GRAND RAPIDS, MICH. — Magnus Capital Partners, a Grand Rapids-based asset management and real estate investment firm, is set to break ground Dec. 19 on HōM Flats at Maynard, a new $51.5 million multifamily housing development located in Grand Rapids.
Situated on 12.8 acres off Lake Michigan Drive NW, HōM Flats at Maynard will comprise seven buildings and 240 one-, two- and three-bedrooms apartments. Amenities at the community will include fitness and yoga centers, play spaces for children, indoor and outdoor dog parks, a pet spa, a café, rooftop lounge, indoor bike storage, a game room and green spaces.
Once constructed, HōM Flats at Maynard will join Magnus Capital Partners’ current portfolio of HōM Flats at 28 West in Wyoming, Michigan and HōM Flats at Felch Street in Holland, Michigan. Both properties were completed in 2021. Hooker DeYoung will serve as the architect and Rhode Construction will serve as general contractor for the project.
Magnus Capital and its equity partner, Stratford, received project approval from the Michigan State Housing Development Authority in late November. The project will be financed through the federal Low-Income Housing Tax Credit program, making the apartments affordable based on tenant income. The developer is targeting tenants earning 40 to 80 percent of area median income. The HōM Flats brand originated out of the belief that everyone deserves an affordable, quality home, according to Magnus Capital Partners.
Leasing for HōM Flats at Maynard apartments is expected to begin in the second half of 2023.