Midwest apartment properties undergo exhange

Unit mix comprised mostly of 2-bedroom dwellings

Marcus & Millichap brokered the sale of the Willowtree Apartments and Willowtree Towers in Ann Arbor, Mich.  The 475-unit, two-property apartment package sold for approximately $33.1 million. A Frisco, Texas-based investor sold the property through a 1031 exchange to Newton Square, Pa.-based College Park Investments. 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. Community amenities at Willowtree Apartments and Towers include swimming pools, spas, covered parking and a fitness center. At the time of sale, the portfolio was 95 percent occupied. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** What's your opinion? Send your Letter to the Editor to opinion@inman.com....

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