Sterling Heights, Michigan

by Channing Hamilton

STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit community in the northern Detroit suburb of Sterling Heights. Dennis Bernard and Joshua Bernard of BFG arranged the loan through One Durham LP. Symetra Life Insurance Co. on behalf of the borrower, One Durham LP.

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FinanceInvestment SalesMichiganMidwestNews

BWE Secures $19.8 Million in Acquisition Financing for 326-Unit Portfolio in Detroit Suburb

by Channing Hamilton

CLINTON TOWNSHIP, MICH. — BWE has secured $19.8 million in acquisition financing for a portfolio totaling 326 units in the Detroit suburb of Clinton Township. The portfolio consists of 13 low-rise buildings. The properties offer a mix of one- and two-bedroom units, as well as amenities like a pool, clubhouse, tennis court, on-site laundry and parking. Adam Gould of BWE’s Detroit office originated the value-add, non-recourse bridge loan, which features three years of interest-only payments and a 75 percent loan-to-cost ratio. The buyer was a regional fund that invests in …

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FinanceMichiganMidwestNews

JLL Capital Markets Arranges $30 Million to Refinance Two Communities in Michigan

by Channing Hamilton

PORTAGE AND MT. PLEASANT, MICH. — JLL Capital Markets has negotiated $30 million to refinance Davis Creek Apartments and Canterbury East in Michigan. JLL represented the borrower, The Millennia Cos., to secure the loan through Citigroup Inc. Jillian Mariutti and Alex Staikos led the JLL Capital Markets Debt Advisory team. Situated at 5419 Meredith Street in Portage, Davis Creek Apartments was built in 1969 and renovated in 2013. The property comprises a total of 407 apartments, including 33 studios, 276 one-bedroom and 98 two-bedroom units. Amenities include two enclosed dog parks, …

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FinanceMichiganMidwestNews

Bernard Financial Group Arranges $8.5 Million to Refinance 334-Unit Property Near Detroit

by Channing Hamilton

SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged an $8.5 million loan to refinance a 334-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and David Ruff of BFG negotiated the loan through Securian Life Insurance Co. Pine Aire Investors LLC was the borrower.

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21901 Stratford Place Blvd. in Brownstown, Michigan
Investment SalesMichiganMidwestNews

Friedman Real Estate Brokers $25.7 Million Sale of 180-Unit Complex in Brownstown, Michigan

by Channing Hamilton

BROWNSTOWN, MICH. — Friedman Real Estate has negotiated the sale of a 180-unit community located at 21901 Stratford Place Blvd. in Brownstown, a southern suburb of Detroit. Four Corners Development Group acquired the asset from an undisclosed seller for $25.7 million. Friedman Real Estate’s Peter Jankowski and Rich Deptula represented both the buyer and seller in the deal.

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