Marcus & Millichap brokered the sale of Gardentown Apartments, a 40-unit apartment property in Wyoming, Michigan. The property sold for more than $3.3 million, or $80,188 per unit.
Chase Gilewski and Chris Futo, investment specialists in Marcus & Millichap’s Detroit office, had the exclusive listing to market the property on behalf of the seller. Steve Chaben, Broker of Record in Michigan, assisted in closing the transaction.
Gardentown Apartments, located at 1845 30 Street S.W., covers 2.9 acres in the Grand Rapids metropolitan area. Built between 1966 and 1968, the property’s four buildings house nine one-bedroom units and 31 two-bedroom units, one of which is used as an on-site office. The property was 90% occupied at the time of closing. The buyer is planning to invest significant capital on both interior and exterior renovations.
