United is a real estate investment trust based in Richmond, VA.
The portfolio contains 2,139 units in nine apartment communities located inMetro-Detroit, and Lansing. An offering of this size is unusual for thearea, where the majority of the multifamily holdings are developed and ownedby family investment groups who rarely sell.
The asking price for the portfolio is $140 Million, nearly $65,000 per unit.The average occupancy rate is 94%. An additional attraction of the sale isthe opportunity to place new market-rate financing on the properties.
Mark Rohr and Eric Taylor of Hendricks have been chosen to market thebuildings. The properties can be acquired as a single portfolio or theLansing buildings can be bought separately.
The buildings included in the Metro - Detroit Portfolio are:
·Lancaster Lakes - 296 units - Clarkston, MI.
·Ashton Pines - 191 units - Waterford, MI.
·American Heritage - 128 units - Waterford, MI.
·King's Gate - 129 units - Sterling Heights, MI.
·Sunset Village - 169 units - Flint, MI.
The buildings included in the Lansing Portfolio are:
·Brandywine Creek - 468 units- East Lansing, MI.
·2900 Place - 231 units - East Lansing, MI.
·Nemoke Trail - 384 units - Haslett, MI.
·Lakewood - 143 units - Haslett, MI.
Hendricks acquired the Birmingham, MI-based Dietz on Jan. 1.
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