A venture led by Sterling American Property Inc. has purchased the Hunt Club, a 440-unit apartment property in Ypsilanti, MI.
The venture, with Timberland Partners of Minneapolis, is said to have paid more that $20 million for the property, which sits at 4685 Hunt Club Drive, on Michigan Avenue, just outside of downtown Ann Arbor, Mich. The property was purchased from Apartment Investment and Management Co. of Denver, which was represented by CB Richard Ellis.
The garden-style property was constructed in 1988 and includes an outdoor swimming pool, sun deck, business center, clubhouse, racquetball, volleyball and tennis courts, a fitness center and a picnic area.
Sterling, which acquired the property through its Sterling American Property V fund, said it has committed another $3 million for improvements, which would include renovations to the business center, pool, clubhouse and fitness center. It said it will change the property’s name to Hamptons of Cloverlane. The company also owns the Pines of Cloverlane, which as 582 units and sits next door.
Timberland will manage the property. It had teamed with Sterling on its acquisition of the Pines of Cloverlane and one other property, Heritage hills in Mission, Kan., which it purchased two years ago.