JENISON — Trillium Investments LLC, a Grand Rapids-based multifamily investment and property management firm, has acquired the 160-unit Cottonwood Forest Apartments in Jenison.
The $11.475 million transaction with Cottonwood Associates LLC closed on June 13, according to Georgetown Township property records.
Trillium financed the deal in part with an $11 million short-term bank loan arranged by Cohen Financial, a division of SunTrust Bank.
“We originated the bridge loan with SunTrust to acquire the property and to execute Trillium Investments’ unique, value-add strategy to increase Cottonwood Forest’s position in the Grand Rapids marketplace,” Cathy Bronkema, managing director at Cohen Financial, said in a statement.
Cottonwood Forest Apartments at 7701 Riverview Drive features 160 one- and two-bedroom units in two-story, townhouse-style buildings. The buildings were constructed between the mid 1970s and mid 1980s, according to property records.
Trillium Investments used the financing to acquire the building and invest in upgrades, according to a statement. Once the properties have been renovated, Cohen expects to help the firm, a long-term client, to secure long-term financing.
An affiliate of the investment firm, Trillium Cottonwood Owner LLC, raised nearly $4.6 million in equity via a private placement involving 30 investors, according to federal securities filings.
The deal for Cottonwood Forest follows a pair of transactions in which a Trillium affiliate acquired a apartment complexes in Kalamazoo earlier this year, as MiBiz previously reported. Trillium Ventures MSV LLC closed on a $2.9 million transaction for Maple Brooke Apartments and paid $5.1 million for Western Pines Apartments. Both deals closed in January.