Multifamily investment firm buys multiple Calvin Seminary student housing buildings for $5.6M

GRAND RAPIDS — Multifamily investment and property management company Trillium Investments LLC We recently purchased 62 units of student housing. Calvin Seminary $5.6 million.

Grand Rapids-based Trillium Investments Trillium Neighborhood Owners LLC, closed on December 1 with the acquisition of 11 parcels, according to property records. The 62 residential units are spread across multiple housing complexes on Englewood Avenue and Bachwana Street just south of 28th Street and west of Bretton Road.

Dan Meyering, CEO and principal of Trillium Investments, said the units will gradually convert from student housing to market-priced units.

“The property location makes sense for the market price and fits our criteria and model for investing in homes that may be outdated and in need of updating,” Meyerling said. my biz“We are always looking for new deals.”

Calvin Theological Seminary will lease some units off the seminary campus from Trillium Investments in the next few years before converting them to market-priced apartment units, Meyering said. Some buildings were constructed from his late 1970s to his mid 1980s.

Trillium Investments will invest approximately $8,000 in each unit to update and add facilities for future tenants, Meyering said.

Calvin Theological Seminary officials were not available for comment on Tuesday.

Trillium Neighborhood Owner LLC recently completed a $2.6 million equity raising from 36 investors to finance the upgrade, according to filings with the U.S. Securities and Exchange Commission.

“We raise equity on each deal and add value to units of amenities that are commonly found in market-rate units,” Meyerling said.

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