Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.