Detroit
Detroit Multifamily Report – Summer 2019
The leisure and hospitality sector leads gains, mainly due to an increasing number of visitors as well as new hotel projects coming online.
The Habitat Co. Bolsters Condominium Division
David Barnhart, the newly appointed vice president, will work alongside Shruti Kumar, appointed as regional manager, in overseeing the company’s portfolio in Chicago, Detroit and Tampa.
Madison Marquette, GFH Financial Group Buy 6-Building Senior Housing Portfolio
The joint venture purchased properties located in California, Washington and Michigan totaling 509 units.
Michigan Awards LIHTC for 536 Affordable Units
The state selected five projects in Detroit for the federal tax credits, which will support the construction of 235 new units and preserve the affordability of 318 existing units.
Time Equities Adds Community to Grand Rapids Skyline
The 16-story tower is the result of a joint effort between contractor Pioneer Construction, property manager KMG Prestige as well as architecture firm Ghafari Associates.
Trio of Midwest Communities Commands $100M
With this acquisition, The Habitat Co. enters the Minnesota market while expanding its multifamily portfolio in Michigan to more than 2,500 units.
Detroit-Area Community Scores $23M Refi
Berkadia secured a 15-year Fannie Mae loan for the 180-unit garden-style property located less than 5 miles from downtown Rochester.
Detroit Adds 54 Units for Low-Income Seniors
The development is part of Bedrock’s agreement with the City of Detroit to build and preserve 700 affordable housing units over the next several years.
Greystone Refinances MI Multifamily Asset
The $11.3 million Fannie Mae loan features a 10-year term and 30-year amortization period. The property is Ranches of Rosebrook in Ypsilanti.
Detroit Multifamily Report – Winter 2019
Demand is steady in Detroit, bolstered by household formation and job gains. Drawn by the metro’s low entry costs and attractive yields, investors are targeting assets with a value-add component.