This is the first foray by Madison Apartment Group L.P. into the Detroit area and is consistent with the company's plan to expand into new markets around the country, said company officials. The community is located about four miles from downtown Farmington and Southfield, which is Detroit's largest office market.
"Several factors attracted us to this property, including the limited opportunity for new construction in the area, the close proximity to employment centers and the strong demographics," said Joseph Mullen, president of the company. "We believe this is a solid, long-term investment and we plan to spend approximately $700,000 on renovations and upgrades to the property."
Madison Apartment Group L.P. has a portfolio of over 13,000 units in 53 apartment complexes primarily located on the East Coast.
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