LR Management Buys Detroit-Area Community
The acquisition of the 62-unit asset in Farmington Hills, Mich., was subject to a $3.5 million Fannie Mae loan from Greystone.
LR Management has purchased Urbane Livonia, a 62-unit community near Detroit, from Winston-Traitel Realty, according to Yardi Matrix. The buyer financed the acquisition via a 12-year, $3.5 million Fannie Mae loan from Greystone Servicing Corp.
Built in 1981, the community—now rebranded as Farmington View—has four buildings at 34740 W. 8 Mile Road in Farmington Hills, Mich. The pet-friendly property comprises 40 one-bedroom and 22 two-bedroom units equipped with upgraded cabinets, faux wood flooring and patios or balconies. All of the apartments were occupied as of August, per data from Yardi Matrix. Monthly rental rates averaged $839, far below the roughly $1,000 metro average in September.
The community is close to several parks and entertainment venues, with a wide range of shopping and dining options within 3 miles. Interstate 275 is 2 miles to the west, and downtown Detroit is less than 20 miles away.
According to the latest Yardi Matrix multifamily report, rents in metro Detroit increased by 3.6 percent year-over-year through July, slightly higher than the national average. The lifestyle segment recovered from the negative values recorded in the summer of 2018, with growth surpassing 4 percent.