MARSHALL, MICH. — Friedman Real Estate has arranged the $4.1 million sale of Village Green in Marshall, a city in southern Michigan. According to Apartments.com, Village Green offers one- and two-bedroom units, as well as amenities such as internet access, a playground, patios and on-site parking. Friedman’s Peter Jankowski represented the undisclosed buyer in the transaction. The seller was also not disclosed.
The auto industry is pivoting from the mass production of internal combustion engine vehicles to electric vehicles (EVs), and the Motor City is at the forefront of this transformation. While it’s unclear how long it will take to complete the transition and at what cost, the expected job growth stemming from the billions of dollars flowing into EV investments in Michigan bodes well for metro Detroit’s economy and the multifamily market, say commercial real estate experts. In January 2022, General Motors unveiled plans to invest $6.5 billion and create up …
GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit Class A community in Grand Rapids. A private real estate investment firm purchased the community for an undisclosed amount. Jason Krug with Berkadia brokered the sale for Thompson Thrift. Completed in August 2022, the 24-acre community offers a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Amenities include a resident social lounge, 24/7 fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.
DETROIT — Bedrock has unveiled plans for the Development at Cadillac Square, a 1.5 million-square-foot mixed-use development in downtown Detroit. The Development at Cadillac Square project is the latest incarnation of a previously delayed plan, which was announced in 2016, according to The Detroit News. The development will be situated between Monroe and Randolph streets, adjacent to Campus Martius Park and Cadillac Square. Construction is expected to commence in 2024. Total costs for the project remain undisclosed, according to the Detroit Economic Growth Corp. The project will include 230,000 square …
DETROIT — Lument has closed on a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden-style property located approximately a mile east of downtown Detroit. The sponsor is Greatwater Opportunity Capital. James Kelly led the transaction for Lument. The loan features a seven-year term, with 12 months of interest-only payments, a 30-year amortization and a low, fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs, and several unit renovations. The …
Over the past decade, Detroit has undergone a period of revitalization, both culturally and economically. At the start of the early 2010s, the city’s Midtown and central business districts attracted multiple high-profile investors led by Detroit native and billionaire Dan Gilbert, the founder and chairman of Rocket Cos. (NYSE: RKT), formerly known as Quicken Loans. Gilbert’s hometown pride can’t be denied, and his investment started what is commonly referred to as the “Detroit Renaissance.” After moving the headquarters for Quicken Loans to downtown Detroit from the western suburb of Livonia …
MIDLAND, MICH. — Berkadia has provided a $33.8 million Freddie Mac loan for the acquisition of a three-property multifamily portfolio totaling 449 units in Midland, a city in central Michigan. The communities within the portfolio include Mulberry Apartments, Robin Oaks and Perrine Pointe. According to Apartments.com, Mulberry Apartments and Robin Oaks were built in the late 1960s, while Perrine Pointe was constructed in 1945. Aaron Moll of Berkadia originated the loan on behalf of the buyer, Michigan-based LG Capital. Income Property Organization was the seller. Loan terms were not provided.
