Buyer Expands into Southwest Michigan with Niles Apartment Deal
Marcus & Millichap arranged the sale of Village West, a 54-unit apartment property located in Niles, MI. The asset sold for $4,200,000.
Aaron Kuroiwa, Jack Friskney and Austin Meeker, investment specialists in Marcus & Millichap’s Indianapolis office, marketed the property on behalf of the seller, a limited liability company. They also secured and represented the buyer, a limited liability company. Steve Chaben, Michigan broker of record, assisted in closing this transaction.
Village West is located at 736 Colony Ct. in Niles. Capital improvements to the property were completed in 2020 and 2021, including new roofs, new windows, new gutters, electrical upgrades, and HVAC upgrades.
The seller plans on using proceeds from the sale and utilize a 1031 exchange to buy another multifamily asset in Indiana or Florida. The buyer was able to secure agency financing with five years interest-only and expand its portfolio into the Southwest Michigan market.