FOURMIDABLE Brokers The Purchase Of $8.7 Million In Michigan Properties
FOURMIDABLE Real Estate Services recently served as the Buyer's Representative for the purchase of two apartment communities in Greenville, Michigan totaling approximately $8.7 million.
Maplewood Square Apartments, a 104-unit market rate property represents the largest portion of the transaction with a closing price of $5.32 million. Meadow Ridge Apartments closed at $3.39 million and included an additional 52 units. Both communities are now owned by Edgewater Apartment Properties, LLC. The Petaluma, California-based company purchased three other Michigan properties earlier this year.
FOURMIDABLE, a Bingham Farms-based national real estate company, will also act as Managing Agent for both communities. The new owner plans to improve Maplewood Square with interior unit enhancements along with renovations to the building exteriors, including building siding and window replacements. Renovations are scheduled to be completed prior to the end of 2015.
“We are pleased to continue our partnership with our new clients and look forward to a long-term business relationship,” said FOURMIDABLE President Scott Allen. “FOURMIDABLE is proud to be a partner with an owner that sees the value and potential of investing in the Michigan real estate market.”