CHICAGO and DETROIT – June 15, 2020 – Berkadia today announced the sale of Towne Square Apartments and Townhomes, the first 532-unit property of a 670-total-unit two-property portfolio in Lansing, Michigan. The second property is slated to close later this year. Senior Managing Director Kevin Dillion, Managing Directors Jason Krug and Rick Vidrio, Senior Director Rick Brace and Directors Charley Henneghan, Carly Dietz, and Corey Krug of Berkadia’s Great Lakes Team, along with Managing Director Kevin Larimer of Berkadia’s Student Housing Group, together completed the sale on behalf of the seller, Michigan-based DTN Management Co. The buyer was Hunter Management, based in Chicago with assets in Bloomington and West Lafayette, Indiana. The seller executed a reverse 1031 exchange with Towne Square. The second closing provides the opportunity for the seller to secure 1031 exchange properties, as well. The Towne Square transaction closed on April 8.
“The buyer and seller worked in a cooperative manner to close the deal with this unique economic condition,” said Dillon. “The seller was able to successfully exchange the proceeds from the sale to a newly constructed multifamily property they acquired in Florida. This was a very successful transaction as it accomplished unique goals for the seller and buyer.”
Towne Square Apartments & Townhomes, located at 3029 Beau Jardin Drive, is a 532-unit multifamily property featuring one-, two- and three-bedroom floor plans. Community amenities include swimming pools, a sauna, conference rooms, a 24-hour fitness center and sand volleyball courts. Residents are afforded convenient access to Interstates 96 and 127 and the shops and restaurants along Cedar Street.