Kalamazoo, Mich. — New property neighbors firm’s first renovation project.
The upcoming renovations at The Village at Thirteen24 will have a similar look as this model of the neighboring property, Thirteen24 Lafayette. Kalamazoo, Mich. — Gross + Cohen, a Boston-based real estate investment firm that targets underperforming assets in student markets, has added a second acquisition in the Western Michigan University market. The new property rebranded as The Village at Thirteen24 is a 204-bed unit consisting of eight buildings that will receive light renovations.
All initial capital expenditures will be complete by summer, and the complex is expected to be fully occupied for the 2012 school year, according to the firm.
Rent has grown at the firm’s neighboring property Thirteen24 Lafayette, which was acquired in March, by 51 percent after a 2,800-square-foot clubhouse, a fitness center, leasing office, game room and business center was constructed in addition to new flooring, appliances and countertops in some of the units as well as exterior renovations and landscaping.
– Lynn Peisner