Detroit-Area Asset Changes Hands
The 129-unit Kings Gate in Sterling Heights traded with the help of a $7 million loan. The property is close to several shopping centers and educational institutions.
Kings Gate
Burton Carol Management has purchased Kings Gate, a 129-unit multifamily asset located in Sterling Heights, 30 miles north of downtown Detroit. Monarch Investment and Management Group sold the property in a transaction which, according to Yardi Matrix data, involved a $7 million loan originated by Dollar Bank. The previous owner had acquired the asset in 2014, as part of a portfolio deal.
Located at 44090 Kings Gate Drive, the 16-building property is within a 5-minute drive of Riverland Shopping Center, and both Lakeside Mall and The Mall at Partridge Creek are within a 4 mile radius. Nearby demand drivers include Ford Van Dyke Transmission Plant, Macomb Community College and Oakland University.
The property was completed in 1973, with its one- and two-bedroom floorplans averaging 885 square feet. Common-area amenities include a swimming pool, a business center, a playground, 13 laundry facilities and covered parking.
Recently, Monarch Investment and Management Group acquired The Gates of Rochester, a 413-unit community in Rochester, Minn.
Image courtesy of Yardi Matrix
