BIG RAPIDS — Vision Real Estate Investment Inc., a Grand Rapids-based real estate investment firm, has acquired a Big Rapids student housing facility.
The firm purchased Venlo Place Apartments, a 264-bed apartment complex aimed at Ferris State Universitystudents, after securing a 20-year fixed-rate loan with the help of brokers from CBRE Inc., according to a statement.
Vision Real Estate worked with Dan Gable and Jason Brown, both from CBRE’s Indianapolis office, to place the financing with a national lender, according to a statement.
Terms of the deal were not disclosed. Tim Engen, Vision Real Estate’s president and founder, said in an email that the firm had previously managed the complex and formally acquired Venlo Place on July 27.
The firm owns and manages a variety of commercial, mixed-use and corporate office properties around the state, according to its website.
“Venlo is an excellent complement to our current portfolio and provides our investment partners with a quality local investment product,” Engen said in an email. “This purchase represented our first student housing property, so it is in line with our current investment strategy to focus on building and diversifying our portfolio.”
Editor’s note: This story has been updated to include comment from Vision Real Estate’s Tim Engen.