By: Deborah Johnson Wood
Perched atop a hill on the east side of Grand Rapids, Hillmount condominiums’
rooftop deck sits just a little above the treetops, on the sixth-floor
roof where residents get a bird’s eye view of the city. The conversion
of the former 1950s-era apartment building at 505 Cherry SE into 101
condominiums began in 2006; to-date only 11 units are left.
CWD Real Estate Investment,
then operating as Second Story Properties, invested $11 million in the
purchase price and the addition of amenities including the rooftop deck
and a fitness center. Other improvements included a renovation of the
lobby and the addition of on-site covered parking.
“The way we did the project was a bit
different than some developments,” says Nick Koster, CWD’s vice
president of development. “As the leases ran out and people bought the
apartments, we converted them one at a time.
“As the medical industry begins to
attract people to Grand Rapids, those of us in the housing business are
just starting to sell to incoming MSU medical students,”
he adds. “Five of them purchased at Hillmount in 2008 because they knew
they’d live here three or four years and move on in their careers. They
feel confident they’ll be able to resell their condo because we won’t
have any more open condos by then.”
The remaining apartments are one- and
two-bedrooms, ranging in size from about 750 square feet to about 950
square feet. Prices run from $109,900 to $169,900, which includes a
floor plan and a base package with standard finishes. Upgrades,
including hardwood floors, are available.
Hillmount is in the Heritage Hill
neighborhood, a tree-lined historic area just a mile from the heart of
downtown. And that, Koster says, is much of the reason for the success
of the development.
“It’s urban, but it’s in a neighborhood
and has a lawn and shade trees,” Koster says. “There are people walking
their dogs. It’s a very desirable place to live.”
Source: Nick Koster, CWD Real Estate Investment
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Deborah Johnson Wood is development news editor for Rapid Growth Media. She can be contacted at [email protected].
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