Firm buys apartment complex for $11M
A local real estate firm has purchased a 160-unit apartment complex in the area.
Grand Rapids-based Trillium Investments, a multi-family owner and operator, acquired Cottonwood Forest Apartments in Georgetown Township, at 7701 Riverview Dr., according to Cohen Financial this month.
Trillium purchased the property for $11,475,000, according to Georgetown Township.
Cottonwood Forest Apartments features one- and two-bedroom units in the property’s two-story, townhouse-style buildings.
Cohen Financial, a national real estate capital services firm, arranged an $11-million, short-term bank loan with SunTrust for Trillium Investments, a long-time client, for the deal, Cohen Financial said.
Cathy Bronkema, managing director of Cohen Financial’s Grand Rapids office, arranged the loan.
The loan allows Trillium to execute its “value-add strategy to increase Cottonwood Forest’s position in the Grand Rapids marketplace,” Bronkema said.
Cohen Financial is a division of SunTrust Bank.