California firm buys apartment complex for $4.4M
A California firm is entering the residential market in Michigan after purchasing an apartment complex in the region for $4.4 million.
Fourmidable Real Estate Services in Bingham Farms said last week that it represented Edgewater Apartment Properties, LLC of Petaluma, Calf. in the purchase of Edgewater Apartments in Greenville, at 820 S. Greenville W. Dr.
Maxus Properties of Kansas City, Mo. was the seller.
Edgewater Apartments is a 40-unit apartment complex, which includes a 15,000-square-foot leasing office.
The Edgewater units consist of two bedroom and two-bath floor plans, with a private attached garage and front entrance.
Fourmidable Real Estate Services anticipates assuming management of the property in August.
Mike Schocker, director of real estate services for Fourmidable, said the property is in great shape but will undergo a series of interior and exterior renovations and upgrades.
For instance, he said the kitchens will be upgraded with new appliances, countertops and cupboards. The units will also get new flooring.
Schocker said the Edgewater Apartments buyer, who owns properties in California and Nevada, is entering the Michigan market for the first time.
Fourmidable also said this month that the Edgewater buyer also purchased the 208-unit East Bay Village apartment complex in Essexville — outside of Bay City, at 1877 W. Eastbay Pkwy. — for $8.1 million as East Bay Village Properties, LLC.
“It’s his first foray into multi-family residential in state of Michigan,” Schocker said. “They see a good opportunity in real estate here.”