Berkadia closed the sale and secured financing for Arbor One Apartments, a 469-unit garden-style multifamily property in Ypsilanti, Michigan.
Senior Managing Director Kevin Dillion, Managing Directors Jason Krug and Rick Vidrio, Senior Director Rick Brace and Directors Charley Henneghan, Carly Dietz and Corey Krug of Berkadia’s Great Lakes Team completed the $30.4 million sale on behalf of the seller, Michigan-based Watermark Partners Real Estate.
The buyer is New Jersey-based Valleytree Partners, and the purchase closed on Aug. 31. Valleytree has been an active buyer in Michigan for years. The company partners with Michigan-based LR Management as its property manager in Michigan.
Director Aaron Moll of Berkadia’s Detroit office secured $23.5 million in financing with Freddie Mac for the property on behalf of the buyer.
Arbor One Apartments, located at 799 Green Road, features newly renovated one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a swimming pool and onsite parking. Residents are afforded convenient access to Route 23 and the city of Ann Arbor.
