Multifamily V Michigan

NAI Wisinski sells 237-unit apartment community in Grand Rapids

  

NAI Wisinski of West Michigan brokers Craig Black and Scott Nurski recently sold a 237-unit, Class-A apartment community in Grand Rapids, Michigan.

The sale represents the highest price per unit ever recorded in Michigan for a suburban, market-rate multifamily asset. Ridges of Cascade Apartments is a luxury apartment community with well-appointed units, luxury condominium-level interior finishes and resort class community amenities. It is well located in highly sought after Cascade Township, which boasts high income levels and extremely high barriers to entry for multifamily development.

All buildings were pre-leased as they were constructed and the property was 100 percent occupied when it opened in August of 2016.

Black and Nurski of NAI Wisinski represented both the buyer, a Michigan private equity group, and the seller, a local developer.