Lansing, Pontiac Multifamily Assets Change Hands

BIRMINGHAM, MI-The 45-unit White Pines of DeWitt north of Lansing as well as the 29-unit Seminole Apartments in Pontiac have been sold in separate transactions totaling more than $3.6 million. The common denominator in the deals is The Dietz Organization senior advisor Jeff Blanton, who represented the sellers of both multifamily assets as well as their buyer.

Trayco Investment Properties L.L.C., a real estate firm headquartered In Grand Ledge, MI, purchased White Pines of DeWitt at 139 W. Brunswick Dr. for $3.1 million from BRBL One, a Lansing-based real estate company. In addition to 36 apartments and nine townhomes, the deal at $68,889 per unit includes pre-engineered land for future expansion.

Seminole Properties LLC of Bloomfield Hills acquired the 29-unit property from Seminole Apartments Inc. of West Bloomfield for $589,000, or $20,310 per unit. The new owners plan to update and renovate the units and building located north of downtown Pontiac at 94 Dwight St.