Cocke Finkelstein Buys Up Michigan Value-Add Play
One of Atlanta's most prolific multifamily buyers in this cycle has made its latest purchase. In Michigan, Cocke Finkelstein just bought Ramblewood Apartments, a sprawling 90-building, 1,710-unit community on 188 acres in Grand Rapids for $108M, a purchase that also included the apartment complex's 55k SF tennis club. In a JV with GEM Realty Capital, the buy is being characterized as a value-add rehab project. "Ramblewood was a rare opportunity to purchase an asset with both substantial current return as well as significant upside from a value-add strategy," says Cushman & Wakefield's Mike Ryan, who, along with Telly Fathaly, Jeff Walker and John Alascio, arranged the financing.