BINGHAM FARMS, Mich., July 24, 2015 /PRNewswire-USNewswire/ -- FOURMIDABLE Real Estate Services served as the Buyer's Broker for the purchase of two Michigan apartment communities and an office building. The transactions totaled approximately $12.5 million.
East Bay Village, which is now owned by East Bay Village Properties, LLC of Petaluma, California, represents the largest portion of the deal, at $8.1 million. FOURMIDABLE, a Bingham Farms-based national real estate company, will also act as Managing Agent for the 208-unit community in Essexville, outside of Bay City.
"We are excited to partner with our new clients as they venture into the Michigan marketplace," said FOURMIDABLE President Scott Allen. "We are confident that our company's 40 years' worth of knowledge and experience in operating multifamily housing will help increase the asset's value for our client."
The 40-unit Edgewater Apartments and adjacent 15,000-square foot sales office are located in Greenville on the state's west side near Grand Rapids. Edgewater is noted as a luxury community with units that feature privately attached garages and front entrances in a scenic, natural setting. Both properties are now owned by Edgewater Apartment Properties, LLC, also of Petaluma. FOURMIDABLE anticipates assuming the management of this property in August 2015.
FOURMIDABLE is a national real estate management and brokerage company that specializes in managing, marketing and leasing market rate, tax credit, senior and family government assisted and public housing apartment communities. Founded in 1975, FOURMIDABLE currently manages 67 communities in eight states, with more than 6,800 units under management. FOURMIDABLE is a member of the elite AMO (Accredited Management Organization) and is an approved management firm for HUD, MSHDA and other State Agencies. Additionally, FOURMIDABLE affiliated companies offer support for property management companies and owners, including agility-pm, a provider of back office accounting, HR, IT and compliance support; eCrosstown, a provider of free WiFi amenity services to apartment residents; and ePhonz, a specialized telephone product for apartment management companies.
For more information, please call 248-593-4610 or visit www.fourmidable.com.
CONTACT: Scott Allen, President
Sue Voyles, Logos Communications