Paul Russo, senior director of multifamily investment sales with Encore Real Estate Investment Services, recently closed the sale of a six-unit, class-C apartment complex in Kalamazoo, Michigan.
The complex is located directly off of Lakeway Avenue.
Russo advised both the seller and buyer in this transaction.
Russo generated multiple offers and created a competitive market. The property is a value-add play, with rents below market rate and renovations needed.
At the time of closing, the property had only 50% physical occupancy. Russo contributes the strong real estate fundamentals of the Kalamazoo market as a critical key to closing the property at $66,666 per unit.
