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Sunday, 22 June 2014 22:00

Maplegrove buys apartments, senior living facility in Ludington for $8.1M

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A Ludington apartment complex and senior living facility is under new ownership.

A subsidiary of East Lansing-based Maplegrove Property Management LLC recently closed on a deal to purchase Sherman Oaks LLC, a residential community with 172 apartments and an independent senior living facility.

“(Sherman Oaks) is a great property,” said West Michigan area manager and Maplegrove co-owner, David Emdin. “We saw a good opportunity there and there’s not a lot of competition in Ludington.”

The company paid $8.1 million for the facility, said Wayne Loebig, a broker  at Haslett-based Spartan Real Estate Services who represented the buyer in the deal. Callander Commercial of Portage represented the seller.

The Maplegrove subsidiary Ludington-Sherman Oaks LLC raised $1.8 million from accredited investors to make the purchase from Grand Rapids-based Morren Wiltjer LLC, Emdin said.

The acquisition of Sherman Oaks fits in with Maplegrove’s diverse property holdings, Emdin said. The property management company owns dozens of residential properties around the state, including eight complexes in the Lansing area, two of which are senior independent living communities.

In West Michigan, a subsidiary of the company purchased the 38 Commerce facility from Locus Development in August of last year. The mixed-use building in downtown Grand Rapids features 35 apartments plus eight penthouse apartments, as well as offices and retail.

Maplegrove also manages eight apartment properties known as The Heritage Collection that it purchased last November in and around downtown Grand Rapids and the surrounding Heritage Hill neighborhood, including the Park Place apartments on Ransom Street and Fountain Hill Flats at Fountain Street and Lafayette Avenue.

The company plans to seek other property acquisitions, said Emdin, who declined to elaborate on the company’s specific plans.

Emdin also told MiBiz that the company closed last month on a deal to manage a mixed-use building in downtown Auburn Hills, north of Detroit. That property will contain 95 apartment units, as well as retail on the ground floor, he said, noting the project was similar in nature to 38 Commerce in Grand Rapids.

Maplegrove’s strategy of diversifying its holdings and having a number of different options for potential tenants has served the company particularly well as it’s sought opportunities around the state, Emdin said.

“To have that balance … is really exciting for us because we serve both sides of the market,” Emdin said. “We just like to diversify our portfolio and make sure we’re not stuck on one particular product.”

Read 3508 times Last modified on Sunday, 22 June 2014 09:45

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