GRAND RAPIDS, MI – New York-based, Time Equities Inc. has acquired the 250,524-square-foot, multifamily property, The Brix in Grand Rapids, MI, for $68.3 million.
The acquisition represents the state's highest sales price for a multifamily development since 2019.
The Brix encompasses two buildings, located at 414 Benson Ave and is currently 93% occupied.
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Constructed in 2018, the 287-unit property features one-, two- and three-bedroom floorplans. Each apartment unit offers balconies and in-unit washers and dryers. The property also offers community amenities including a swimming pool, a two-story fitness center, a tenant lounge with a golf simulator, covered parking and a pet park.
The transaction serves as Time Equities Inc.'s 13th acquisition in Michigan and its third multifamily acquisition in Grand Rapids. The firm previously acquired properties located at 538 Bond and 601 Bond.
"The purchase of The Brix, a large, well-located asset, is a strategic opportunity to expand our multifamily platform and foothold in Michigan and more specifically, Grand Rapids," says Brad Gordon, director of acquisitions at Time Equities Inc. "Grand Rapids is a market we are very optimistic about given its strong job growth and a growing downtown. We have experienced great success with Icon on Bond and 601 Bond, and expect to achieve the same with The Brix. We are constantly seeking properties that present long-term growth potential with advantageous financing."
"With The Brix's different unit mix and demographic in conjunction with our other two multifamily assets, it now allows us to provide luxury housing to the entire class A rental apartment market in Grand Rapids," says Robert Cohan, acquisitions and asset management at Time Equities Inc.
Gordon and Cohan managed the acquisition on behalf of Time Equities Inc. The two professionals will additionally manage the property.
The seller of the property was represented by Triad RE Partners' national director of multifamily, Evan Riggle.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
