Detroit Asset Trades for Fraction of Previous Price
The previous owner defaulted on a Fannie Mae loan.
Princeton Management has acquired The Jefferson, a 410-unit community in Detroit, at a fraction of its previous sale price, according to Crain’s Detroit. The company purchased the asset at auction and plans to implement up to $5 million in upgrades.
Barbat Holdings had acquired the property in December 2017, Yardi Matrix data shows, financing the purchase with a $40.5 million loan from Marathon Asset Management. The company later secured a $35.9 million Fannie Mae loan from Berkadia in March 2020, but defaulted on it and the property entered foreclosure in May 2022.
Completed in 1965, the 30-story building is at 9000 E. Jefferson Ave., about 4 miles from downtown Detroit and less than 12 miles from Windsor International Airport. The 5-acre property is close to several dining options.
READ ALSO: The Reality of Multifamily Restructuring
The unit mix comprises one-, two-, three- and four-bedroom floorplans ranging from 800 to 3,100 square feet. Apartments also have private balconies or patios.
Common-area amenities include a swimming pool, tennis and pickleball court, laundry facilities and more than 410 parking spaces. Additionally, the building has a clubhouse and fitness center.
Detroit’s multifamily sales increase year-over-year
Detroit’s multifamily transaction volume amounted to $388.6 million in the first half of the year, according to Yardi Matrix data. This figure was 36.4 percent higher than the one registered during the same period in 2025, when sales totaled $284.8 million. The average price per unit also rose sharply year-over-year, from $112,385 to $143,484.
Despite the increase in volume, fewer assets changed hands. A total of 13 properties traded by midyear, compared with 16 during the same interval last year. One of the communities that sold since the beginning of 2026 was Zen City Center, a 286-unit property that Equity Research Partners acquired from Unicorp National Developments. The buyer took out a $43.8 million Fannie Mae loan.
