Detroit-Area Asset Changes Hands
The 36-building property dates back to 2003.
Four Corners Development Group has acquired Stafford Place at Brownstown, a 180-unit multifamily community in Brownstown, Mich., near Detroit, for $25.7 million. The asset was last owned by Burton-Katzman, according to Yardi Matrix data. Friedman Real Estate brokered the deal on behalf of both parties.
In 2013 the property became subject to a $10 million 10-year loan, provided by Deutsche Bank and originated by Citibank, the same source shows.
Completed in 2003, the asset encompasses 36 two- and three-story buildings which comprise one-, two- and three-bedroom floorplans ranging from 775 to 1,280 square feet. All apartments feature vaulted ceilings and in-unit washers and dryers. Common-area amenities include a fitness center, clubhouse and swimming pool, along with 321 parking spaces.
Located at 21901 Stratford Place Blvd, the community is just off Interstate 75 and roughly 18 miles from Detroit. It is also some 10 miles from the Detroit Metropolitan Wayne County Airport and 19 miles from the Willow Run Airport. Southland Center shopping center is less than 4 miles from the property.
Detroit investment market slows
Friedman Real Estate Senior Vice President Peter Jankowski and National Director Rich Deptula facilitated the transaction representing both the seller and the buyer.
In the first six months of 2023 only two properties of more than 50 units traded in Detroit, for a total of $8.3 million, a far cry from the investment activity registered in 2022, which ended up totaling $1.1 billion throughout the whole year, a recent Yardi Matrix report shows. Year-over-year through June, rents in the metro were up 2.8 percent—100 basis points above the national rent growth—while rents reached an average of $1,248.