Income Property Organization Announces 5 Multifamily Property Sales Totaling More than $36M
Sales include Detroit apartment community near end of M-1 Rail Line
Bloomfield Hills, MI – Sept. 13, 2016 – Income Property Organization (IPO) completed sales of four Michigan apartment communities and one student living community in North Carolina, for a combined total of more than $36 million. This is in addition to over a dozen apartment deals that the firm brokered this quarter.
The noteworthy deals include:
- Bloomfield Square Apartments, a 259-unit community built in 1970 and located at 3161 Bloomfield Lane in Auburn Hills, Mich. IPO closed on the property on July 14, 2016, at a 6.68% cap rate for $17 million, or $65,637 per unit, to a foreign investor. IPO team members J.J. Zwada and Greg Coulter represented the seller; J.J. Zwada and A.J. Beachum, JD, represented the purchaser.
- Campus Habitat Apartments, a student housing project consisting of 82 units and 224 beds and located next to Campbell University in Lillington, N. C., sold on July 27, 2016 at an 8.68% cap rate with a sales price of $7.7 million, or $93,902 per unit. Campus Habitat was the seller and a New York investment group acquired the asset. J.J. Zwada represented the seller and Greg Coulter represented the buyer.
- Newberry Apartments, a 110-unit ranch-style community at 106 Falls Court in Delta Township, Mich. sold at a 7.40% cap rate for $4.73 million, or $43,000 per unit. IPO closed on this off-market transaction on August 26, 2016, within 60 days of listing. The seller was an investment company out of Atlanta, Georgia and the purchaser was a local investor. A.J. Beachum, JD and J.J. Zwada of IPO represented the seller and A.J. Beachum, JD, represented the purchaser.
- A 136 townhouse-unit complex, Marina Bay Club Apartments, located at 14221 Park St in Gibraltar, Mich, was sold at an 8.50% cap rate for $4.55 million on July 29, 2016. The seller was a Trust Fund and the purchaser was a foreign investor. Greg Coulter of IPO represented the seller and Jason Gardner represented the purchaser.
- Marwood Apartments at 53 Marston St. in Detroit, a 53-unit redevelopment deal at the end of the M-1 Rail in the New Center Area, sold on Sept. 1, 2016 at a 6.50% cap rate for $2.05 million, or $38,679 per unit. The seller was an investment partnership out of Southfield, Mich. A.J. Beachum, JD and Greg Coulter of IPO represented the seller and Greg Coulter represented the purchaser.
Income Property Organization in Bloomfield Hills, Mich. offers customized brokerage services that are designed to meet the specific needs of a wide range of clients — private owners as well as institutional investors — who want to buy or sell income property. To learn more or inquire about multifamily investment opportunities, contact Greg Coulter at (248) 932-0300.