Cushman & Wakefield announced today that it arranged a $26.5 million joint venture equity partnership between Cocke Finkelstein Inc. and GEM Realty Capital for the $108 million acquisition and value-add rehabilitation of Ramblewood Apartments, located in Grand Rapids, Michigan.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Mike Ryan, Telly Fathaly and Jeff Walker from the firm’s Atlanta, Georgia office, along with John Alascio, from the firm’s world headquarters office in Midtown Manhattan, represented Cocke Finkelstein in the transaction.
“Ramblewood was a rare opportunity to purchase an asset with both substantial current return as well as significant upside from a value add strategy. Cocke Finkelstein and GEM Realty form a strong partnership to renovate and upgrade Ramblewood. We look forward to a long term relationship with this exceptional ownership group,” Mike Ryan, C&W Senior Managing Director.
Ramblewood is a 90-building, 1,710-unit apartment community located on 188 acres in Grand Rapids. The property was built in multiple phases between 1972 and 1985 on two separate campuses. Also included in the transaction was the acquisition of the 55,000 square-foot Ramblewood Tennis & Health Club, as well as other amenities.