Hendricks & Partners Helps Bank of America Sell Michigan REO Portfolio
- Jul 02, 2010
Detroit–Hendricks & Partners facilitated the sale of the Greenfield Portfolio, located in Detroit. The 151-unit REO apartment portfolio was sold for an undisclosed price.
The seller was Bank of America, N.A. The buyer was DP Precise LLC, a Michigan limited liability company of Denver. The transaction was negotiated by Mark Rohr and Eric Taylor of the Michigan office of Hendricks & Partners on behalf of the seller.
The Greenfield Portfolio consists of three garden-style apartment properties, all built in 1963: Westfield Apartments, Greenview Apartments, and Harvard House Apartments.
Westfield contains 56 units, including 48 one-bedroom and eight two-bedroom units. Greenview has 33 one-bedroom apartments, while Harvard House features 62 apartments, with one studio, 56 one-bedroom units, and five two-bedroom units.
Located along Greenfield Road in Detroit, the three properties are within 12 miles of the city’s Central Business District. Moreover, the nearby Southfield and Lodge (M10) expressways provide convenient access to both downtown Detroit and the northern suburbs. The area immediately surrounding the Greenfield Portfolio consists primarily of retail, dining, and multifamily developments, along with single-family housing.