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CAPREIT Makes Second Apartment Buy in Michigan
CAPREIT has acquired Silver Lake Hills, a 310-unit market-rate apartment community in Fenton, MI, for an undisclosed sum. It’s the Rockville, MD-based multifamily owner/operator’s second Michigan acquisition, following Kensington at Beverly Hills in the Detroit suburb of Southfield.
The new ownership will perform both unit and community renovations on the property at 320 Foley Glen Dr., which is surrounded by wooded grounds and several nature trails. Silver Lake Hills also features access to the key employment centers of Ann Arbor and Flint, thanks to its location near U.S. Route 23, the area’s primary north-south thoroughfare.
“We believe this submarket will continue to grow with the continued expansion of downtown Fenton, and we look forward to serving the community,” said Ernie Heymann, CAPREIT’s CIO.
The property was built in 2000, and had been owned since 2013 by Ann Arbor-based McKinley, according to published reports.
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