Greystone Bel recently closed the sale of Park Manor Apartments, a 94-unit garden-style multifamily property in Berrien Springs, Michigan.
Austin Hull of the Greystone Bel Real Estate Advisors investment sales team represented the buyer and the seller on the transaction.
The buyer was a repeat client who has purchased four properties through Greystone Bel in the past 18 months. Greystone Bel helped the buyer navigate the assumption of an existing Freddie Mac SBL, which had more than $400,000 in a yield maintenance prepayment penalty to secure the transaction’s success.
Built in 1971 and located at 9766-9846 Rosehill Road in Berrien Springs, Park Manor Apartments offers modern amenities nestled on 5.93 landscaped acres. The property consists of nine separate buildings with a unit mix of 28 one-bedroom/one-bathroom, 56 two-bedroom/one-bathroom and 10 three-bedroom/two-bathroom units.