Suburban apartment complex sells for $57M
An apartment complex in suburban Grand Rapids has sold for $57 million.
Ridges of Cascade in Cascade Township, at 3361 Charlevoix Drive SE., has a new owner, according to Cascade Township records.
Lansing-based Country Club Manor LLC is the new listed owner on the sale.
The 237-unit apartment complex was developed by LaCati Group at the former Centennial Country Club grounds. Construction started in December 2013, and the project was finished in 2015.
NAI Wisinski of West Michigan's Scott Nurski and Craig Black represented both sides in the sale, but declined to comment further.
At the time of development, the project was to cost $30 million.
The most recent tax information with the township shows an assessed value of $11.1 million and a land value of $22.2 million.
The Ridges of Cascade website lists no units available for rent.
The nine floor plans range from $1,150 to $2,300 in one-, two- and three-bedroom models.