Maplegrove Property Management LLC, a Michigan real estate and property management firm, has finalized a deal to purchase a senior living facility and apartment complex in Ludington. The property management firm will now control the entire housing community, which boasts 172 individual apartments along with an independent senior residential facility.
The real estate firm purchased the property for $8.1 million, according to the broker who was representing the buyer during the transaction. Approximately $1.8 million of the capital used to make the purchase was acquired from various approved investors.
According to one of the co-owners of the property management firm, the new property fits well with the firm’s existing property holdings. Currently, Maplegrove owns dozens of properties throughout Michigan. Two of the properties it owns are independent senior living facilities. Maplegrove also handles the management of eight apartment complexes called The Heritage Collection, which includes a wide variety of residential complexes. It bought many of these properties last November. The Michigan property management firm hopes to purchase more properties in the future as well.
As with any kind of large scale property investment, a property management firm will want to review the legal aspects of the deal closely before closing on the transaction. By employing a legal representative to review these kinds of deals, businesses and property owners can sidestep numerous pitfalls that can be costly and legally difficult to resolve later on down the road. Indeed, a few hours of preventative legal review can be worth years of legal battles in the future when it comes to a large scale real property transaction.
Source: MiBiz, “Maplegrove buys apartments, senior living facility in Ludington for $8.1M” Nick Maines, Jun. 22, 2014