Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of an 81-unit multifamily portfolio in the Grand Rapids, Michigan MSA, for $6,651,000.
“This transaction reflects the continued investor interest in the Grand Rapids market, which remains one of the most sought-after areas in Central Michigan due to its strong demographics, major employers and consistent rental housing demand,” said Aaron Kuroiwa, senior managing director investments. “The seller was motivated by an upcoming loan maturity, while the buyer, an active investor represented by Lighthouse PM, saw a clear opportunity to expand their footprint. They plan to renovate all units and enhance the
community through targeted property improvements.”
The Multifamily Portfolio in Michigan comprises 81 units across two locations: 53 units in Wyoming, Michigan, at 2855, 2872 and 2875 Taft Avenue, and 3530 Byron Center Avenue; and 28 units in Holland, Michigan, at 863, 956 and 857 Lincoln Avenue. The properties feature a unit mix of one- and two-bedroom floor plans and are less than 30 minutes apart.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2023, the Company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The Company also offers market research, consulting and advisory services to our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
