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Embassy Group Buys West MI Apt. Portfolio for $36M

Associated Estates Realty Sells Communities in Mount Pleasant, Holland and Grand Rapids
August 27, 2012
The Embassy Group, a New York-based multifamily property owner and investor, purchased four apartment communities in West Michigan for $36 million. Associated Estates Realty Corp. was the seller.

The transaction included Country Place in Mount Pleasant, Spring Brook Apartments in Holland and Central Park Place and Aspen Lakes in Grand Rapids. The deal also included 20.5 acres of vacant land. The average age of the communities was 24 years, and the complexes totaled 672 units.

Matthew Friedman of Hancock Real Estate Strategies represented the seller, and the buyer did not have a brkoer.

For more information, please see CoStar COMPS #2510280.
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