GRAND RAPIDS — The Brix at Midtown Apartments in Grand Rapids has sold for $68.25 million to a New York City-based real estate and development firm, the buyer announced Friday.
Time Equities Inc. acquired the luxury, 287-unit apartment complex in mid-March. The property owner of all eight properties at The Brix, which includes a mix of residential and commercial buildings, is listed as Grand Rapids Properties I LLC. Time Equities, which only acquired the apartment buildings, declined to disclose the seller.
The Brix was built in stages starting in 2017 at 414 Benson Ave. NE along Medical Mile. The 250,524-square-foot development includes two buildings with single, double and three-bedroom layouts and is currently 93 percent occupied, according to Time Equities.
Time Equities Director of Acquisitions Brad Gordon called The Brix a “well-located asset” that will help the company expand its multi-family portfolio in Michigan. The company as of now doesn’t anticipate changes to the property.
“We’re planning on going in there and trying to operate it more efficiently,” Gordon told MiBiz. “I’m sure once we get in there we’ll probably tweak some things, but in terms of major changes, there is nothing planned.”
Gordon also cited the apartments’ close proximity to the burgeoning health care sector along Medical Mile.
The sale closed last week and is Time Equities’ 13th acquisition in Michigan. The company also owns apartments on Bond Avenue NW, including the Icon on Bond, in the city’s Monroe North Business District.
“Grand Rapids is a market we are very optimistic about given its strong job growth and a growing downtown. We have experienced great success with Icon on Bond and 601 Bond, and expect to achieve the same with The Brix,” Gordon said. “We are constantly seeking properties that present long-term growth potential with advantageous financing.”
Amenities at The Brix include a heated swimming pool, two-story fitness center, lounge, golf simulator, covered parking and pet park, as well as balconies for each unit.
“With The Brix’s different unit mix and demographic in conjunction with our other two multifamily assets, it now allows us to provide luxury housing to the entire class A rental apartment market in Grand Rapids,” Time Equities Associate Robert Cohan said in a statement.
Gordon and Cohan managed the acquisition on behalf of Time Equities and will also manage the property.
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