Chicago's
Revolution Investment Partners LLC has completed Phase 1 of converting a former Heritage Hill apartment building in Grand Rapids into
Avenue 23 Condominiums.
The two-story building at 23 College SE offers 20 condos of 550 square feet each. Each features one bedroom, one bath and either a private balcony or a private patio.
"Our plan is to convert the apartments to condos as people buy them," says Michael Leestma, one of Revolution's three partners.
To date, eight units are completed and occupied. Buyers of the remaining 12 units, of which two are models, will choose their colors and finishes; Revolution will complete the buildout.
Of the two models, one features standard finishes and the other showcases the upgrade options, such as stainless steel appliances and granite countertops.
"We tried to make the standard model very affordable for someone to live in a downtown area condo, but not have to break the bank," Leestma says.
Prices start at $70,000. The most expensive unit runs just over $100,000 after factoring in all the upgrades including washer and dryer hookups.
Revolution's target market is the first time homebuyer who wants to live within walking distance of downtown's nightlife and entertainment or close to downtown jobs and colleges.
"So far, the buyers are primarily young professionals," Leestma says. "Some of them have developed a vegetable garden in the back yard."
Leestma grew up in Alger Heights. Business partner, Michelle Mulder, is also from the Grand Rapids area. Both reside in Chicago now, but return to often to visit family.
"We saw the potential [for development] and kind of got our foot in the water," Leestma says. "This was designed to be the first of many projects in the area. We have a couple of other projects in mind, but nothing started yet."
Source: Michael Leestma, Revolution Investment Partners LLC;
Steve Volkers, Keller Williams Realty
Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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