The Ypsilanti Courier
A Heritage Newspaper
Weekly Publication
Apartment Complex, requesting $500,000 from city, plans to sell
PUBLISHED: January 25, 2007
The owners of Peninsular Place, an apartment complex on LeForge Road in Ypsilanti, are currently negotiating a deal to sell the property.
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Hendricks & Partners, a Birmingham-based realty company, listed the apartment complex on the market last September, according to Kevin Larimer, a broker handing the deal. Larimer said there is currently a contract to sell the apartment complex.
“There is a company that is under contract,” Larimer said. “The deal is proceeding.”
Larimer said the contract includes two other student-oriented apartment complexes, near the University of Kentucky and the University of Toledo. The bid price of the sale was $112,340,000. Larimer would not comment on who is purchasing the property.
Rick Kirk, of Edwards Communities, an owner of Peninsular Place, said the listing price is not accurate.
Edwards Communities, a Columbus-based reality company, opened Peninsular Place in the fall of 2005. They converted the property from an old paper mill located on the Huron River, on LeForge Road.
Kirk said the contract to sell the property is not finalized yet. Although he did not disclose the company interested in purchasing the property, he said it was not affiliated with EMU.
Kirk said, “It is difficult to discuss this briefly.”
“This is a pending discussion that has gone on for many months, and is extremely complicated, which should preclude me from discussing it at this time,” Kirk said. “It is extremely premature to discuss something that has so many complications.”
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