Triad RE Partners recently sold The Brix at Midtown Apartments, a 287 unit, “class A” apartment complex located in Grand Rapids, MI.
GRAND RAPIDS, MI, USA, March 30, 2021 /EINPresswire.com/ — Triad RE Partners recently sold The Brix at Midtown Apartments, a 287 unit, “class A” apartment complex located in Grand Rapids, MI. Construction was completed on the Brix in 2018. It includes two buildings, three stories each, with a four-level concrete parking garage. Rise out of Valdosta, GA was the developer and the general contractor was a local firm, The Wolverine Building Group.
The Brix at Midtown contains a total of 29 different floorplans including one-, two and three-bedroom apartment units. Some of the amenities offered include granite countertops in the kitchen and bathrooms, stainless steel appliances, and private balconies in every unit. The property boasts an array of community amenities not found at other properties in the market: a heated year-round outdoor pool, a golf simulator, a movie theater, a pet park and pet wash area, and a 6,000sf outdoor courtyard. The property boasts a prime location in the Midtown neighborhood of the city. This makes it attractive to tenants based on the proximity to the ever-growing Medical Mile stretch as well as the convenience to all the downtown attractions without sacrificing space and amenities not offered in more urban floor plans.
Triad represented the seller, Kayne Anderson, out of Boca Raton, Florida in an off-market transaction with a buyer out of New York City who currently has been in the market for ten plus years.
The price for the transaction is undisclosed, however, the transaction represents a sub 4.5 cap purchase on actual trailing numbers, one of the lowest Cap trades the market has seen for multifamily assets in the region.
For more information about this transaction or others, please contact:
Evan Riggle | National Director of Multifamily at 419.261.3313
Founded in 2010 by three partners who now have over 40 years of experience in commercial real estate, Triad Real Estate Partners strives to be the premier private client student housing and multi-family real estate brokerage company in the Midwest. The partners at Triad have closed over 375 transactions in 15 states covering nearly 30,000 multi-family and student housing units with an aggregate value of over $2.1 Billion. Triad has experience in all types of housing including affordable housing, conventional market-rate multi-family, and student housing. Triad is headquartered in Chicago’s Downtown Loop.