Marquette Companies and a fund managed by DRA Advisors, a New York based real estate investment advisor, announced the sale of The Haven at Ann Arbor in Ann Arbor, Mich., a deal that exceeded all targeted returns for its investors. Abacus Capital Group, a New York-based real estate investment firm purchased the 520-unit apartment community.
A major factor in the investment’s success was value-add expertise Marquette brought to the deal. After acquiring The Haven in 2017, when it was then known as Village Green of Ann Arbor, Marquette undertook a $13 million revitalization project that included extensive exterior improvements and unit interior renovations, adding features such as granite kitchen countertops, new cabinets and hardware, and upgraded lighting and plumbing fixtures. Marquette also renovated the property’s common amenities and improved its site operations to provide a better resident experience.
“Thanks to the value-add initiative we undertook at The Haven, the property was well-positioned as a desirable asset that fits very well within the Abacus portfolio,” said Trevor Ryan, president of Marquette Companies. “Our work at The Haven exemplifies our ability to revitalize rental communities to meet resident needs while delivering strong returns to our partners. This sale marks yet another successful investment and demonstrates our dedication to creating places where people want to live and invest.”
The Haven at Ann Arbor, located about 15 minutes from the University of Michigan, includes studio, one- and two-bedroom units, ranging from 650 to 1,075 square feet. Community amenities include a clubhouse with a residents’ lounge, featuring a kitchen and pool table room; three fitness centers; an outdoor pool with an adjacent terrace, including multiple grills and areas for outdoor dining; an enclosed dog park with an agility course; tennis courts; nature trails and an on-site car washing station.
News of the successful sale appeared in multiple outlets, including REBusinessOnline, REjournals and YieldPRO.
