CRE V Michigan

HFF closes 360-unit multi-family sale in Michigan

lake-village

Chicago's HFF recently closed the sale of Lake Village of Ann Arbor, a 360-unit, Class-A multi-housing community in Ann Arbor, Mich.

Chicago's HFF recently closed the sale of Lake Village of Ann Arbor, a 360-unit, Class-A multi-housing community in Ann Arbor, Mich.

HFF, along with Pankhurst Properties, marketed the property on behalf of the seller, Northwestern Mutual.  An affiliate of The Habitat Company purchased Lake Village of Ann Arbor for $41.475 million on a free and clear basis.

Lake Village of Ann Arbor is located adjacent to the University of Michigan soccer complex and a short drive from the main campus in Ann Arbor.  The 29.2-acre site has 18 three-story buildings built in two phases in 1997 and 2002.  Units are available in one-, two- and three-bedroom floor plans averaging 1,220 square feet each.  Community amenities at the fully leased property include a clubhouse, health club and tanning bed, heated pool with hot tub, tennis court and business center.

The HFF investment sales team was led by managing director Marty O’Connell, executive managing director Matthew Lawton and managing director Sean Fogarty.

“Lake Village of Ann Arbor’s proximity to the University of Michigan ensures consistent demand from graduate students, faculty and employees of the university, which is the largest employer in Ann Arbor,” said O’Connell.