Friedman Real Estate Facilitates Detroit Transaction
- Feb 08, 2019
Friedman Real Estate has brokered the sale of a 16-unit apartment building located in Detroit’s Corktown neighborhood. Senior Vice President Steven Silverman of the company’s investment advisory services, and James Tumey, vice president at Friedman urban and brokerage services, represented both the seller and the buyer in this transaction.
According to Crain’s Detroit Business, an entity tied to Canyon Park Capital has acquired the 8,800-square-foot asset built in 1927. Public records show that seller Altia Phoenix purchased the property in 2018 for a little under $1 million.
Located at 2072 Wabash St., the community is a couple of blocks from Michigan Central Station, which is planned to be transformed by new owner Ford Motor Co. into the centerpiece of a $740 million, 1.2 million-square-foot innovation hub. The asset is within walking distance of Michigan Ave., with several dining and entertainment establishments nearby.
Recent Detroit-area transactions include the sale of Kings Gate in Sterling Heights, a 129-unit community sold by Monarch Investment and Management Group to Burton Carol Management.
Image via Google Street View
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