Real estate firm buys student apartment complex
A local real estate firm has purchased a 66-unit student apartment complex that serves a college in the region.
Vision Real Estate Investment in Grand Rapids has acquired Venlo Place Apartments in Big Rapids, at 15345 Venlo Dr., according to CBRE Group last week.
The 433,120-square-foot apartment complex has 264 beds and serves as student housing for Ferris State University.
Vision Real Estate Investment was the manager of the property prior to the purchase. The complex is the firm’s first student housing acquisition.
CBRE said Jason Brown and Dan Gable in Indianapolis, members of CBRE Capital Markets’ Debt & Structured Finance team, worked to secure a loan for Vision Real Estate Investment.
Vision Real Estate Investment
Vision Real Estate Investment was launched in early 2016 by Founder and CEO Tim Engen, who had spent 17 years in the technology industry and invested in property as a hobby.
“We see the big picture, and we take the long view, spotting real estate trends and focusing on opportunities to shape the future of the community we live and work in,” Engen said when the firm launched this winter.