FLINT, MICHIGAN (January 11, 2022) — Portland-based real estate investment firm Fairway America, LLC is pleased to announce the purchase of Maplebrook Village Apartments in Flint, MI. The company bought the Detroit metro area multifamily property with co-manager Pepper Pike Acquisition Associates, LLC for $34,250,000. The acquisition of the 455-unit apartment community was the company’s 14th acquisition with Pepper Pike and punctuated a robust deal-making 2021 for Fairway.
“We’re very pleased to have partnered with Pepper Pike on Maplebrook Village Apartments, our 14th acquisition together,” said Adrian Boly, Managing Director of Investments at Fairway America. “We believe an attractive going-in basis, strong upside potential, and opportunity to partner with a seasoned operator attests to our value-investing philosophy. And with the advent of inflation as a real and likely persistent macroeconomic force, we’re focused more than ever on real assets with historically robust, inflation-hedging abilities like multifamily. We look forward to acquiring similar investments in the coming year.”
Maplebrook Village Apartments comprises 455 units on 33 acres and was 95% occupied at the time of purchase. Fairway America and Pepper Pike plan to execute a value-add strategy during their ownership of the 1980-vintage property, renovating 100% of the units with modern finishes and completing exterior and amenity improvements in an effort to support higher rents and stabilized occupancy.