Multifamily V Michigan

CBRE sells 96-unit apartment project in Michigan

CBRE sells 96-unit apartment project in Michigan,ph01

CBRE closed the sale of North Pointe Apartments in Jackson, Michigan. Jack Johns and Stephen Hershfield from the CBRE Michigan Multifamily Investment Sales Team arranged the transaction on behalf of the seller, Madison North Pointe LLC. The property was acquired by Twins Real Estate, LLC, which subsequently awarded Andover Management the property management assignment. A sale price was not disclosed.

North Pointe Apartments is a five-building 96-unit property located at 3021 North Pointe Drive.

The property offers one and two-bedroom apartments with large walk in closets and fully equipped kitchens. Amenities include covered parking, swimming pool, playground, picnic area and community room, as well as easy access to U.S.-127 and I-94.

CBRE also structured a $3.13 million loan to facilitate the acquisition of the North Pointe Apartments in Jackson, MI on behalf of the buyer, Twins Real Estate, LLC. A Freddie Mac Small Balance Loan (SBL) was obtained by Jason Brown of the CBRE Capital Markets’ Debt & Structured Finance team.

The ten-year $3,139,000 million loan has a fixed rate, is amortized over 30 years, and is interest-only for the first two years.