Detroit
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.
CAPREIT Lands $77M Refi for Midwest Portfolio
The assets include The Kensington at Beverly Hills in Michigan, Valle Vista Armes Apartments in Indiana, Greenway Chase Apartments in Missouri and Pointe West Apartments in Iowa.
Detroit Keeps Its Composure
Multifamily investors continue to focus on suburban Class B and Class C assets, with acquisition yields hitting double digits.
Detroit-Area Communities Receive $47M Financing
Both Fannie Mae Green Rewards loans include a 10-year term and a low fixed rate. Greystone originated the refinancing on behalf of Singh Development Co.
Detroit Community Reopens Following $12M Renovation
The Hamilton Midtown, a 105-year-old historic building previously known as Milner Arms, underwent an extended renovation that lasted more than a year.
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.
SmartStop Affiliate Closes Equity Raising for Student Housing Portfolio
The Power 5 Conference Student Housing I DST comprises YOUnion @ Columbia, a 760-bed community, and YOUnion @ Ann Harbor, a 345-bed property.
Detroit-Area Community Lands $87M Refi
The new mortgage, held by PGIM Real Estate Finance, pays down a previous $70 million CMBS loan on the 667-unit property.
Andover Real Estate, M Group Acquire Detroit Community
Carlton Apartments has 144 units and is located in the Lafayette Park area of the city. Greystone provided the Fannie Mae Green Rewards financing for the acquisition.
Detroit’s Unique Development Scene
Jonathan Holtzman of City Club Apartments discusses what sets the metro apart from other Midwestern markets.