The GSH Group Picks Up 2 Michigan Assets for $200M

Meadows at Farmington Hills. Image courtesy of The GSH Group

The GSH Group has acquired two multifamily properties totaling 1,160 units in the Greater Detroit area for more than $200 million from an unidentified seller. The purchases represent the largest transactions by dollar figure for the multifamily real estate investment company.

The communities have been rebranded as Meadows at Canton, a 736-unit community in Canton, Mich., and Meadows at Farmington Hills, a 424-unit community in Farmington Hills, Mich.

Both apartment properties are located in highly desirable cities and top-ranked school systems near retailers and restaurants and have interstate access, according to Gideon Pfeffer, managing partner at The GSH Group.

Pfeffer said in prepared remarks that the seller had made significant improvements to the interior of the units over the past four years, including opening up floorplans and installing new cabinets, quartz countertops and fixtures. He said The GSH Group plans to improve shared amenities such as gyms, yoga studios, resort-style pool areas and other gathering spaces. Other amenities include a sundeck, fitness center, tennis court, playgrounds, pet park, newly renovated clubhouse and lounge, and covered parking.

Each of the units at the Meadows of Farmington Hills has chef-inspired kitchens with quartz countertops and stainless steel appliances. Other features include walk-in closets, a private patio/balcony and in-unit washer and dryers. The property, constructed in 1975, has 41 garden-style buildings spread over more than 40 acres.

The Meadows at Canton is the only apartment community of its vintage in the market to have fully renovated units. The property is adjacent to I-275 and in an area with strong population growth and rental demand.

Growing Portfolio

In July, The GSH Group acquired The Preserve at Spring Lake, a 320-unit property in Altamonte Springs, Fla., for $62.8 million from a private investor. The company planned to undertake a $3.8 million capital improvement plan including interior and exterior enhancements at the suburban Orlando property.

The GSH Group has purchased approximately 7,000 apartment units in the top U.S. housing markets over the past four and a half years. The current portfolio has about 6,000 units, including 10 multifamily communities acquired last year. The company specializes in owning, managing and improving value-add workforce housing in desirable locations.