Ramblewood Apartments sold for $100.4M

WYOMING, MI - Ramblewood Apartments, the state's third largest suburban apartment community, has been sold for $100.4 million, it was announced on Monday, June 29.

The new owners, an investment group based in Georgia, have plans to upgrade the 1,710-unit community, according to a news release. Berkadia, a Detroit-based commercial real estate broker, said the sale occurred on June 12.

"The Grand Rapids rental market is registering historically low vacancy and healthy rent growth," said David Walstrom, a senior director with Berkadia.

"The market's appeal, coupled with the potential to add value through strategic unit upgrades, made Ramblewood an extremely attractive investment," said Walstrom, adding that the upgrades are expected to result in greater revenue for the partners.

Built in phases between 1971 and 1983, Ramblewood Apartments is located at 4277 Stonebridge Drive SW in Wyoming north of 44th Street SW, one mile east of Rivertown Crossings Shopping Center and half a mile east of the Bucktown Shopping Center.

Monthly rents in Ramblewood currently range from $669 for a one-bedroom, one bathroom apartment to $1,245 for a three-bedroom, two-bathroom unit, according to the complex's website. Unit amenities include balconies and patios, vaulted ceilings, fireplaces, skylights, cable and internet with free WiFi, and walk-in closets.

Community amenities include a community center with an indoor pool, an outdoor pool with a sundeck, a tennis and health club with indoor and outdoor courts, basketball and volleyball courts, a playground, and a surrounding 188 acres of woods and a pond.

Jim Harger covers business for MLive/Grand Rapids Press. Email him at jharger@mlive.com or follow him on Twitter or Facebook or Google+.

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