HARRISON TOWNSHIP, MI-New York City-based GFI Capital Resources Group Inc. has scooped up the 376-unit Beachwood Townhomes apartments here for $19.3 million. Waterton Residential, the seller, is relieving itself of all Michigan properties, while this is the sixth property in Michigan for GFI, says Michael Weiser, an EVP for GFI.

The property has 29 buildings with 199 one-bedroom townhomes and 188 two-bedroom units with full basements. All of the units have individual entrances, and amenities include a heated outdoor swimming pool, a clubhouse, a fitness center, tennis and volleyball courts and a playground. The rental rates run from $575 to $940 per month.

GFI's Michigan holdings are at 2,750 units, and include the 1,145-unit Providence at Harbor Club apartment complex in Belleville, and the Providence Green apartments in Southfield. Weiser tells GlobeSt.com that his company isn't afraid of the suffering Michigan economy. "We have the same concerns that everyone else does," Weiser says. "But it's a big state, and Detroit's a big city, with a tremendously skilled work force. For the most part, people aren't moving out. Every market does come back."

He says the purchase had a lot to do with the entry price. "At $51,000 a door, that's a steal," Weiser says. The 29-year-old property is 89% leased. Weiser says the company will spend about $500,000 on deferred maintenance and common areas, to preserve the property. Hendricks & Partners brokered the deal.