GRAND RAPIDS — A Mid-Michigan property management firm has acquired Hopson Flats, a mixed-use property in Grand Rapids’ Heartside neighborhood.
Hopson Flats GPA LLC, a subsidiary of Montrose, Mich.-based Charger Holdings Inc., purchased the 42-unit mixed-use apartment building at 212 Grandville Ave. SW for $8 million late last year from East Lansing-based Krimson LLC, formerly known as Maplegrove Property Management LLC. The deal also included a small surface parking lot at 207 Grandville Ave. SW, adjacent to Custer Office.
“We bought it as a portfolio package from Maplegrove,” Matt Gebhardt, founder of Charger Properties LLC, told MiBiz.
Charger Properties, which will take over as property manager of Hopson Flats, does not plan to change the use of the building, Gebhardt said.
Bloomfield Hills-based Income Property Organization was the broker on the deal.
An affiliate of Maplegrove Property purchased the building in 2015 for almost $9.4 million, according to city property records.
Divesting of Hopson Flats allows Krimson to develop another property in Greenville, said David Emdin, senior vice president and COO at Krimson.
“The sale allowed us to purchase and develop a new 216-unit property that is currently under construction,” Emdin said. “We had some goals we wanted to achieve, and the timing worked out great.”
The nine-building project at 822 South Greenville West Drive will be known as Central Park Apartments. Krimson will finish the first couple of buildings and a clubhouse by mid-year, and continue to add buildings until the project wraps up in 2021.
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