Apartment complex sells for $100.4M
An apartment complex in the area has been sold for $100.4 million.
The real estate company Berkadia said yesterday that its Detroit office, working with unnamed parties, negotiated the sale and financing for Ramblewood Apartments in Wyoming, at 4277 Stonebridge Dr. SW.
The property was developed in phases from 1971-1983.
Ramblewood Apartments has about 1,710 studio, one, two and three-bedroom units.
The complex features a community center, indoor and outdoor pools, athletic amenities, such as a health club and tennis, basketball and volleyball courts, and a playground.
“The Grand Rapids rental market is registering historically low vacancy and healthy rent growth," said David Walstrom, senior director, Berkadia Detroit. "The market’s appeal, coupled with the potential to add value through strategic unit upgrades, made Ramblewood an extremely attractive investment.”
The sale was negotiated by a team at Berkadia Detroit: Rick Vidrio, managing director; Walstrom and Rick Brace, senior director; and Jason Krug, office director.
An acquisition loan through Fannie Mae was also arranged by a team at Berkadia Detroit: Pete Benedetto, senior managing director; David Sibbold, managing director; and Jillian Maki, AVP.