GRAND RAPIDS — Investors continue to seek out housing opportunities in West Michigan.
Grand Rapids-based Clark Brothers Capital Corp. said it raised $1 million in new equity and increased the size of its of its private placement from $1 million to $5 million, in a round led by multiple existing and accredited investors.
“We continue to believe that homes in Grand Rapids are undervalued relative to rents, disposable incomes and other assets such as equities,” President John Clark said in a statement. “Our view is that market conditions in West Michigan present a unique opportunity to purchase homes, rent them to tenants, and position the assets for revenue growth, stability and appreciation.”
The new $1 million raise allowed the Grand Rapids-based real estate investment firm to acquire and renovate 15 properties totalling 21 housing units around Grand Rapids. The company also acquired one undisclosed multi-family property and two mixed-use properties as part of their recent acquisitions.
The investment group’s properties are managed by Short South Realty Group Inc.
The company bought about 20 houses in the Grand Rapids area in 2015, as MiBiz reported at the time.