(Natalie Keith is a contributing writer to GlobeSt.com.)

CANTON, MI-A three-building multifamily apartment complex sells for $20 million to Southfield-based Hartman and Tyner Inc. CRI-III, which is managed by Rockville, MD-based CRI Inc. sold the Village Squire Apartments I, II and III as part of an agreement reached by investors in November to liquidate its assets.

Susan Backman, CRI's vice president of investment communications tells GlobeSt.com that the plans for the property have not been revealed because the sale has not yet been finalized.

Village Squire Apartments is a 601-unit complex located at 5955 Edinburgh. One-bedroom units rent for $585 to $605, and two-bedroom units rent for $685 to $705. The sale, which is subject to due diligence, is expected to be completed in June. Hartman and Tyner manages 29 multifamily properties in Southeastern Michigan, including Pheasant Run in Ann Arbor, Huntley Square in Beverly Hills and Stoneybrooke in Canton.

CRI is a real estate investment firm that owns more than 150 multifamily properties located throughout the United States. As part of the liquidation plan, CRI-III also sold its interest in Arboretum Villages LP to H. William Walter, Matthew Walter, David Walter and Steven Perkins for nearly $7 million. The partnership owns a multifamily rental complex in Lisle, IL. CRI is continuing to seek buyers for the remaining seven local partnerships in which it owns an interest.