The Gallery Apartments
Sale Price: Subject to Market
Property Type: Apartments
Unit Count: 56 Units
Average Unit SF: 883 SF
Rare LEED Certified Urban Offering in a Prime Multifamily Market
NAI Wisinski Great Lakes (member NAI Global) is pleased to present the exclusive offering of The Gallery Apartments, a 56 unit, Class “A”, high rise apartment community located in vibrant and growing Grand Rapids, MI. This represents a rare opportunity to acquire an urban asset within the Grand Rapids market, where very few downtown/near downtown assets typically trade. The property is comprised of a seven story apartment tower positioned on top of a separately owned, five story museum building and a city owned parking structure, and represents floors six through twelve of this unique mixed use project. The building is a prominent and attractive feature of the downtown Grand Rapids skyline.
Although Grand Rapids is not a “tier 1” market, it is the second largest market in Michigan and boasts the strongest and most stable economy of any market within the state. Grand Rapids metropolitan area has received national recognition and numerous accolades for its diverse economy, highly educated labor force, reasonable cost of living and outstanding quality of life.
Overall, the asset is well operated and maintained. It is being offered for sale for the first time by the original developer and shows clear pride of ownership.
Location, Location, Location!
The asset is extremely well located in the heart of the Central Business District (CBD), where all of the excitement and activities of a thriving community are readily accessible. “The Rapid” interurban transit bus stop is immediately adjacent to the property and can transport you to anywhere in the downtown district. The property is only a 10-15 minute walking time to numerous opportunities for employment, higher education, entertainment, restaurants and shopping, including the following highlights:
“Medical Mile” District - home to the Spectrum Health complex (Butterworth Hospital, renowned Helen Devos Children’s Hospital, Lacks Cancer Center, Fred & Lena Meijer Heart Center), Van Andel Research Institute, Michigan State University (MSU) College of Human Medicine-Grand Rapids Campus, GVSU Cook-Devos Center for Health Sciences (Nursing School) and more. Over three billion dollars have been invested within this unique district. It serves as a major development and employment catalyst, as well as dramatically enhancing quality of life for West Michigan residents.
Michigan State University College of Human Medicine Innovation Park
Gordon Food Service grocery store
MercyHealth/Mary Free Bed Campus
Grand Valley State University
Grand Rapids Community College
Ferris State University/Kendall School of Art and Design
This partial list barely scratches the surface of the resources and amenities available to residents of The Gallery Apartments, either by foot or by vehicle. The subject property offers quick access to Interstate-196, a major artery connecting Grand Rapids to Detroit to the east and Chicago to the west, providing an easy commute to abundant employment opportunities, as well as schools, shopping, restaurants and entertainment throughout the Greater Grand Rapids area. The property resides within the Grand Rapids-Wyoming, Michigan MSA, which is home to a large number of employers from diversified manufacturing, service and professional sectors.
Grand Rapids is a vibrant and growing community with a diverse economy. Its downtown area is the beneficiary of several billion dollars invested over the past few decades. The subject property boasts an incredible Walk ScoreR of 92 due to easy walkability to all points downtown, including university facilities, medical employment, neighboring districts, groceries, restaurants and more. All of these elements combined ensure that there will continue to be strong tenant demand for the subject asset.
Interesting to note, the subject site resides at the intersection of Fulton Street and South Division Avenue, which is the central point of all of Kent County.
Class A Presentation and Amenities, plus Desirable On Site Parking
The Gallery Apartments consists of 7 studio, 21 one bedroom one bath and 28 two bedroom two bath units. It is a solidly constructed, first class, seven story building with an elevator and attached parking structure. The building has a stylish, modern exterior design and is clad in steel siding and a glass curtain wall on the north facing façade. The interior is composed of contemporary upscale finishes. The property features exciting rooftop amenities, including both indoor and outdoor common areas.
As one of the premier downtown multifamily assets, the property offers all the high end features that discerning renters expect. The well appointed units boast high quality unit finishes such as granite countertops (both kitchen and bath), contoured undermount sink with euro style faucet (both kitchen and bath), stainless appliances, above range microwave, 16” tile flooring and shower surround, curved shower curtain rod, in unit stacked washer/dryer, open floor plan, LVT plank flooring in main living areas, and incredible skyline views of downtown Grand Rapids.
Common elements are finished with hip modern design, materials and fixtures. The highlight of the common area amenities is the fantastic roof top deck featuring both partially enclosed and outdoor areas, both with spectacular views of the city. The partially enclosed area includes both lounge seating and high top tables, plus a wall mounted television. Great for meetings or just relaxing, even during rainy summer days. The outdoor rooftop deck includes a trendy outdoor living room with coffee table/fire pit and a gas grill, plus a sundeck. Other amenities include a fitness center, private lobby with contemporary décor, CWD concierge service, recycling, convenient trash chutes and a loading dock. Free wireless internet (wifi) is distributed to all areas of the building.
In addition, the building offers convenient on site parking access via an attached 250 vehicle space parking structure that is owned and managed by the City of Grand Rapids. As more and more of the urban environment is revitalized within Grand Rapids, vehicle parking has evolved into a premium commodity, especially in the core downtown area. The Gallery Apartments enjoys access to 60 dedicated parking spaces within the parking facility, plus flexible access to the remaining pool of parking spaces on a “first come first serve basis”. Residents of The Gallery pay a monthly parking fee to the property for a parking space, and the property in turn pays a monthly fee to the City for those reserved spaces.