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A fountain in a lake shoots water into the air outside of an apartment community

Jenison, MI







Could not have done it without them! [The NAI Multifamily team] did a great job in marketing and working with both buyer and seller to efficiently make the sale happen. Would definitely work with them in the future.

- Beth Pitsch, Cottonwood Forest 

Services Provided: Pre-Sale Positioning and Advisory Services, Marketing, Negotiation, Successful Disposal


NAI Wisinski Great Lakes secured an exclusive listing to sell a fractured condominium (160 units out of 168 units), market-rate apartment community in a suburb of Grand Rapids, Michigan. The multifamily team consulted with the owner to initiate the buy-back of units previously sold. At the time of sale, 160 of the 168 units had been assembled under common ownership. Unit rents were significantly below market, as the owner had been reluctant to raise rents over many years. The asset, while very well maintained, also had fairly dated interior finishes. 


The challenge was to maximize the asset value for the owner’s estate, despite the lack of current revenue to support market pricing. The NAI team guided the owner in raising rents on unit turnovers.


A detailed offering memorandum was developed with proven market data to show a specific value-added/renovation plan that could be implemented by a buyer.  Using our extensive property and contact database, we contacted all owners of market-rate multifamily assets over 100 units in size. We identified prospects who had purchased both Class B and C properties with a value-added component. In addition, we networked with CPA’s, attorneys, financial advisors, and wealth management groups. 


NAI worked closely with both the Buyer’s and Seller’s attorney to draft a purchase agreement that specifically addressed the legal complexities of a fractured condominium sale.


The sale was secured with an all-cash offer at a 5.50% cap rate to a very well-capitalized private equity group. The property represented an excellent value-added opportunity while providing economies of scale and entry into a strong submarket for the buyer’s portfolio.  Both Buyer and Seller were able to accomplish their objectives.

An aerial image of an apartment community surrounded by trees and a lake
A sign for an apartment community
A sign for an apartment community
The brick exterior of an apartment building
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