Lansing Tower's 2025 sale marked an important moment in West Michigan's multifamily landscape, underscoring the building's long-time presence in the state capital and the challenge of bringing a generational property to market.
The purchase was only the second time the property has changed hands since the 14-story building went up in 1968. The midcentury modern structure has helped define the city's skyline ever since.
After more than a decade of ownership, Princeton Management sold the 140-unit building for an undisclosed price to Colorado-based Monarch Investment and Management. Located in the city's downtown, the 179,046-square-foot property has a rooftop pool, fitness center, private parking and on-site laundry.
The property last traded in 2014, when Princeton bought it for $3.6 million.
In recognition of its transformative role, the sale of Lansing Tower was chosen by an independent panel of industry professionals within the market for a 2026 CoStar Impact Award.
About the deal: GREA brokered the building sale in June 2025, connecting the seller with an out‑of‑state buyer and closing the transaction within 60 days of launch. The firm managed the entire sales process, leveraging market expertise, a buyer-outreach strategy and long‑standing relationships cultivated over decades.
What the judges said: Stu Kingma of NAI Wisinski lauded the transaction for being a "new investment in Lansing." Matthew Callander of Callander Commercial highlighted the fact that "this asset class is difficult to value — older infrastructure, softened rent appreciation — yet seller expectations for this category remain high." Alex Cartwright of Ferris State University and HotelSHIFT Capital said it is "amazing to see such a large, older building sold ... so quickly."
They made it happen: Cary Belovicz and Colin Soltis, both of GREA, were in charge of the project.
CoStar Market Manager Patrick Riendeau contributed to this article.