We are excited for entering the Michigan market with M Group. We see Southeast Michigan strong for the foreseeable future as people look to live in viable communities with updated amenities and new features added to the units.
Boca Raton, Fla. (PRWEB) October 14, 2014
Andover Real Estate Partners of Boca Raton, Florida, in partnership with Michigan company, M Group, has acquired Bainbridge Park Apartments, a 192-unit community located in Canton, Michigan. The property was sold as an off-market transaction.
The Class B apartment complex was 95 percent occupied at the time of sale. Andover Real Estate Partners plans to implement a value-add program that will improve the apartment units with new kitchens, bathrooms as well as adding amenity enhancements throughout the community. The acquisition was financed with a Commercial Mortgage-Backed Security (CMBS) with Jeffries Loancore and was arranged with the assistance of Matt Shane of Q10 Lutz Financial Services.
As head of Andover Real Estate Partners since 2010, Robert Stone said, “We are excited for entering the Michigan market with M Group. We see Southeast Michigan strong for the foreseeable future as people look to live in viable communities with updated amenities and new features added to the units.”
Robert Stone has been responsible for the ongoing day-to-day operations, investor relations and asset management of its communities in Florida and Michigan, which currently owns 1,100 units valued at more than $95,000,000.
About Andover Real Estate Partners
Andover Real Estate Partners is a privately-held real estate firm headquartered in Boca Raton, Fla., led by Managing Partner Robert Stone. Andover’s methodology is a long-term, value-oriented philosophy that applies creative and aggressive strategies to optimize investor returns for its investments. Andover focuses on identifying opportunities that are underperforming in its submarket, then repositions and rebrands these assets with a devotion to best practices in the industry. Most importantly, is its “willingness to go to any length” to create successful assets that result in successful returns. For more information, visit andoverpartners.com or connect with Andover on Facebook.