GRAND RAPIDS, MICHIGAN, February 16, 2015: Cherry 547, LLC today announced the acquisition of 547 Cherry Street SE in Heritage Hill, better known as Oakwood Manor Apartments.
Rumored to have once housed legendary movie actor Spencer Tracy, the property was built in 1923 and is a designated historic building located in Heritage Hill. Oakwood Manor boasts 96 market-rate apartment units, including studios, one-bedrooms, and two- bedrooms. There is also 6,000 square foot of commercial space including a 3,000 square foot former restaurant space.
“We plan on making Oakwood Manor a more inviting and comfortable living experience for our residents. Expect to see changes in the landscaping, courtyard and entrance,” said Martin Green, owner of Midtown Equity Group, an investor in the project. “We are also looking forward to filling the commercial spaces with local businesses that will not only enhance the sense of community for our residents, but the surrounding neighborhood as well.”
“There is incredible potential to upgrade the building while honoring its vintage, historic feel,” said Brian Hamrick of Hamrick Investment Group, also one of the principal investors. “The units all have high ceilings, beautiful hardwood floors, and lots of sunlight.”
The property will be managed by Green Property Management based in downtown Grand Rapids. “We always like to promote living green and living local,” said Green. “Everything we will be doing is designed to improve the property, increase energy efficiency, and enhance the neighborhood.”