GRAND RAPIDS — Multi-family real estate investment and management company Trillium Investments LLC recently purchased 62 student accommodations from Calvin Theological Seminary for $5.6 million.
Trillium Investments, based in Grand Rapids, doing business as Owner of Neighborhood Trillium LLC, closed on acquiring 11 parcels on Dec. 1, according to property records. The 62 units are spread over several multi-family buildings on Englewood Avenue and Batchawana Street, just south of 28th Street and west of Breton Road.
The units will be gradually converted from student accommodation to units at market rates, said Dan Meyering, CEO and director of Trillium Investments.
“The location of the property makes sense for the market rate, and it fits our criteria and our model for investing in homes that may be outdated and in need of updates,” Meyering said. MiBiz. “We are always on the lookout for new offers.”
Calvin Seminary will lease some of the units, which are located off the seminary campus, from Trillium Investments before they are converted to market-priced apartments over the next few years, Meyering said. Some of the buildings were constructed in the late 1970s and mid-1980s.
Trillium Investments plans to invest about $8,000 in each unit to update and add amenities for future tenants, Meyering said.
A Calvin Seminary official could not be reached for comment on Tuesday.
Trillium Neighborhood Owner LLC recently raised $2.6 million from 36 investors to fund the upgrades, according to a U.S. Securities and Exchange Commission filing.
“We increase equity on a case-by-case basis, to add value to units of equipment commonly found in market rate units,” Meyering said.