Residents of West Michigan have long been exposed to the name Ramblewood Apartments, as the management company regularly advertises the apartment complex on local radio stations. Now, however, that may be changing, as the ownership of the Wyoming-based Ramblewood Apartments has changed hands in a nine figure real estate sale. The purchaser is a real estate investment group based out of Georgia, and they plan to upgrade the facilities at Ramblewood Apartments, which they purchased for $100.4 million.
Located at 4277 Stonebridge Dr. SW., near the intersection of 44th Street and Bryon Center Avenue close to Rivertown Mall in Grandville, the Ramblewood Apartments include roughly 1,710 units. Construction and development of the complex began back in the 1970s, 1971 to be exact, and continued through another twelve years, with construction completed in 1983. While Google reviews indicate a tenant-approval rating of slightly below three stars, it is exciting for current tenants to think about what kinds of investments and renovations are int he future for one of the largest apartment complexes in West Michigan.
Apartments range from cozy studio units to three bedroom apartments, with plenty of one and two bedroom units as well. As far as amenities, Ramblewood offers all kinds of perks to its tenants (which will incur ongoing upkeep expenses for the new management but will also draw new tenants and help keep the current ones in place). The amenities include a rentable community center that all tenants have access to, both indoor and outdoor swimming pools, ensuring tenants can swim year-round, a resident-only health club, basketball, tennis, and volleyball courts, and a fully-stocked playground for the little ones residing in this large, sprawling complex.
The grounds are one of the primary selling points for potential tenants; Ramblewood Apartments boast amazing curb appeal, with manicured lawns and well-maintained acreage around the buildings themselves. All in all, most consultants and professionals view the sizable Ramblewood Apartments as an excellent investment for a company intending to maintain and improve upon the legacy of excellent rental housing set by this apartment complex.
The staff at Berkadia Detroit negotiated both the financing and the sale itself, with involved staff members including Rick Vidrio, managing director; Walstrom and Rick Brace, senior director; and Jason Krug, office director according to the Grand Rapids Business Journal. The financing was obtained through Fannie Mae via the efforts of additional staff at Berkadia Detroit, including Pete Benedetto, senior managing director; David Sibbold, managing director; and Jillian Maki, AVP.
The $100.4 million price tag surely put off plenty of would-be investors, but those with an eye for a bargain and knowledge about local real estate and rentals can definitely see the potential for major financial gain in owning and operating a well-known and respected apartment complex.
While Pyxis Realty doesn't specialize in commercial real estate, we do have staff who are able to help you sell or buy all kinds of real estate in Michigan. If you need to list a home or if you are in the market for a home purchase or an investment purchase, you should contact one of our highly professional team members to get the process started and see how easy real estate transactions can be!