Trilogy Real Estate Group, a sponsor of private placement investment offerings, has purchased two multifamily properties, both located in Ann Arbor, Michigan, for an undisclosed price.
The first community, The Villas at Main Street, is located next door to the University of Michigan soccer complex and is comprised of 360 one-, two-, and three-bedroom units. Built in two phases in 1997 and 2002, the Villas includes an outdoor pool with sundeck, 24-hour fitness center with a Peloton spin bike, clubhouse, dog park, package lockers and an outdoor kitchen with firepit.
The firm also acquired The Villas at Northstar, a 480-unit community located a mile from the University of Michigan North Campus. Completed in 1988 and partially renovated by prior owners, the property includes 31 two-story buildings with one- and two-bedroom apartment homes that average 955 square feet. Property amenities include a social lounge, clubhouse with fireplace, playground, tennis court, dog park, outdoor pool and a 24-hour fitness center with a Peloton spin bike.
“These acquisitions bolster our strategy of acquiring high quality communities in markets with healthy fundamentals,” said Jesse Karasik, Trilogy’s chief investment officer. “Ann Arbor is a true knowledge center with one of the most highly educated populations in the country. In addition to being a top ten fastest growing tech submarket, Ann Arbor consistently ranks as a ‘Best Place to Live’ among Gen Z, Millennials and retirees alike.”
Both properties are located within a few miles of downtown Ann Arbor, minutes from the University of Michigan, and offer nearby access to major freeways and public transportation. Major employers located in the community’s surrounding area include, University of Michigan, Trinity Health, General Motors, Toyota and Domino’s Pizza, among others.
This is Trilogy’s fifth apartment community acquisition in Michigan.
Trilogy Real Estate Group is a real estate investment, property management, and development firm with a focus on multifamily communities and commercial real estate assets. Since 2002, the principals of Trilogy have completed more than $4 billion in transaction volume, including $670 million of acquisition and financing activity in 2020 on its current portfolio of 30 multifamily properties located in 12 states. The firm has sponsored seven private investment funds since inception.