Real Estate and Retail

Firm buys 'well-run' downtown apartment building for $9.3M

March 24, 2015
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Company buys 'well-run' downtown apartment building for $9.3M
The 42-unit Hopson Flats apartment building is located across from Founders Brewing Co. in downtown Grand Rapids. Courtesy Maplegrove Property Management

A downtown apartment building with ground-floor retail and office space is under new ownership.

Hopson Flats

The five story, 42-unit Hopson Flats building in Grand Rapids, at 212-220 Grandville Ave. SW, changed hands on March 16.

The building, which is across the street from Founders Brewing Co., was sold from Fusion Properties’ Hopson Flats LLC to Grand Rapids – Hopson Flats LLC for $9,394,840, according to city records.

The East Lansing-based firm Maplegrove Property Management now owns the building.

Although mostly apartments, the building’s first floor is also home to the salon and spa Cheeky Strut, the architectural firm Hooker DeJong, the media company Fusionary Media and the building’s former property manager, Fusion Properties, said David Emdin, co-owner and West Michigan area manager, Maplegrove Property Management.

“Well-run” building

Emdin said Maplegrove’s plan is to keep the Hopson Flats building exactly the way it is.

“Maplegrove is pleased to manage Hopson Flats and looks forward to continuing the excellent level of service that residents received from the prior manager, Fusion Properties, LLC, under the direction of Doug Gulker,” he said.

“It’s been very well run. It’s been kept up quite well by the current ownership. . . . We’re going to run it very much the way they ran it. It’s been very successful.”

Acquiring properties

Maplegrove Property Management has been looking to acquire property in the Grand Rapids and central Michigan areas for the last several years, Emdin said.

He said the purchase of Hopson Flats fits the company’s buying pattern and complements other properties it has acquired in recent years: 38 Commerce in Grand Rapids; Heritage Collection in Grand Rapids; Sherman Oaks Apartments in Ludington; and Flats on the River in Belding.

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