Syndicated Equities Sells Michigan Multifamily Property for $71.5 Million
Syndicated Equities, a sponsor of securitized 1031 exchange offerings, has sold Stone Falls of Ada, a 210-unit multifamily community located in Ada, Michigan
Syndicated Equities, a sponsor of securitized 1031 exchange offerings, has sold Stone Falls of Ada, a 210-unit multifamily community located in Ada, Michigan, for $71.5 million.
Syndicated purchased the property alongside Highgate Capital Group in 2018 for $45.8 million. During the four-year hold, Highgate executed a value-add strategy, resulting in cash-on-cash returns and a sale that produced a 1.9x equity multiple and 20.5 percent internal rate of return for investors.
Originally built in 2008, the property is situated on 22.4 acres and is comprised of 21 two-story residential walk-up buildings and a clubhouse. Under Syndicated and Highgate’s ownership, the property underwent a $1.5 million renovation that included upgrading interior units and clubhouse amenities. Village Green provided onsite property management.
Syndicated Equities provides accredited investors and family offices with commercial real estate investments. Since 1986, the firm has focused on co-investment ownership, net lease brokerage services, global real estate opportunity funds, and more recently, qualified opportunity zones. To date, Syndicated Equities has made more than 100 investments representing over $500 million of equity and $2 billion of total asset value.
