Real estate firm buys apartment complex
A 180-unit apartment complex in the region has a new owner.
The Landing in Kalamazoo, at 3306 W. Main St., was sold to Trillium Ventures MSV in Grand Rapids.
The 156,395-square-foot complex is near Western Michigan University.
NAI Wisinski of West Michigan brokers Craig Black and Scott Nurski arranged the sale, representing a private seller.
Terms of the deal were not disclosed.
“While not a purpose-built student-housing project, The Landing’s close proximity to the Western Michigan University campus makes it a popular choice among college students,” Nurski said. “The rent structure makes The Landing a more affordable option than newer student-housing properties.”
Black added that the property “presents a great value-add opportunity for the buyer.”
“The buyer should be able to increase property value by updating unit finishes and subsequently raising rents on the improved units,” Black said.
The complex is made up of fifteen three-story buildings and includes 56 carport stalls.
The Landing features a number of amenities: a clubhouse, outdoor swimming pool, volleyball court, central air conditioning and a laundry room in each building.