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Friday, 13 March 2015 14:49

Investor group acquires Oakwood Manor Apartments

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Oakwood Manor Apartments Oakwood Manor Apartments COURTESY PHOTO

A designated historic multi-family housing building in Grand Rapids’ burgeoning Cherry Hill-Heritage Hill neighborhoods has new owners.

Grand Rapids-based Hamrick Investment Group LLC (DBA 547 Cherry LLC) confirmed its purchase of Oakwood Manor Apartments at 547 Cherry Street SE in Grand Rapids.

Martin Green, owner of Grand Rapids-based Midtown Equity Group LLC, as well as president and CEO of Green Property Management LLC is also a principal investor. Green Property Management will serve as property manager for the building.

Oakwood Manor, located just west of Union Street SE, contains 96 market-rate apartments with a mix of studios, one and two bedrooms. The building was built in 1923.
The acquisition shows the ongoing strength of apartment housing in the Grand Rapids market, according to Oakwood Manor’s new owners.

"The broader market for multi-family residential in the Grand Rapids' urban area is incredibly strong,” said Brian Hamrick, owner of Hamrick Investment Group, in an email to MiBiz. "The residents love the walkability of Oakwood Manor and its proximity to the restaurants and shopping on Cherry Street, the nearby hospitals and universities downtown."

Oakwood Manor will also undergo significant improvements beginning immediately and will be on-going over the next two-to-three years, Hamrick said. The building is currently 90 percent occupied, he added.

“There is incredible potential to upgrade the building while honoring its vintage, historic feel,” Hamrick said in his email. “The units all have high ceilings, beautiful hardwood floors, and lots of sunlight.”

The owners declined to share the sale price or estimated capital investment costs. Rental rates are yet to be determined.

The building also contains 6,000 square feet of commercial space, with approximately 3,000 square feet having once been a restaurant.

The restaurant space has been vacant for more than 20 years and the other retail space has been vacant for approximately one year.

Hamrick said he imagines the spaces could be used for restaurant use, a coffee shop or even potentially a small grocery store.

Hamrick Investment Group also owns Oak Valley and Pinery Woods Apartments in Wyoming, Wood’s Edge Apartments also in Wyoming, as well as Windermere Village Apartments in Lansing.

Green Property Management manages multi-family housing in Grand Rapids, Wyoming, Sparta and Lansing, according to its website.

Oakwood Manor was previously owned by FAJ Oakwood Company LLC, registered to Trent Josten, according to county records.

Read 5784 times Last modified on Monday, 08 June 2015 10:47

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