Greystone Bel recently closed the sale of Belle Terrace Apartments, a 37-unit multifamily property in Memphis, Michigan, for $1.5 million or $40,540 a unit.
Austin Hull of the Greystone Bel Real Estate Advisors investment sales team represented the seller and procured the buyer on this transaction.
Located at 35150 Potter St. in Memphis, Michigan, Belle Terrace consists of four buildings totaling 37 units with its defining feature being the 20-unit completely renovated former school building. Originally constructed in 1913, the historic brick building was completely gut renovated in 1980 by the seller’s family, which has owned this property for more than 40 years.
Most notable within the 20-unit school building is the 4,500-square-foot, four-bedroom/2.5-bath penthouse suite located on the top floors. The suite features stairway access to the old Bell Tower with 360-degree views of the city. In addition to the historic school, Belle Terrace also consists of a 10-unit, garden-style building constructed in 1985, a five-unit ranch-style building constructed in 1986 and a duplex constructed in 1965.