Real estate firm buys apartment complex
A local real estate firm has acquired a 264-unit apartment complex in the region.
Grand Rapids-based Trillium Ventures has secured a $7.12 million short-term loan to help acquire the 173,000-square-foot Timberwood Crossing Apartments in Portage, at 6285 Ivywood Dr., according to Cohen Financial last week. The deal closed on Sept. 7.
The seller and sale price were not disclosed.
Trillium Ventures will update interiors of the rental units as leases expire, said Dan Meyering, partner, Trillium Ventures.
“These improvements will allow us to compete with newer properties in the area, while providing a great value to the tenants,” Meyering said. “Portage is a great community, with a good employment base, and we look forward to being a part of it.”
Cathy Bronkema, managing director of Cohen Financial’s Grand Rapids office, facilitated the short-term, interest-only loan, while Cohen Financial secures a permanent HUD 223(f) loan.
Brokers with Southfield-based Berkadia, David Walstrom and Jason Krug, represented Trillium in the acquisition.
Trillium Ventures is a real estate investment and property management firm with nine apartment properties in West Michigan.