10/5/2007

Hendricks finalizes $19.3 million multi-family sale

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Beachwood Townhomes

Waterton Residential has sold the 322,984 square foot Beachwood Townhomes apartments in Harrison Township, Mich., for $19.3 million to GFI Capital Resources Group Inc.

Kevin Dillon, associate partner at Hendricks & Partners' Detroit office, represented both the buyer and the seller.

The 376-unit complex contains a mixture of 188 one-bedroom and 188 two-bedroom homes and is located at 38001 Clubhouse Lane.

Kevin Dillon has been an associate partner with Hendricks & Partners since 2003. Prior to that, he spent 18 years with the Dietz Organization in the investment real estate industry.

Dillon studied marketing and finance at Northwood University and is the co-author of "Midwest Multifamily Markets Gain Momentum," which appeared in the November 2006 issue of Multi-Housing News.

Hendricks & Partners is a real estate firm in the United States that specializes exclusively in the sale of multifamily properties.

GFI Capital Resources Inc. provides real estate, finance and insurance services to commercial and residential clients.

Waterton Residential is the management group of Waterton Associates, a multi-family management company with 15,000 apartments in 15 markets.

Harrison Township is located in southeast Michigan approximately 25 miles north east of Detroit.

Address: 38001 Clubhouse Lane, Harrison Township, Mich.

Size: 322,984 square feet

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Filed Under: Multi-Family

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