Thompson Thrift Sells Luxury Michigan Asset
Completed last year, the property comprises more than 300 units.
Thompson Thrift has sold The Grove, a 320-unit luxury multifamily community in Grand Rapids, Mich. According to Crain’s Detroit, the buyer was Gideon Pfeffer of The GSH Group. The seller was also the asset’s developer. The project was subject to a $44.4 million loan originated by Fifth Third Bank in 2020, according to Yardi Matrix data. Berkadia brokered the deal.
Completed in 2022, the community comprises 20 two-story buildings which incorporate one-, two- and three-bedroom floorplans ranging from 938 to 1,475 square feet. Apartments feature in-unit washers and dryers, stainless-steel appliances, quartz countertops and walk-in closets and pantries, with select units including private balconies or patios and direct access garages. Common-area amenities encompass a 24-hour fitness center, heated pool, spa, dog park, pet grooming station and pickleball court.
Located at 3240 Killian St. NE, the garden-style property has accessibility to Interstate 96, placing it roughly 10 miles from downtown Grand Rapids. Large employers such as Axios and Spectrum Health operate qithin a 15-mile radius of the 24-acre site. The Provin Trails Park is within walking distance of the community.
Berkadia Senior Managing Director Jason Krug brokered the deal, representing the seller. Krug mentioned in prepared remarks that The Grove’s quality in combination with the strength of the Grand Rapids market facilitated high demand and advantageous selling conditions. Thompson Thrift has also recently sold a 176-unit asset in Des Moines, Iowa, which represented the company’s last residential property in the state.