New York-based Time Equities, Inc. (TEI) announced the acquisition of the Brix at Midtown, a 250,524-square-foot multifamily property in Grand Rapids for $68.25 million.
The purchase is TEI’s 13th acquisition in Michigan and third multifamily property in Grand Rapids, along with Icon on Bond and 601 Bond. The acquisition also is the highest sales price for a multifamily development in Michigan since 2019.
“The purchase of The Brix, a large, well-located asset, is a strategic opportunity to expand our multifamily platform and foothold in Michigan and more specifically, Grand Rapids,” said Brad Gordon, TEI’s director of acquisitions. “Grand Rapids is a market we are very optimistic about given its strong job growth and a growing downtown. We have experienced great success with Icon on Bond and 601 Bond and expect to achieve the same with The Brix. We are constantly seeking properties that present long-term growth potential with advantageous financing.”
Located at 414 Benson Ave. NE and built in 2018 for $53 million, the Brix at Midtown offers several different floor plans, with one- to three-bedroom layouts.
The property currently is 93% occupied and features a full amenity package including a heated swimming pool, two-story fitness center, tenant lounge with golf simulator, covered parking and pet park. Each unit is finished with high-end appliances, balconies and a washer/dryer.
“With the Brix’s different unit mix and demographic in conjunction with our other two multifamily assets, it now allows us to provide luxury housing to the entire Class A rental apartment market in Grand Rapids,” said Robert Cohan, acquisitions/asset management at TEI.
Gordon and Cohan managed the acquisition on behalf of TEI and will manage the property going forward. The seller was represented by Evan Riggle, national director of multifamily of Triad RE Partners.