ANN ARBOR, MI – Trilogy Real Estate Group, a Chicago-based real estate investment, property management and development firm, announced the acquisition of two Ann Arbor residential communities in a portfolio transaction of 840 units.
"These acquisitions support our strategy of attracting high-quality communities in markets with healthy fundamentals," said Jesse Karasik, Trilogy chief investment officer. "Ann Arbor is a true center of knowledge with one of the most educated populations in the country. Not only is Ann Arbor one of the top ten fastest growing tech submarkets, it's also one of the best places to live for Gen Z, millennials and retirees alike."
The first community, The Villas at Main Street, is adjacent to the University of Michigan Football Complex and consists of 360 one, two, and three bedroom units that were well occupied when purchased. The Villas Resident Experience, built in two phases in 1997 and 2002, is complemented by a convenience package that includes an outdoor pool with a sundeck, a 24-hour fitness center with a peloton spin bike, a clubhouse, a dog park, lockers and an outdoor kitchen with a fire pit.
Trilogy also acquired The Villas at Northstar, a 480 unit community located 1 mile from the University of Michigan North campus. Completed in 1988 and partially renovated by previous owners, the property comprises 31 two-story buildings with one and two-room apartments, which are an average of 955 square meters. The community is well staffed. Residents enjoy extensive communal facilities such as a communal lounge, clubhouse with fireplace, playground, tennis court, dog park, outdoor pool, and 24-hour fitness center with a peloton spin bike.
Both homes are centrally located just a few miles from downtown Ann Arbor, just minutes from the University of Michigan. They provide nearby access to major highways and public transport, and provide residents with convenient access to local employment offices. Major employers in the community area include the University of Michigan, Trinity Health, General Motors, Toyota, and Domino & # 39; s Pizza.
This is Trilogy's fifth shared apartment acquisition in Michigan.
The Trilogy Real Estate Group has sponsored seven private investment funds. Since 2002, Trilogy's clients have completed over $ 4 billion in deals, including $ 670 million acquisition and financing in 2020 for the current portfolio of 30 apartment buildings in 12 states across the country.