Cocke Finkelstein Enters Grand Rapids

A 1,710-unit community trades for $100.4 million, and KeyBank Real Estate Capital refinances a balance sheet loan.

Ramblewood ApartmentsGrand Rapids, Mich.—One of Michigan’s largest apartment communities has changed hands for $100.4 million. Atlanta-based full-service multifamily investor Cocke Finkelstein made its first acquisition in Grand Rapids with the purchase of Ramblewood Apartments. At 1,710-units, the new owners will certainly be busy with upgrades, as Cocke Finkelstein plans to make significant capital investments into the property.

CFLane, the management subsidiary of Cocke Finkelstein, will handle daily operations at the community, which was 98 percent occupied at the time of sale.

Why Grand Rapids? Well the city sees significant job growth, low unemployment, and average apartment occupancy of 98 percent and limited new construction, according to the new owner.

Ramblewood was built in phases from 1972 and 1985. There are two campuses that stretch across 188 acres. Amenities include an indoor pool, business center, 55,000-square-foot tennis and health club facility, a 24-hour fitness center, basketball courts and outdoor pool, sauna, dog park, two sand volleyball courts and laundry in each building.

Berkadia arranged the transaction for the seller, who has remained undisclosed.

Top employers in the Grand Rapids area include Spectrum Health, Grand Valley State University and Meijer. Ramblewood Apartments is situated approximately eight miles from downtown Grand Rapids and 10 miles from Gerald R. Ford International Airport.

KeyBank refis a balance sheet loan

Wilmington, N.C.–KeyBank Real Estate Capital has arranged a total of $34.9 million in Freddie Mac CME financing for a four-property, 694 unit multifamily portfolio in Wilmington, N.C.

The garden-style apartment communities were built in the 1990s.  Charles Williams and Jeffrey Hunkele of Key’s Commercial Mortgage Group arranged the loans, which were used to pay off an existing KeyBank balance sheet loan.

The apartment properties include Hawthorne at New Centre, Hawthorne Centre North, Hawthorne Commons and Hawthorne Lofts South.