Beztak Properties has opened Town Court, a 192-unit luxury community in the Detroit suburb of West Bloomfield. The company worked with Grand/Sakwa Properties to deliver the property.
Designed to meet LEED standards, Town Court is a three-story building occupying 6.5 acres at 7110 Orchard Lake Road. The community offers a one- to three-bedroom floorplan mix, with units ranging from 760 to 1,380 square feet.
Apartments offer high-tech controls for door locks, lights and temperature, stainless steel appliances, as well as washers and dryers. Community amenities include a gym, a clubhouse, a rooftop swimming pool, a library lounge, bike storage and some 300 parking spaces.
Town Court is roughly 24 miles northwest of Detroit. The community is the first delivered as part of the upcoming Downtown District, a project aiming to bring higher density and walkability in an area of primarily single-family homes. Dining and shopping opportunities are close along Orchard Lake Road.
Nationwide, properties in the Lifestyle category continue to outperform the working-class Renter-by-Necessity segment. Upscale properties recorded 9.5 percent rent growth year-over-year as of July, 1.5 percent higher than the RBN category, according to a recent Yardi Matrix report.
This trend is relatively new: For the better part of the past cycle, working-class rents grew at a faster rate across much of the U.S. The health crisis that debuted last year caused several shifts in the multifamily market, including a boost in upscale rents. This can be explained, at least in part, by demographic shifts toward suburbs and secondary and tertiary markets, mostly sustained by Lifestyle renters in work-from-home arrangements coming from more expensive markets or submarkets.