Marcus & Millichap Inc.
Marcus & Millichap Inc.
15/08/2024 | Press release | Distributed by Public on 16/08/2024 05:59
Marcus & Millichap Facilitates Sale of 40-Unit Multifamily Property in Michigan
Press Releases
Marcus & Millichap Facilitates Sale of 40-Unit Multifamily Property in Michigan
August 15, 2024
LinkedIn Email App
WYOMING, Mich., August 15, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Gardentown Apartments, a 40-unit apartment property located in Wyoming, Michigan. The property sold for $3,307,500, or $80,188 per unit.
"The Grand Rapids Metro is a great market to operate in," said Chase Gilewski, associate. "Both buyer and seller were able to satisfy 1031 exchanges making this a unique deal to work on in today's market environment."
Gilewski and Chris Futo, investment specialists in Marcus & Millichap's Detroit office, had the exclusive listing to market the property on behalf of the seller. Steve Chaben, Broker of Record in Michigan, assisted in closing the transaction.
Gardentown Apartments, located at 1845 30 Street S.W., covers 2.9 acres in the Grand Rapids metropolitan area. Built between 1966 and 1968, the property's four buildings house nine one-bedroom units and 31 two-bedroom units, one of which is used as an on-site office. The property was 90% occupied at the time of closing. The buyer is planning to invest significant capital on both interior and exterior renovations.
"The Grand Rapids Metro is a great market to operate in," said Chase Gilewski, associate. "Both buyer and seller were able to satisfy 1031 exchanges making this a unique deal to work on in today's market environment."
Gilewski and Chris Futo, investment specialists in Marcus & Millichap's Detroit office, had the exclusive listing to market the property on behalf of the seller. Steve Chaben, Broker of Record in Michigan, assisted in closing the transaction.
Gardentown Apartments, located at 1845 30 Street S.W., covers 2.9 acres in the Grand Rapids metropolitan area. Built between 1966 and 1968, the property's four buildings house nine one-bedroom units and 31 two-bedroom units, one of which is used as an on-site office. The property was 90% occupied at the time of closing. The buyer is planning to invest significant capital on both interior and exterior renovations.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.