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Monday, 26 June 2017 12:36

Kalamazoo apartment complex sells to out-of-state owners

Written by  MiBiz Staff
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Kalamazoo apartment complex sells to out-of-state owners COURTESY PHOTO

KALAMAZOO — Grand Rapids-based commercial brokerage Beacon Realty Group LLC has closed a deal bringing the Mansard House Apartments complex in Kalamazoo under new, undisclosed ownership.

The 60-unit complex at 220 South Kendall Ave. — near the main campus for Western Michigan University — sold for $3.7 million, or $61,667 per unit, according to a statement.

Beacon Realty president Matt Jones represented both the buyer and seller in the 1031 Exchange deal, which allows for the seller to defer tax payments, according to the Internal Revenue Service code.

Jones said the undisclosed buyer was from out of state and seeking to diversify holdings in Michigan.

“West Michigan has been put on the map by multifamily investors and we are seeing more and more activity from Buyers located around the country here,” Jones said in a statement.

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