HENDRICKS & PARTNERS BROKERS SALE OF 294-UNIT MULTIFAMILY COMMUNITY
SALINE, MICH. — Hendricks & Partners has brokered the sale of Riveroaks, a 294-unit multifamily community located at 801 Valley Circle Dr. in Saline. Michigan-based Riveroaks Apartment Holdings LLC has purchased the complex from Bank of America for $9 million. The buyer is planning an extensive improvement program for the property, and has signed a short-term management contract with Buckingham Management. The improvement project is expected to begin in early February, with renovated interiors completed by the spring. Rick Vidrio, Kevin Dillon, Rick Brace, Andrew Bayster and Cary Belovicz in the Detroit office of Hendricks & Partners represented the seller in the transaction.