Marcus & Millichap closes $33 million sale

Michigan apartment properties change hands

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An apartment property in Ann Arbor, Mich., has sold for approximately $33 million, according to Marcus & Millichap Real Estate Investment Brokerage Co.   Willowtree Towers is a 475-unit, two-property apartment package. Willowtree Apartments is located at 1819 Willowtree Lane, and Willowtree Towers is located at 1929 Plymouth Road. The buildings were constructed in 1967 and 1971, respectively.   The combined unit mix is comprised of 95 one-bedroom and 380 two-bedroom apartments, ranging in size from 575 to 901 square feet. Monthly rental rates range from $772 to $934. Occupancy is currently 95 percent. Community amenities at Willowtree Apartments and Towers include swimming pools, spas, abundant covered parking and a fitness center.   ***   Send news tips or a letter to the editor to opinion@inman.com.  ...