Image Capital Bags Riverfront Towers in Motor City
- Jun 27, 2016
Detroit—Image Capital LLC expanded its predominantly commercial real estate portfolio with two of the three iconic Riverfront Towers in Motor City for $79.5 million. Berkadia’s Rick Vidrio, managing director, and Rick Brace, senior director of the Southfield, Michigan office, brokered the deal.
The New York-based real estate investor paid roughly $143,000 per unit and secured the luxury high-rise apartment community in Detroit despite high competition. “Interest was through the roof for these high-rise luxury apartments, which have housed a number of high-profile residents. There were 21 offers to purchase the towers, which speaks to the robust demand for quality apartments in the downtown area,” Rick Vidrio said in a prepared statement.
Image Capital acquired Tower 100, a 26-story structure built in 1992, and 29-story Tower 200, completed in 1983, from Riverfront Tower Holding LLC. The buildings feature one- and two-bedroom floorplans and four penthouses. Common amenities include a fitness center, business center, clubhouse, sports courts, swimming pool, spa and views of the Detroit River. The properties boast 6,500 square feet of retail space.
According to the Yardi Matrix residential report, the occupancy rate for the property is 98 percent, while the average monthly rent is more than $1,626, showing an increase of almost 12 percent from 2015. “At the time of sale, the property boasted strong stabilized occupancy and rent levels, which created the opportunity for the buyers to invest in new and exciting improvements to both the individual apartments, as well as the common area amenities. These improvements will take Riverfront Towers to the next level and further prove the exciting resurgence of downtown Detroit,” Rick Brace said.
Riverfront Towers is conveniently positioned in a downtown location, offering easy access to many of the city’s attractions, including Joe Louis Arena, Cobo Center, Hart Plaza, Fox Theatre, Comerica Park, the Detroit “Riverwalk” and Ford Field.
Image courtesy of Yardi Matrix