An apartment complex in Grand Rapids recently was sold to a private equity firm in Michigan.
NAI Wisinski of West Michigan recently sold a 182-unit, Class B apartment and townhome property in Grand Rapids.
Foote Hills Apartments and Townhomes is situated on 19.24 acres with a pool and fitness center in a newly remodeled clubhouse. The property is located near major retailers and downtown Grand Rapids, and is only a six-minute drive to Gerald R. Ford International Airport.
The prior owner was an anonymous private equity group based in California, and the buyer was another unnamed private equity group in Michigan. The purchase price was not disclosed.
NAIWWM brokers Scott Nurski and Craig Black assisted the building ownership in identifying improvements necessary to make the property more salable and for a higher market value.
Upgrades included kitchen, bathroom and some flooring enhancements. When the property went to market, the renovations amounted to an approximately 15% increase in property value.
Nurski and Black, along with NAIWWM Senior Multifamily Research Analyst Jamey Casey, represented both the buyer and the seller in the transaction.