KALAMAZOO TOWNSHIP — A 280-unit apartment complex near Kalamazoo has sold for $19.65 million to Bender Companies, a Chicago-based multi-family real estate investment firm.
JLL Capital Markets worked on behalf of Florida-based Property Resource Associates to close on Lakeview Apartments, located at 1928 Colgrove Ave. in Kalamazoo Township, near the city’s northwest side. The apartments include single, double and three-bedroom units with balconies or private patios, as well as a shared playground and pet park.
The JLL Capital Markets team was led by Senior Director David Gaines and Managing Director Dave MacDonald, and supported by Director Kyle Butler.
“This transaction is a great example of private equity identifying significant expansion of distribution and manufacturing jobs across Southwest Michigan,” Gaines said in a statement. “A skilled workforce of 64,000 currently employed across all sectors, which include biopharmaceuticals, automotive, medical device, plastics, metals, tool and die, furniture and food processing, make multi-housing investments in Southwest Michigan a very attractive investment option for private equity groups seeking yield.”
Bender Companies was founded in 2011 and plans to expand its business through strategic partnerships, investors and joint ventures, according to a press release.
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