Someone Paid $17 Million for a Rental Community North of Detroit
- Sep 16, 2015
The privately-owned Country Corner Apartments in Southfield, Mich., recently changed hands in a transaction brokered by Marcus & Millichap. The 211-unit community was sold for $17.08 million, or almost $80,970 per unit.
Simon Jonna and Ryan Cockerill of Marcus & Millichap’s Detroit office represented the seller in the transaction. The unnamed buyer was secured by Earl Elliott, Christ Futo and Gordon Navarre, all also in the firm’s Detroit office.
“Multifamily assets at lower entry costs and higher yields than many other major markets are bringing a wide variety of investors from around the world to the Detroit metro area,” said Simon Jonna. “As competition for listed properties proliferates, assets are receiving multiple offers and driving valuations higher.”
Located at 30300 Southfield Road, and easily accessed from I-696, I-75 and Woodward Avenue, the Country Corner Apartments was completed in 1966. Prior to this sale, the asset was owned by private investor Eugene P. Rose of West Bloomfield, Mich. According to Yardi Matrix, Rose purchased the property in June 2002 with the help of an $8 million loan funded by Fannie Mae. The 30-year loan bears interest at a rate of 7.45 percent per year, and is due in July 2032.
The 281,000-square-foot multifamily community includes a combination of one- to three-bedroom apartments ranging in size from 1,100 square feet to 1,800 square feet. Yardi Matrix data shows that monthly rents at this property fall between $890 for a one-bedroom unit and $1,545 for a three-bedroom apartment. Piper Management Group’s Ryan Bessert is currently listed as the manager of the property.
Image via Yardi Matrix