GRAND RAPIDS –– Trillium Ventures MSV LLC, a Grand Rapids-based multifamily investment and property management firm, has acquired a 112-unit apartment property in Minneapolis.
Dan Meyering, partner at Trillium Ventures, told MiBiz that the firm acquired the Minneapolis Grand Apartments in a deal that closed March 1. The complex, built in 2005, is in close vicinity to the city’s cluster of medical and health sciences facilities, making it an attractive acquisition, Meyering said.
“Minneapolis is a market that's high on our list,” Meyering said. “It has a lot of great economic drivers.”
The firm raised $3.9 million in equity to complete the deal, according to a federal securities filing. Meyering said Trillium Ventures plans to invest about $4,000 per unit in upgrades in the hopes of attracting young professionals at the nearby hospitals.
Cohen Financial arranged the financing for the property.
Recently, Eenhoorn LLC, another Grand Rapids multifamily investment firm, acquired a Milwaukee apartment complex, as MiBiz reported at the time.
For Meyering, whose firm owns a number of multifamily developments around the West Michigan region, the area remains strong, but deals that provide solid returns are getting harder to find in the Grand Rapids area.
“We're continually looking and trying to find new acquisition opportunities,” Meyering said. “It's a tight market...It's tough to find good opportunities.”