HFF announced that it has been named to market for sale Woodlake and Ramblewood Apartments, two apartment communities totaling 1,710 units in Grand Rapids, Michigan.
HFF is marketing the property exclusively on behalf of the seller.
Both properties are ideally situated in the dynamic Grand Rapids-Wyoming area, which was named the fastest-growing job market in the U.S. by HeadlightData.com in 2017. The properties are a short drive to downtown and are near top employers, top school districts, adjacent to top retail destinations along the 44th Street corridor and a variety of outdoor recreation.
Woodlake Apartments is located at 5001 Byron Center Avenue SW and includes a mix of studio, one-, two- and three-bedroom units averaging 1,013 square feet. The 97-percent-occupied property contains 522 units and features a new onsite clubhouse, fitness center and dog park with pet stations, as well as proximity to 6th Street Park and The Pines Golf Course.
Ramblewood Apartments is located one mile north of Woodlake Apartments at 4277 Stonebridge Drive. The 94-percent-occupied property comprises 1,188 units and features studio, one-, two- and three-bedroom units averaging 863 square feet. Community amenities include an indoor swimming pool, clubhouse, community center, picnic area and sundeck, dog park and pet stations, playground and access to the on-site Premier Athletic & Tennis Club.
Current ownership has successfully deployed renovation programs at each of the properties, achieving average rent premiums after renovations of $175 to $195 and an average return on cost greater than 25 percent. Upgrades include stainless steel appliances, faux granite laminate countertops, cherry colored shaker-style cabinets, wood-style flooring, new interior doors and baseboards, and various other kitchen and bathroom upgrades. Investors will have the opportunity to implement the current or similar renovation program to the remaining 85 and 97 percent of homes at Woodlake and Ramblewood, respectively.
The HFF investment advisory team representing the seller includes managing director Sean Fogarty and director Kevin Girard along with managing director Matthew Schoenfeldt, a licensed Michigan real estate broker. Please contact a team member for more information on this commercial real estate listing.