Income Property Organization Announces 6 Multifamily Property Sales in Michigan Totalling $45.6M

BLOOMFIELD HILLS, Mich. - Nov. 10, 2016 - PRLog -- Income Property Organization (http://www.incomepo.com) (IPO) has recently completed sales of six Michigan apartment communities consisting of a total of 1,126 units and a combined sales value of $45.6 million. The properties are located in Ypsilanti, Grand Rapids, Clinton Township, and Detroit.

The noteworthy deals include:

●     Pointe O'Woods, a 121-unit apartment complex in Grand Rapids, Mich. There was considerable interest generated in this opportunity, which was purchased by CEI Apartment Fund 5, LLC, an out-of-state purchaser using FNMA acquisition financing. The $6,898,000 sale closed on Oct. 6, 2016 and reflects a 6.9% cap rate. The property was sold by Pointe O' Woods GP, LLC.

●     Country Meadows, a 267-unit apartment complex in Ypsilanti, Mich. The $14-million sale reflected a 7.4% cap rate, fully stabilized at over 95% occupancy. The property seller was CPI Apartment Fund 11, LLC, and the sale, to Country Meadows GP, LLC, was financed through FNMA and closed on Oct. 7, 2016.

●     Garfield Plaza, a 156-unit apartment complex in Clinton Township, Mich. The property sold for $8 million and the transaction closed on Oct. 27, 2016. In addition to the 154 rental units, the complex has three unfinished units that are used for storage but could be converted to one-bedroom apartments with minimal expense. The seller was GLAE Properties, LLC and the purchaser was BR Investcom LLC.

●     Old Orchard by the Bay, a 228-unit complex in Essexville, Mich. The property was sold by Old Orchard By The Bay, LLC for $8.16 million and closed on Oct. 6, 2016. The purchaser was Old Orchard Apartments LLC. There are 13 buildings in the complex, with a mix of 36 one-bedroom units, 168 two-bedroom units and 24 three-bedroom units.

●     Village Square, a 190-unit building in Detroit, Mich. The property was sold by Westgate Terrace Apartments, LLC for $5.45 million and purchased by Village Square LLC at a 10.45% cap rate. Financing for the purchase was arranged through Freddie Mac. Closing for the transaction was Sept. 30, 2016.

●     Woodland Arms, a 164-unit apartment complex in Detroit Mich., which sold for $3.15 million and closed on Oct. 26, 2016. The seller of the property was 8 Mile Woodland, LLC and the purchaser was Veridian Group. The cap rate for the transaction was 7.95%.

Income Property Organization in Bloomfield Hills, Mich. offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property. To learn more or inquire about multifamily investment opportunities, visit http://www.incomepo.com or contact Greg Coulter at (248) 932-0300.