Andover Real Estate, M Group Acquire Detroit Community

Carlton Apartments

A joint venture between Andover Real Estate Partners and the M Group have purchased Carlton Apartments, a 144-unit garden-style multifamily community in downtown Detroit. Greystone provided the acquisition financing consisting of a 10-year, 4.9 percent fixed-rate Fannie Mae Green Rewards conventional loan.

Located at 1387 East Larned St., Carlton Apartments is in the Lafayette Park area of Detroit. Dining, retail and entertainment venues are within walking distance, and the community is close to a wide range of employment, healthcare and educational centers.

Completed in 1971, the asset includes 34 studio, 40 one-bedroom and 70 two-bedroom units averaging 890 square feet. The units are spread across 13 buildings and the property has a total of 6.7 acres. Common-area amenities include controlled access, 12 laundry facilities and 167 parking spaces.

Greystone Bel’s investment sales team, led by Cary Belovicz, represented the seller in the transaction, and together with Managing Director John Marr of Greystone, they secured the acquisition loan.

Buyers Andover Real Estate Partners and the M Group recently purchased another 144-unit community in Ann Arbor, Mich., also financed with a Fannie Mae Green Rewards loan.

Image courtesy of Yardi Matrix