California firm buys apartment complexes for $8.7M
A California firm is expanding its presence in West Michigan’s residential market after purchasing a pair of apartment complexes in the region.
Fourmidable Real Estate Services in Bingham Farms said this month that Petaluma, Calif.-based Edgewater Apartment Properties has purchased Meadow Ridge Apartments and Maplewood Square Apartments in Greenville for $8.71 million.
Fourmidable represented the unnamed seller of the properties.
Maplewood Square Apartments features 104 units and had a closing price of $5.32 million.
Meadow Ridge Apartments features 52 units and had a closing price of $3.39 million.
Fourmidable will serve as managing agent for the apartment communities.
Edgewater Apartment Properties plans to make interior unit enhancements and exterior renovations at Maplewood Square Apartments.
The work is expected to be completed before the end of this year.
“Value” in the market
"We are pleased to continue our partnership with our new clients and look forward to a long-term business relationship," said Scott Allen, president, Fourmidable Real Estate Services.
Allen added that the Fourmidable is “proud to be a partner with an owner that sees the value and potential of investing in the Michigan real estate market."
Edgewater Apartment Properties entered the residential Michigan market earlier this year by purchasing three other properties, including Edgewater Apartments, which is also located in Greenville, for $4.4 million.
Fourmidable also represented the seller, Maxus Properties of Kansas City, Mo. in the deal.