Real Estate and Small Business & Startups

Firm buys suburban apartment complexes

November 21, 2018
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Woodlake Apartment Homes Wyoming
Woodlake Apartment Homes. Photo via fb.com

A pair of apartment complexes in a Grand Rapids suburb have come under new ownership.

Ramblewood Apartment Homes in Wyoming, at 4277 Stonebridge Dr. SW, and Woodlake Apartment Homes in Wyoming, at 5001 Byron Center Ave. SW, are now the property of New York-based Torchlight investors, according to multiple sources.

Ramblewood sold for $95,368,857, and Woodlake sold for $48,631,142, according to City of Wyoming documents, which show Torchlight as owner of the properties.

The seller of Rablewood was Ramblewood North, LLC, and the seller of Woodlake was Ramblewood South, LLC, according to city documents.

The address of the registered agent for both firms is the same address of CF Real Estate Services in Atlanta, according State of Michigan records.

The commercial real estate firm Berkadia said last week it secured a combined $108.33 million in financing for the two complexes on behalf of Torchlight Investors.

Senior Managing Director Peter Benedetto of Berkadia’s Detroit office secured the acquisition financing for both properties through Fannie Mae.

The deals closed on Oct.17.

“We are excited about this acquisition as we believe it is well-positioned to benefit from sought-after suburban communities with a well-designed capital improvement plan,” said Henry Gom, SVP, Torchlight Investors.

Torchlight plans to renovate and improve the two properties, although the extent of the projects was not disclosed.

The two properties changed hands previously in 2015, when Ramblewood sold for $64 million and Woodlake sold for $34 million, according city documents.

Ramblewood Apartment Homes has about 1,710 studio, one, two and three-bedroom units. The complex features a community center, indoor and outdoor pools, a playground and athletic amenities, such as a health club and tennis, basketball and volleyball courts.

Woodlake Apartment Homes has studio, one, two, and three-bedroom units, ranging from 440 to 2,060 square feet. Unit amenities include fully equipped kitchens, stainless-steel appliances, a washer and dryer and patio with most units. Other amenities include a community center with an indoor pool, carport parking, laundry facilities and an on-site fitness center.

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