NAI Wisinski Brokers $57M Sale of Luxury Apartment Community in Grand Rapids, Michigan

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Ridges of Cascade Apartments in Grand Rapids for $57 million. The 237-unit luxury apartment community opened in August 2016 at 100 percent occupancy. The $240,506 per unit represents the highest price per unit ever recorded in Michigan for a suburban market-rate multifamily asset, according to NAI Wisinski. Craig Black and Scott Nurski of NAI Wisinski represented both the buyer, a Michigan-based private equity group, and the seller, a local developer.