Chicago & Midwest + Midwest + Apartments | February 23, 2023

Marcus & Millichap's Indianapolis office arranged the sale of Village West, a 54-unit apartment property in Niles, Michigan

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.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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