KALAMAZOO — Trillium Ventures MSV LLC, a Grand Rapids-based multifamily investment and property management firm, has acquired two apartment complexes in Southwest Michigan.
Property records from Kalamazoo show affiliates of the company purchased Maple Brooke Apartments at 4632 Beech Ave. for $2.9 million and Western Pines Apartments at 3804 Pine Terrace Blvd. for $5.1 million. Both complexes had the same out-of-state owner, according to property records.
Both sales were finalized in January.
Trillium Ventures plans to invest in updates at both properties, including new kitchens and bathrooms, as well as improvements to common areas and amenities to align them more with newer product offered in Kalamazoo, partner Dan Meyering told MiBiz.
“These ones fit right in the middle of our strategy: class B properties that have been pretty well-maintained,” he said. “They’re in good shape, but they haven’t been updated in recent years.”
Both properties are more than 90-percent occupied, Meyering said. Trillium Ventures will hold and manage the properties for an unspecified period of time, he added.
The properties are similar to other investments Trillium Ventures has made in recent years, including the purchase of Timberwood Crossings in 2016 in Portage, and The Landing Apartments in 2015 in Kalamazoo. In 2018, the company acquired Minneapolis Grand Apartments in Minneapolis, its only out-of-state property investment to date.
Maple Brooke is located close to U.S. 131 and offers quick access to employers in the region, Meyering said. There is also demand for Western Pines, which is close to Western Michigan University.
“We can improve the assets and still keep rents lower than some of the higher-end properties in that area,” he said.