RESSCO SELLS UTICA SQUARE APARTMENTS
Southfield, MI, March 5th, 2018 – RESSCO, a privately held real estate investment company, based in Southfield, MI. is pleased to announce the sale of Utica Square Apartments located in Roseville, MI.
RESSCO Holdings, the managing member and Sponsor of Utica Square, recently sold the 266-unit apartment community on February 23rd, 2018. The sale paid off the existing debt, returned 100% of investor capital, and delivered an IRR above and beyond investor expectations.
Investors were pleased with the performance of the asset and the business plan of the manager. Utica Square (formally Kendall Park, Brentwood Forest & Villa Manor Apartments) was purchased in a portfolio sale in 2008. After its implementation, the Value-Added Plan for the property was a tremendous success.
About RESSCO
Real Estate Service Solutions Company (RESSCO) is a full service commercial real estate company that specializes in multifamily real estate. RESSCO offers a wide array of services that include property management, construction management, development and private placement investments. Multifamily real estate has unique challenges and RESSCO’s specialized skill set allows it to deliver a level of expertise that is unsurpassed in the industry.
RESSCO works with private investors, institutional investors, lending institutions, REO managers, municipalities, officers of the court, and property owners.
RESSCO’s management team has more than 50 years of combined experience involving multi-million dollar real estate transactions, equity investments and development/construction projects.
For more information, visit www.ressco.com.