Detroit-Area Portfolio Sells for $20M
Coseo Properties offloaded the two communities, totaling 326 units, five years after acquiring them from the Slatkin Corp. for approximately $11.6 million.
Coseo Properties has sold two Detroit-area garden-style communities to ID Real Estate for $20 million. The buyer financed the purchase with an 18-month, $15.8 million acquisition and development loan held by SunTrust Bank, according to Yardi Matrix. The new owner plans to invest in updates to the portfolio’s 326 units.
The seller had picked up the two assets in July 2013 from the Slatkin Corp. for $11.6 million.
The first community, the 208-unit Country Squire, is located at 24126 Country Squire Blvd. in Clinton Township, Mich. The second asset, the 118-unit Weathervane, extends east from the first property at 24505 Weathervane Blvd. The nearby Interstate 94 provides access to downtown Detroit, 22 miles south.
The portfolio contains a mix of one- and two-bedroom units, with floorplans ranging from 850 to 1,050 square feet. Community amenities include swimming pools, tennis courts, a fitness center and laundry facilities. The two assets had a weighted occupancy of 90.8 percent in September, per Yardi Matrix data.
Earlier in October, SunTrust Bank provided nearly $35 million in financing to develop a 301-unit community in Jacksonville, Fla.
Images courtesy of Yardi Matrix
