Hendricks & Partners in late March sold Ironwood Place, a 100-unit multi-family development in Ann Arbor, Mich.
Built in 1990, Ironwood Place is a garden-style property with 25 one-bedroom, 59 two-bedroom and 16 three-bedroom units. The buyer plans to merge the property with the adjacent Traver Ridge 210-unit multi-family property and operate both communities as one entity under the Traver Ridge name.
The multi-family community is located just blocks from the University of Michigan’s new Venture Accelerator and its North Campus.
The seller was Ironwood Place Associates Limited Partnership by First Venture Development Company. The buyer was Traver Ridge Apartments II LLC.
Rick Vidrio and Rick Brace of the Michigan office of Hendricks & Partners negotiated the transaction on behalf of the seller.
