The GSH group acquired two multi-family properties totaling 1,160 units in the Greater Detroit area for more than $200 million from an unidentified seller. The purchases represent the largest dollar transactions for the multifamily real estate investment firm.
The communities were renamed Meadows at Canton, a 736-unit community in Canton, Michigan, and Meadows at Farmington Hills, a 424-unit community in Farmington Hills, Michigan.
According to Gideon Pfeffer, Managing Partner of GSH Group, both apartments are located in popular cities and leading school systems close to retailers and restaurants and have interstate access.
Pfeffer said in prepared remarks that the seller has made significant improvements to the interiors of the units over the past four years, including opening floor plans and installing new cabinetry, quartz countertops and light fixtures. . He said GSH Group plans to improve shared amenities such as gyms, yoga studios, resort-style pools and other gathering spaces. Other amenities include a sundeck, fitness center, tennis court, playgrounds, pet playpen, newly renovated clubhouse and lounge, and covered parking.
Each of the units at Meadows of Farmington Hills features a chef-inspired kitchen with quartz counter tops and stainless steel appliances. Other features include walk-in closets, private patio/balcony, and in-unit washer and dryer. The property, built in 1975, has 41 garden-style buildings spread over more than 40 acres.
The Meadows at Canton is the only apartment community of its vintage on the market to have fully renovated units. The property is adjacent to I-275 and in an area with high population growth and high rental demand.
In July, GSH Group acquired The Preserve at Spring Lake, a 320-unit property in Altamonte Springs, Florida, for $62.8 million from a private investor. The company planned to undertake a $3.8 million capital improvement plan, including interior and exterior improvements to the suburban Orlando property.
GSH Group has purchased approximately 7,000 apartments in major US real estate markets over the past four and a half years. The current portfolio has approximately 6,000 units, including 10 multi-family communities acquired last year. The company specializes in owning, managing and improving value-added workforce housing in desirable locations.