COMMERCIAL PROPERTY ADVISORS BROKERS SALE OF APARTMENT COMPLEX IN MICHIGAN

LANSING, MICH. — Farmington Hills, Mich.-based Commercial Property Advisors has brokered the sale of Woodland Lakes Apartments, a 344-unit, Class A apartment community located in Lansing. Mount Auburn Capital Group, a California-based multifamily investment and management firm, purchased the property for more than $30 million. The deal marks Mount Auburn’s expansion into Michigan. Built in 2003, Woodland Lakes is situated on 60 acres. The property, which is currently 97 percent occupied, sold at a high 6 percent cap rate based on the 2013 year-end financials. Cary Belovicz of Commercial Property Advisors represented the seller, Woodland Lakes Investment Group LLC, an institutionally managed fund. K. Conly Chi of Mount Auburn says the transaction closed in less than 30 days from contract.