Apartment complex sells for $3.7M
A 60-unit apartment complex in the region was sold for $3.7 million.
Grand Rapids-based Beacon Realty Group said last week it brokered the sale of Mansard House Apartments in Kalamazoo, at 220 S. Kendall Ave.
Beacon Realty Group President Matt Jones represented both the buyer, Cornerstone Mansard LLC, and the seller, Mansard House LLC, in the transaction.
Cornerstone Mansard is run by an investor who was not disclosed, but he was described as a Chicago-based investor in a 1031 Exchange looking to diversify holdings in Michigan. It’s his first investment in Michigan, according to Jones.
“West Michigan has been put on the map by multi-family investors, and we are seeing more and more activity from buyers located around the country here,” Jones said.