Investment group buys downtown building

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Courtesy Signature Associates

An investment group from the east side of the state has closed on the purchase of a building downtown.

Bloomfield Hills-based VS Oaks, LLC purchased the 15,500-square-foot "multi-family" building at 5 Oakes St. SW, off of Division Ave. S, from Grand Rapids-based Ashlar Company, LLC, according to Signature Associates last week.

The purchase price was not disclosed.

The building holds 12 residential units and three commercial units and is not fully leased.

Plans for the building were not disclosed.

Joe Rizqallah of Signature Associates represented both the buyer and the seller in the deal.

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