Lakeview Apartments in Kalamazoo sold for $19.65M
JLL Capital Markets handled the sale of the multi-housing property in Kalamazoo, MI
JLL worked on behalf of the seller, Property Resource Associates, to complete the sale to Bender Companies.
The Lakeview Apartments consist of 280 one-, two- and three-bedroom units. All units include convenient washers and dryers, central air/heat and balconies or private patios. The community also features a playground, pet park and community barbecue area.
Located at 1928 Colgrove Ave. in the Eastwood suburb, Lakeview Apartments is adjacent to Ascension Borgess Hospital, a top area employer and affiliate of Ascension Health, the largest nonprofit healthcare system in the United States. Less than three miles from downtown Kalamazoo, residents can enjoy all of its various perks and attractions, such as the city’s touted hiking and biking trails; its diverse dining scene, famously known for its local, Michigan-based breweries; and vibrant entertainment scene, featuring cultural centers, galleries and theaters.
The JLL Capital Markets team representing the seller was led by Senior Director David Gaines and Managing Director Dave MacDonald (Detroit), supported by Director Kyle Butler, who worked closely with Ron Plichta and Tommy Bateman of Property Resource Associates.
“This transaction is a great example of private equity identifying significant expansion of distribution and manufacturing jobs across Southwest Michigan,” Gaines. “A skilled workforce of 64,000 currently employed across all sectors, which include biopharmaceuticals, automotive, medical device, plastics, metals, tool and die, furniture and food processing, make multi-housing investments in Southwest Michigan a very attractive investment option for private equity groups seeking yield.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Property Resource Associates
Property Resource Associates is a Florida-based company that was established by Gary Plichta and has become an active and progressive multi-housing investment and property management firm in the U.S. Gary has redefined apartment development and management for over 30+ years, from a product standpoint, that meant building communities of lasting value through inspired design, attention to detail, and tenant friendly living. In the coming year Property Resource Associates will have successfully launched acquisition and property management platforms into additional communities to strengthen its strategic position, diversify its revenue sources and more aggressively build its portfolio.
About Bender Companies
Bender Companies is a real estate investment firm that specializes in multi-housing. Bender Companies provides investment and management solutions by sourcing deals, structuring the debt and equity, and managing the property throughout the term of the investment. Since its founding in 2011, affiliates of Bender Companies have established a track record of high-performing investments through strategic acquisitions, managing risk and adding value. Bender Companies plans to expand its business through strategic partnerships, investors and joint ventures.