Village Green Acquires Detroit Luxury Apartments; Plans to Renovate
- Mar 28, 2013
Detroit—Village Green, a Detroit-based luxury apartment owner and operator, has acquired Millender Center Apartments, which includes 338 luxury units that the company plans to renovate and reposition.
Village Green, with private investors including Ann Arbor-based First Martin Corporation, purchased the building from Millender Center Associates Limited Partnership, with Wells Fargo providing the construction financing.
The community will be rebranded during the first year of renovation and repositioning to align with Village Green’s City brand.
“There’s this fundamental belief that nothing is happening in the Midwest. What’s clear to us is that young professionals want to be downtown,” Jon Holtzman, Village Green’s CEO, tells MHN. “Downtown Detroit, we believe, will again return to a place of importance like in the past, as demonstrated by the significant investment made recently by both private and public companies.”
The 338 one- and two-bedroom apartments will feature three different finish options, common area improvements and brand new resort-class amenities. It will also have a 24/7/365 concierge providing timesaving services.
According to Holtzman, when renovations are complete, Millender Center Apartments will feature a 33rd floor Sky Park with outdoor patio, indoor pool and spa, business center, conference room, professional fitness center and yoga studio.
“We’re going to do everything to make it a green building with new products and will bring in new technology,” Holtzman says.
The outdoor Sky Park will include a fireplace, gourmet kitchen, dog run, water feature, outdoor movie theater and multiple sunning and entertainment areas.
The apartment views overlooking the Detroit skyline, Belle Isle and the Detroit River, along with its location within Detroit’s Central Business District, allows residents to conveniently walk to work, restaurants, recreation and entertainment.
Holtzman was born and raised in Detroit and is the grandson of the man who started Joseph Holtzman Homes in 1919.
“Today’s Village Green continues to invest in the city where we began three generations ago,” he says. “With the purchase and repositioning of Millender Center Apartments, in the heart of Detroit’s Financial District, we will be increasing our investment in our core business of luxury city-branded apartments.”
Renovations are expected to be completed in the next 12-15 months.