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 apartment communities in a portfolio transaction totaling 840 units.
"These acquisitions bolster our strategy of acquiring high quality communities in markets with healthy fundamentals," said Trilogy Chief Investment Officer Jesse Karasik. "Ann Arbor is a true knowledge center with one of the most highly educated populations in the country. In addition to being a top ten fastest growing tech submarket, Ann Arbor consistently ranks as a 'Best Place to Live' among Gen Z, Millennials and retirees alike."
The first community, The Villas at Main Street, is located next door to the University of Michigan soccer complex and is comprised of 360 one-, two-, and three-bedroom units that were well occupied upon acquisition. Built in two phases in 1997 and 2002, the Villas resident experience is complemented by its amenity package that includes an outdoor pool with sundeck, 24-hour fitness center with a Peloton spin bike, clubhouse, dog park, package lockers and an outdoor kitchen with firepit.
Trilogy also acquired The Villas at Northstar, a 480-unit community located a mile from the University of Michigan North Campus. Completed in 1988 and partially renovated by prior owners, the property includes 31 two-story buildings with one- and two-bedroom apartment homes that average 955 square feet. The community is well occupied. Residents enjoy expansive community amenities that include a social lounge, clubhouse with fireplace, playground, tennis court, dog park, outdoor pool and a 24-hour fitness center with a Peloton spin bike.
Both properties are centrally located within a few miles of downtown Ann Arbor, minutes from the University of Michigan, and offer nearby access to major freeways and public transportation, providing residents with convenient access to area employment centers. Major employers located in the community's surrounding area include, University of Michigan, Trinity Health, General Motors, Toyota and Domino's Pizza, among others.
This is Trilogy's 5th apartment community acquisition in Michigan.
Trilogy Real Estate Group has sponsored seven private investment funds. Since 2002, the principals of Trilogy have completed over $4 billion in transaction volume, including $670 million of acquisition and financing activity in 2020 on its current portfolio of 30 multifamily properties located in 12 states across the country.