This is the first foray by Madison Apartment Group L.P. into theDetroit area and is consistent with the company's plan to expandinto new markets around the country, said company officials. Thecommunity is located about four miles from downtown Farmington andSouthfield, which is Detroit's largest office market.

"Several factors attracted us to this property, including thelimited opportunity for new construction in the area, the closeproximity to employment centers and the strong demographics," saidJoseph Mullen, president of the company. "We believe this is asolid, 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 13,000units in 53 apartment complexes primarily located on the EastCoast.

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