Greystone Bel recently closed the sale of Colonial Crest Apartments, a 48-unit multifamily property in Sturgis, Michigan for $1,785,000 or $37,188 per unit.
Austin Hull of the Greystone Bel Real Estate Advisors investment sales team represented both the buyer and the seller on the transaction, helping both parties to successfully navigate the logistical challenges and recent volatility in the market. The in-state buyer plans to implement interior unit renovations on this value-add property in order to capture rental upside on the below market rents.
Built in 1972 and located at 1000 East Lafayette Street in Sturgis, Michigan, Colonial Crest is a low-rise property consisting of two, three-story buildings with an attractive unit mix of 26 one-bedroom / one-bathroom units and 22 two-bedroom / one-bathroom units. Downtown Sturgis, lined with local businesses, eateries, and specialty shops, is just a few minutes’ drive from the property. Residents also have recreational amenities and entertainment venues within a 1.5- mile radius, including Trojan Timbers Park; Doyle Community Recreational Center; Sturgis Community Pool; and the historic Strand Theatre. The Michigan cities of Kalamazoo and Battle Creek, as well as the Indiana cities of Fort Wayne and South Bend, are all within an hour’s drive from Sturgis.