The Fulton Square apartments are located in Grand Rapids' Eastown neighborhood. Photo via fb.com
A pair of long-standing development partners in Grand Rapids have launched a new property management firm.
PURE Real Estate Management opened its doors last week in Grand Rapids, at 32 Market Ave. SW.
The firm is owned by Michael Maier, owner of Cusp Group, and Ryan Wheeler, VP of Orion Real Estate Solutions, or ORES, a division of Grand Rapids-based Orion Construction, and was created to manage the properties the owners develop.
“As (ORES’) portfolio continues to grow, so has our desire to stay close to our projects,” Wheeler said. “This new venture further deepens our connection to our buildings, our investors and most of all, our tenants. So, from both a financial and philosophical perspective, this just makes sense.”
The Business Journal previously reported on ORES’ numerous developments, including its joint ventures with Cusp Group, in Grand Rapids’ outlying suburbs.
With Fulton Square, Eastown Flats, The Homes at River’s Edge, The Knoll and Heritage Place, PURE is kicking off with a mix of commercial and residential properties.
Wheeler added ORES projects that already have management partners will stay with those partners. Only projects that are not in partnership with another large management firm will join the PURE portfolio.
Wheeler and Maier have also hired Anne Ficeli as president of the firm and made several other hires. She brings 25 years of experience in commercial real estate and real estate management.
“I think what makes (PURE) different is we’ve all been on the owner side of the equation,” Ficeli said. “Even though what we will be doing is third-party management, we’re all thinking like owners.”
PURE will begin pre-leasing of the 86-unit Heritage Place, at 50 College Ave. SE, upon completion of the model unit in the near future.
The builders at Orion Construction anticipate opening the model unit over for tours and pre-leasing efforts later this month. The project will be turned over later this summer, and PURE hopes to fill the Heritage Hill apartment project by the end of this year.
Shortly after Heritage Place, Orion will turn its attention to The Knoll, a 72-unit townhome project in Ada, at 1040 Spaulding Ave. SE, which the developers said has received an “enormous” amount of attention from the community since its kickoff earlier this year.