NAI Wisinski of West Michigan Completes $57 Million Multifamily Transaction
(Grand Rapids, MI) - Craig Black and Scott Nurski recently sold a 237 unit, Class A apartment community located in Grand Rapids, Michigan. The sale represents the highest price per unit ever recorded in Michigan for a suburban, market rate multifamily asset. Ridges of Cascade Apartments is a luxury apartment community with well-appointed units, luxury condominium-level interior finishes and resort class community amenities. It is well located in highly sought after Cascade Township, which boasts high income levels and extremely high barriers to entry for multifamily development. All buildings were preleased as they were constructed and the property was 100% occupied when it opened in August 2016.
“Ridges of Cascade offers a unique opportunity to own a luxury apartment asset in a vibrant and growing metropolitan area with very little competitive Class A inventory”, according to Scott Nurski.
Craig Black and Scott Nurski of NAI Wisinski of West Michigan represented both the buyer, a Michigan private equity group, and the seller, a local developer.