The package is being listed for sale at $19.6 million with a 9% capitalization rate, said M&M officials. James Walsh, an investment specialist in the firm's Chicago office, has been named the listing agent. Boston-based New Michigan LLC is the seller.
Walsh is a member of Marcus & Millichap's National Multi Housing Group, a division of the company focusing exclusively on the brokering of multi-family investment properties. The asking sales price represents $28,909 per unit and $48 per sf.
The Lakecrest Apartment portfolio consists of four properties with a total of 678 units and 410,791 rentable sf. Two of the properties are located in Muskegon: the Park with 244 units and the Shores with 58 units.Both the Shoreline, with 138 units, and the Ravine, with 238 units, are located in St. Joseph. The properties were all constructed in the 1970s and occupancies are at approximately 90%.
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