NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments, a 776-unit asset in New Baltimore, about 40 miles north of Detroit. According to Apartments.com, the property features amenities such as a pool, fitness center, laundry facilities, playground, clubhouse, business center and conference rooms. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.
ANN ARBOR, MICH. — The Annex Group plans to build Union at A2, an $82 million affordable housing community in Ann Arbor. The 250-unit development will offer one-, two- and three-bedroom floor plans. Union at A2 will be available to residents earning at or below 70 percent of the area median income. Planned amenities include a community center, bike storage, fitness center, outdoor picnic area and playground. Partners on the project include BKV Group, Midwestern Consulting and the City of Ann Arbor. Michigan State Housing Development Authority provided $35 million …
RIVERVIEW, MICH. — Friedman Real Estate has brokered the sale of Huntington House Apartments, a 129-unit complex located at 17400 Fort Street in the southern Detroit suburb of Riverview. The property traded hands for $10.5 million. Peter Jankowski and Rich Deptula of Friedman Real Estate represented the undisclosed seller in the deal. The buyer was also not disclosed.
TRAVERSE CITY, MICH. — Greystone has provided a $28.2 million HUD-insured 221(d)(4) loan for the construction of Corners Crossing, a 192-unit project in Traverse City. Brian Jones of Greystone originated the financing on behalf of JHT Wallick Holdings LLC. Wallick Communities and Homestretch Nonprofit Housing Corp. are co-developing Corners Crossing. The $45 million development will offer 96 one-bedroom, 78 two-bedroom and 18 three-bedroom units. The community will consist of eight buildings. Amenities will include a clubhouse, fitness center, office, computer center, patio, playground and dog park. Corners Crossing will be geared …
DETROIT — The Community Builders has broken ground on the first phase of Preserve on Ash, a mixed-income housing development that will comprise 600 new and preserved units of affordable housing in the Greater Corktown neighborhood of Detroit. Phase I will comprise five buildings housing 69 apartment units and more than 5,800 square feet of retail space. Of the total unit count, 48 will be reserved for households earning up to 60 percent of the area median income. Phases II and III of Preserve on Ash are expected to begin …
DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has negotiated an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the building comprises 221 units across 21 stories. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.
HOLLAND, MICH. — Magnus Capital Partners has begun development on HōM Flats at 24 East, a $60 million workforce housing project in Holland, 28.7 miles west of Grand Rapids, Michigan. Once completed, the complex will comprise 202 apartments across eight acres. HōM Flats at 24 East will offer one-, two- and three-bedroom units with full-size washers and dryers and secured key fob access. The property will also feature 13,000 square feet of retail space, including an on-site childcare center and suites for locally owned businesses. Planned amenities include pickleball courts, a …
WYOMING, MICH. — Thompson Thrift has opened The BLVD at Wilson Crossings, a 344-unit asset in the Grand Rapids suburb of Wyoming. The property offers townhome-style units that come in one- to four-bedroom floor plans. Select units feature attached garages and private yards. Amenities include a clubhouse, fitness center, pickleball courts, game lawn with fire pit, pool and dog park. The first residents began moving in during the winter of 2023. The community is 45 percent leased. Thompson Thrift expects construction to conclude this fall.
TRAVERSE CITY, MICH. — Woda Cooper Cos. has opened Annika Place, a $14.7 million affordable housing project located at 947 S. Garfield in Traverse City. Annika Place offers 53 units, including 29 one-bedroom and 24 two-bedroom residences. The property is available to households earning between 30 and 80 percent of the area median income. Monthly rates range from $377 to $1,125 depending on the income restriction and size of the unit. The Traverse City Housing Commission will provide rental assistance for eight units, which will be occupied by formerly homeless …
The multifamily market in Detroit, characterized by its mature and stable nature, boasts robust operating fundamentals, making it an attractive investment destination. While markets across the country are facing swells of new apartment deliveries resulting in oversupply, Detroit is forecast to easily absorb all new units that come online in 2024. In fact, 4,896 units are expected to be absorbed in 2024 while only 4,072 new units will be delivered — illustrating the strong, stable demand across the metro area. The positive outlook for rent growth is another encouraging sign. …
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