A Chicago-based property management firm sees a long-term opportunity in the Grand Rapids market following a pair of apartment building acquisitions over the past six months totaling more than $17 million in investment.
CIG Management LLC recently acquired Bradford Station for $4.65 million from Bazzani Building Co.as MiBiz reported this week. The mixed-use, carbon-neutral development sits just north of Medical Mile and was sold just over a year after construction of the 16,500 square foot building was completed.
CIG also purchased the Gallery Apartments in downtown Grand Rapids at 10 Commerce Ave. SW for $12.6 million on December 31, 2021 from CWD Real Estate Investmentdoing business as Two West Fulton II LLC, according to property records.
CIG Management President Jay Johnson — a veteran Chicago property developer and manager — is considering acquiring more properties in the Grand Rapids market.
“We like what’s happening from an economic perspective (in Grand Rapids), and think that’s a good long-term position in this metro area,” Johnson said. MiBiz.
CIG Management has found a niche in smaller infill properties, Johnson added.
Bradford Station, which Bazzani says is the city’s first carbon-neutral project, features 23 apartments and the ground-floor Tashi’s Place cafe in the city’s Belknap Lookout area, just north of Medical Mile. .
“It’s in an area that I think is changing, it’s close to the medical district, which will provide some long-term stability,” Johnson said.
Gallery apartments comprise dozens of units located above the former Urban Institute of Contemporary Art gallery in downtown Grand Rapids.
CIG, the property management division of Cornerstone Investment Group Inc., which Johnson founded in 1993, also has a presence in Kalamazoo, where it owns Mansard House Apartments just west of the Western Michigan University campus. The company’s management portfolio includes approximately 250 accommodations.
Johnson said the company will continue to seek investment in Grand Rapids.
“I really like the Grand Rapids market and I think there’s a lot of opportunity there,” Johnson said.