(Read more on the multifamily market.)

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HARRISON TOWNSHIP, MI-New York City-based GFI Capital ResourcesGroup Inc. has scooped up the 376-unit Beachwood Townhomesapartments here for $19.3 million. Waterton Residential, theseller, is relieving itself of all Michigan properties, while thisis the sixth property in Michigan for GFI, says Michael Weiser, anEVP for GFI.

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The property has 29 buildings with 199 one-bedroom townhomes and188 two-bedroom units with full basements. All of the units haveindividual entrances, and amenities include a heated outdoorswimming pool, a clubhouse, a fitness center, tennis and volleyballcourts and a playground. The rental rates run from $575 to $940 permonth.

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GFI's Michigan holdings are at 2,750 units, and include the1,145-unit Providence at Harbor Club apartment complex inBelleville, and the Providence Green apartments in Southfield.Weiser tells GlobeSt.com that his company isn't afraid of thesuffering Michigan economy. "We have the same concerns thateveryone else does," Weiser says. "But it's a big state, andDetroit's a big city, with a tremendously skilled work force. Forthe most part, people aren't moving out. Every market does comeback."

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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-oldproperty is 89% leased. Weiser says the company will spend about$500,000 on deferred maintenance and common areas, to preserve theproperty. Hendricks & Partners brokered the deal.

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