Michigan Sees Largest Apartment Sale In 15 Years
- Jul 22, 2015
Troy, Mich.—A 156-building, 2,226-unit asset that was the largest market-rate community in the country when it opened in in 1969 has traded hands. While terms of the deal were not released by brokerage shop IPA, Crain’s Detroit is reporting that New Jersey’s The Solomon Organization picked up the massive Somerset Park Apartments from Michigan’s Frankel family for more than $200 million.
IPA executive directors Steve Witten and Victor Nolletti, as well as Marcus & Millichap senior vice president investments Paul Davis and Andrew Daitch and vice president investments Peter Wenzler, worked to represent the seller and secure the buyer.
The Solomon Organization, which owns more than 10,000 units, has plans to renovate the property in order to make it appealing to lifestyle renters. Located at 1911 Golfview Drive., Somerset Park is located amongst a private nine-hole golf course and a 16-acre park. Addition amenities include five swimming pools, eight tennis courts, a fitness center, sand volleyball court, full-sized softball field and cross country skiing trails