Greystone Bel recently closed the sale of The Poplars Apartments, a 105-unit multifamily property in Saginaw, Michigan, for $4 million or $38,095 a unit.
Austin Hull of the Greystone Bel Real Estate Advisors investment sales team represented both the buyer and the seller on this off-market transaction, helping the seller navigate the defeasance process in record time. Despite the current challenges in the market, Greystone Bel was able to coordinate with all parties – buyer, seller, and lender – to get the transaction completed.
Built in 1964 and located at 4444 State St. in Saginaw, The Poplars is a family-owned, low-rise property consisting of a single three-story building with an attractive inner courtyard with a swimming pool, BBQ grills, patio tables and lounge seating.
The property features a unit mix of 12 studios, 32 one-bedroom/one-bathroom units and 61 two-bedroom/one-bathroom units. The Poplars is situated along State Street, a major east-west arterial, at the intersection with Hemmeter Road.