Loop acquires three properties totaling 449 units in Midland, Michigan for $24 million
Loop Investments is pleased to announce it has acquired an exceptional multifamily residential portfolio in Midland, Michigan. This portfolio consists of three individual apartment communities, with a total of 449 units, located within minutes from each other. The purchase price for Robin Oaks, Mulberry Lane, and Perrine Pointe was $24 million. The three assets average 95% occupancy. There are many competitive advantages, one major advantage being proximity to major employers such as DOW Chemical, Mid-Michigan Health, and Northwood University. Loop plans on investing $1 million in unit rehab as well as some common area improvements. There is an upside potential through an $800k planned capital improvement plan.