DEAL OF THE DAY: Hendricks & Partners Closes on $4.6M Sale
Hendricks & Partners brokered the $4,600,000 sale of the 268-unit Alpine Lake, located at 665 North Alpine Lake Drive.
Jackson, Mich.– Hendricks & Partners brokered the $4,600,000 sale of the 268-unit Alpine Lake, located at 665 North Alpine Lake Drive.
The apartments were constructed in 1988 and are situated on 14.43 acres. There are 34 buildings surrounding a central lake and the property is adjacent to a 500-acre recreational park with a public pool and 18-hole golf course. Each apartment features an individual entrance and contemporary floor plans.
The seller was Wells Fargo Bank, N.A. The buyer was Alpine Lake LLC, a Michigan limited liability company of Royal Oak, Mich.
The buyer obtained new financing at closing from a regional credit union. The transaction was negotiated by Kevin P. Dillon and Cary Scott Belovicz of the Michigan office of Hendricks & Partners on behalf of the buyer.