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Friday, 17 July 2015 12:12

Atlanta’s Cocke Finkelstein identified as buyer of Ramblewood Apartments

Written by  MiBiz Staff
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Atlanta, Ga.-based investment Cocke Finkelstein Inc. (CFI) has been named as the buyer of Ramblewood Apartments, a Wyoming, Mich. apartment complex.

The $100.4 million deal that was announced at the end of last month highlights the strong job market and overall demand for multi-family housing in the metropolitan Grand Rapids area, CFI executives told multiple real estate industry trade publications today. The deal was brokered by the Detroit office of Berkadia Commercial Mortgage LLC.

The 1,710-unit complex located at 4277 Stonebridge Drive SW was built in stages between 1971 and 1983.

“The property is incredibly well leased in a market that has extremely high occupancy,” said Neil Herceg, Cocke Finkelstein’s chief investment officer, in a report in Commercial Property Executive. “We firmly believe in the continued growth of the Grand Rapids market. We feel that the market provides a great opportunity to generate extremely compelling risk adjusted returns, especially compared to other areas in the country.”

CFI executives told Multihousing News Online they intend to make a number of capital investments into the property that currently includes a swimming pool, fitness and business facilities, as well as basketball and tennis courts.

Read 1988 times Last modified on Tuesday, 21 July 2015 09:52

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