Ridges of Cascade sells for $57 Million
Excerpt from MiBiz article highlighting recent NAi multifamily transaction...
Written By Nick Manes
CASCADE TOWNSHIP — A 237-unit high-end apartment complex in suburban Grand Rapids has sold for $57 million, MiBiz has learned.
Municipal property records show the Ridges of Cascade, a newly built apartment complex in Cascade Charter Township, sold to Lansing-based Country Club Manor LLC in a deal that closed on June 30.
The apartment complex sold at more than $240,000 per unit.
Roger Thornburg, a Lansing real estate agent and principal with Investors Equity Group Inc., is listed as the registered agent for the entity.
Thornburg did not respond to a request for comment.
Grand Rapids-based The LaCati Group LLC developed the roughly $30 million Ridges of Cascade project on the site of the former Centennial Country Club. The development opened in 2014.
Brokers Scott Nurski and Craig Black with NAI Wisinski of West Michigan were involved in the transaction, but declined further comment.
Commercial real estate sources not involved in the transaction note that the deal presented a unique opportunity for the buyers.
An exact occupancy for The Ridges of Cascade was not immediately clear, but NAI Wisinski’s most recent market report noted that occupancy for multifamily projects in the Grand Rapids area stands at nearly 96 percent.
Rents at the apartment complex range from $1,175 to $2,300, according to the property’s website.