BROWNSTOWN, MICH. — Friedman Real Estate has negotiated the sale of a 180-unit community located at 21901 Stratford Place Blvd. in Brownstown, a southern suburb of Detroit. Four Corners Development Group acquired the asset from an undisclosed seller for $25.7 million. Friedman Real Estate’s Peter Jankowski and Rich Deptula represented both the buyer and seller in the deal.
DETROIT — Friedman Communities, a Friedman Real Estate company, has taken over managing services for a portfolio of more than 1,500 units within the city of Detroit, including several historic buildings. The portfolio is focused on neighborhoods such as Midtown, Southwest Detroit and the East Jefferson corridor. Friedman Communities plans to renovate units within the historic buildings with stainless steel appliances, quartz countertops, new cabinetry and tiled showers.
LANSING, MICH. — Eastham Capital and Bender Cos. have acquired Briarcliffe Apartments and Townhomes, a 308-unit community located in Lansing. Eastham Capital invested in the deal through its current fund, Eastham Capital Fund VI. Bender Cos. has co-invested and will oversee the day-to-day management. Briarcliffe was built in 1976. The property was 94.8 percent occupied at the time of sale. Amenities include an indoor/outdoor pool, fitness center, sauna, garden, playground, dog park, business center and bike share program. The community also borders the South Lansing Pathway, a paved hiking trail …
COLUMBUS, OHIO — Columbus-based Woda Cooper Cos. has secured $67 million in low-income housing tax credits (LIHTC) to support the financing for five affordable housing communities in the Southeast and Midwest U.S. The North Carolina Housing Finance Agency allocated $1.2 million to Pender Crossing, a 48-unit development to be built in Wilson, North Carolina. Pender Crossing will offer one-, two- and three-bedroom units across three buildings. TightLines Designs, headquartered in Raleigh, North Carolina, is the architect for the development. Woda Cooper is partnering with the Keweenaw Bay Indian Community to …
MERIDIAN TOWNSHIP, MICH. — Woda Cooper Cos. has opened Woodward Way Apartments, a 49-unit affordable community in Meridian Township, which is 10 miles east of Lansing, Michigan. Financing for the $13.9 million property was supported with federal Low-Income Housing Tax Credits allocated by MSHDA through its competitive Qualified Allocation Plan. Units at Woodward Way Apartments are available to households earning between 30 and 80 percent of the area’s median income. In addition, eight units have attached rental assistance through Project Based Vouchers awarded by the Lansing Housing Commission. There are five …
MARSHALL, MICH. — Friedman Real Estate has arranged the $4.1 million sale of Village Green in Marshall, a city in southern Michigan. According to Apartments.com, Village Green offers one- and two-bedroom units, as well as amenities such as internet access, a playground, patios and on-site parking. Friedman’s Peter Jankowski represented the undisclosed buyer in the transaction. The seller was also not disclosed.
The auto industry is pivoting from the mass production of internal combustion engine vehicles to electric vehicles (EVs), and the Motor City is at the forefront of this transformation. While it’s unclear how long it will take to complete the transition and at what cost, the expected job growth stemming from the billions of dollars flowing into EV investments in Michigan bodes well for metro Detroit’s economy and the multifamily market, say commercial real estate experts. In January 2022, General Motors unveiled plans to invest $6.5 billion and create up …
GRAND RAPIDS, MICH. — Thompson Thrift has sold The Grove, a 320-unit Class A community in Grand Rapids. A private real estate investment firm purchased the community for an undisclosed amount. Jason Krug with Berkadia brokered the sale for Thompson Thrift. Completed in August 2022, the 24-acre community offers a mix of one-, two- and three-bedroom layouts that average 1,200 square feet. Amenities include a resident social lounge, 24/7 fitness center, heated pool and spa, community grilling areas, pickleball courts, dog park and pet spa.
DETROIT — Bedrock has unveiled plans for the Development at Cadillac Square, a 1.5 million-square-foot mixed-use development in downtown Detroit. The Development at Cadillac Square project is the latest incarnation of a previously delayed plan, which was announced in 2016, according to The Detroit News. The development will be situated between Monroe and Randolph streets, adjacent to Campus Martius Park and Cadillac Square. Construction is expected to commence in 2024. Total costs for the project remain undisclosed, according to the Detroit Economic Growth Corp. The project will include 230,000 square …
DETROIT — Lument has closed on a $7.7 million Fannie Mae loan to facilitate the acquisition of Central Park Apartments, a 92-unit garden-style property located approximately a mile east of downtown Detroit. The sponsor is Greatwater Opportunity Capital. James Kelly led the transaction for Lument. The loan features a seven-year term, with 12 months of interest-only payments, a 30-year amortization and a low, fixed interest rate. In addition to funding the acquisition, the loan provides proceeds for improvements to common areas and amenities, parking repairs, and several unit renovations. The …
