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BLOOMFIELD HILLS, MI-Two multifamily rental projects have been sold for slightly more than $13 million each. The common denominator in the deals involving properties in Lansing and Grand Blanc Township was Income Property Organization.

Abrico Limited, a private real estate investor in Toledo, OH, purchased the 116-unit multifamily complex Brookshires Apartments in Lansing for slightly more than $13.1 million on an assumption of the existing mortgage with GMAC. The property at 3965 Hunters Ridge Dr. was sold by Realmark Properties, a real estate investment firm headquartered in Buffalo, NY.

Maplebrook Apartments in Grand Blanc Township, a 467-unit residential complex located at 5800 Maplebrook Lane, was purchased by PEM Investments, a real estate investment firm in Plymouth for a sales price of just less than $13.2 million. Terms of the sale were cash to a new mortgage with Fifth Third Bank. The seller of the property was the Dearborn Group, a real estate investment firm based in Chicago.

Greg Coulter, a managing member of IPO, and Jason Gardner, the company’s senior sales associate, handled the sales transactions.

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