CBRE Facilitates $11M Michigan Sale
- Aug 05, 2019
CBRE’s affordable housing specialty group has brokered the sale of a 160-unit community in Lansing, Mich. Peak Capital Partners purchased Arbors at Georgetown for $10.9 million, with Executive Vice President Jim Flinn arranging a 12-year fixed-rate loan from Fannie Mae on behalf of the new owner. Senior Associate Ben Barker represented the seller in the transaction. According to Yardi Matrix data, Sterling Group is the former owner of the fully affordable asset.
Located at 2010 Georgetown Road, Arbors at Georgetown is directly off Interstate 95 and roughly 90 miles from Detroit. The property includes a mix of one- to three-bedroom apartments, all set aside for residents earning 60 percent of the area’s median income. Residents with Section 8 vouchers occupy more than half of the community’s apartments, with many of the two- and three-bedroom units reserved for families with children.
The 2004-built asset encompasses 20 two-story buildings. Amenities include a fitness center, swimming pool, business center, swimming pool, playground and 300 parking spaces. The occupancy rate at the property has hovered around 95 percent during the past three years.
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