Andover Real Estate, M Group Pick Up MI Asset
The buyers financed the acquisition with a $16 million Fannie Mae Green Rewards loan originated by Hunt Mortgage Group.
A joint venture between Andover Real Estate Partners and the M Group have purchased a 144-unit apartment community in Ann Arbor, Mich., from CED Capital Holdings. The property, previously known as Woodchase Apartments, has been rebranded as Arbor Club by its new owner. The buyers financed the acquisition with a $16 million Fannie Mae Green Rewards loan originated by Hunt Mortgage Group.
Located at 1100 Rabbit Run Circle, the garden-style community’s 16 buildings sit just over one mile south of the entrance to Interstate 94, with public transportation links in the immediate area, connecting the area to central Ann Arbor. The property contains a mix of one-, two- and three-bedroom units, ranging from 770 to 1,159 square feet. The asset’s on-site amenities include:
- swimming pool
- two miles of nature trails
- laundry facilities
- 216 parking spaces
“The University of Michigan is a major driver of economic activity for this market, but there is not a proliferation of students at this complex,” said Josh Messier, managing director of Hunt Mortgage, in a prepared statement. “We were pleased to provide the acquisition financing for this property and for a quality local borrower who is a repeat Fannie Mae client.”
Image courtesy of Yardi Matrix