RHP Properties heads to the lake, snags 1,028 units

Pontiac, Mich.-based RHP Properties has purchased Lake in the Woods Apartments, a 1,028-unit apartment complex in Ypsilanti Township, Mich., for $57 million. Chicago-based Equity Residential was the seller. Birmingham, Mich.-based Dietz Organization represented Equity.

Lake in the Woods was built in three phases, starting in 1969 and ending in 1974. It features 40 residential buildings, a clubhouse, a marina, a nine-hole golf course and 65 acres of vacant land. The property overlooks Ford Lake and has nearly one mile of waterfront.