San Diego-based real estate investment company Coseo Properties Inc. has purchased three Michigan apartment communities, totaling 468 units, for $13.8 million.
The privately held company said the University Green Apartments portfolio, spanning more than 25 acres in Ypsilanti, Mich., was purchased from Erie Investments LLC. The units were 97 percent occupied at the time of sale.
Coseo plans to modernize the apartments, which were built between 1968 and 1974 and renovated in 2011. The deal marked Coseo’s 10th multifamily complex to close escrow in the past 20 months.
Started in 1983, Coseo Properties has acquired retail, industrial and other types of commercial and residential developments, and has also invested in land and foreclosed properties. It has recently been focused on investments in the Detroit metro area.
— SDBJ Staff Report