This purchase represents TEI’s 13th acquisition in Michigan and third multifamily property in Grand Rapids, along with 538 Bond (Icon on Bond) and 601 Bond. The acquisition is also the highest sales price for a multifamily development in Michigan since 2019.
Located at 414 Benson Ave. and built in 2018, both buildings offer several different floor plans, with one- to three-bedroom layouts. In the heart of downtown Grand Rapids, the property is currently 93 percent occupied and features a full amenity package including a heated swimming pool, two-story fitness center, tenant lounge with golf simulator, covered parking and pet park. Each unit is finished with high-end appliances, balconies and a washer/dryer.
Brad Gordon and Robert (Bobby) Cohan managed the acquisition on behalf of TEI and will also manage the property. The seller was represented by Evan Riggle, National Director of Multifamily of Triad RE Partners.