Income Property Organization achieves record-setting sales volume for 2nd quarter 2018

Sales across Michigan and Columbus, Ohio markets drive significant growth

News provided by

Sep 06, 2018, 09:04 ET

BLOOMFIELD HILLS, Mich., Sept. 6, 2018 /PRNewswire/ -- Income Property Organization (IPO) achieved record-setting sales volume in the second quarter of 2018 with sales of $128 million, having sold 17 multifamily properties with a total of 1,529 units.

The firm sold apartments in major markets across Michigan and Ohio, including those located in the Michigan communities of Ypsilanti, Detroit, East Lansing, Southfield, Lansing, Ann Arbor, and Wayne, as well as in Columbus, Ohio.

Income Property Organization (IPO) closed the sale of University Green Portfolio, which consists of 468 units on 3 contiguous properties in Ypsilanti. IPO closed this deal with an in-state purchaser for roughly $22.5 million, or $48,077 per unit. These units are located only one-fourth of a mile from Eastern Michigan University, and were at 25 percent student occupancy at the time of sale.

The volume compares with a total of $63 million in the first half of 2017, which was a 40 percent increase over the same period in 2016.

The latest sales figures are consistent with expectations by IPO officials, including Greg Coulter, the firm's managing member, who points to continuing high demand for apartments in many cities including Detroit, which is among the top 50 metro areas.

Highlights for IPO's sales in the second quarter 2018 include:

a 468-unit community in Ypsilanti;
a 288-unit/268 bed community in Columbus;
a 120-unit community in East Lansing; and
a 24-unit community, also in Columbus.

"Growth like this has propelled our organization to be named to this year's Inc. 5000 list," said Coulter. "We anticipate continued strong growth as we remain focused on creating client partnerships that stand the test of time."

Income Property Organization in Bloomfield Hills, Mich. offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property. To learn more or inquire about multifamily investment opportunities, visit www.incomepo.com or contact Greg Coulter at (248) 932-0300.

Contacts:	Sue Voyles, Logos Communications, Inc.
	[email protected] / (734) 667-2005
	Greg Coulter, Income Property Organization
	[email protected] / (248) 932-0300