Syndicated Equities is pleased to announce the sale of Stone Falls of Ada, a 210-unit luxury apartment community located at 330 Stone Falls Drive in Ada, Michigan.
Syndicated acquired the property alongside Highgate Capital Group, LLC in 2018 for $45.8 million. During the four-year hold, Highgate executed its value-add strategy, resulting in strong cash-on-cash returns and a profitable sale that produced a 1.9x equity multiple and 20.5% IRR for investors.
Originally built in 2008, the property is situated on 22.4 acres and is comprised of 21, two-story residential walk-up buildings and a clubhouse. Under Syndicated and Highgate’s ownership, the property underwent a $1.5 million renovation that included upgrading interior units and clubhouse amenities. Village Green provided onsite property management.