NAI Wisinski of West Michigan completes $57 Million Multifamily Transaction

(Grand Rapids, MI) – Craig Black and Scott Nurski recently sold a 237 unit, Class A apartment community located in Grand Rapids, Michigan.  The sale represents the highest price per unit ever recorded in Michigan for a suburban, market rate multifamily asset.  Ridges of Cascade Apartments is a luxury apartment community with well-appointed units, luxury condominium-level interior finishes and resort class community amenities.  It is well located in highly sought after Cascade Township, which boasts high income levels and extremely high barriers to entry for multifamily development.  All buildings were preleased as they were constructed and the property was 100% occupied when it opened in August 2016. Continue reading “NAI Wisinski of West Michigan completes $57 Million Multifamily Transaction”

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Commercial real estate brokers worry tax reform could slow key investment vehicle

September 29 2017 | Nick Maines

GRAND RAPIDS — Although a formal GOP tax reform bill has yet to be introduced, executives in the commercial real estate industry are already expressing concern.

In particular, sources worry that any possible reform could include the removal of the 1031 Exchange, a tax loophole that allows real estate investors who sell a property to reinvest the proceeds into a similar, “like-kind” property and defer any tax payments.

At a panel discussion in Grand Rapids hosted by the West Michigan chapter of the Turnaround Management Association, commercial real estate executives noted that 1031 deals have been a major driver of industry activity as of late, specifically with regards to the returns investors expect to see, known as capitalization rates. Continue reading “Commercial real estate brokers worry tax reform could slow key investment vehicle”

Q&A with Dave Smies

 

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Get to know our agent Dave Smies, learn about his career in commercial real estate, and hear his thoughts on the future of the commercial real estate industry.

What are some of your hobbies?

They have become working around the house, bike riding with my wife–we go about every day unless there’s ice or snow, and I like to water ski.  What I had to do was give up a bunch of hobbies because we have 6 kids. Continue reading “Q&A with Dave Smies”