(Natalie Keith is a contributing writer to GlobeSt.com.)

CHESTERFIELD, MI-The 192-unit Oakview Square Apartments complex has been put on the market for $10.25 million, or approximately $53,385 per unit. The 162,432-sf complex located at 50440 Oakview Dr. was constructed in 1992 and consists of 16 two-story rental buildings with 20 one-bedroom units and 172 two-bedroom units. Amenities include a pool and clubhouse and carports for 40 vehicles. One-bedroom units rent for $585 and two-bedrooms for $620.

Marcus & Millichap Real Estate Investment Brokerage Co. director Steven Weinstock and senior investment associate John Godwin are representing the seller in the transaction, a Southfield-based developer, which was not identified.

Weinstock tells GlobeSt.com that the property may be desirable because Chesterfield, located about 20 miles from Downtown Detroit, is one of the fastest growing areas in metropolitan Detroit. With its population is expected to grow 12.78% during the next five years, "the right type of property in the right location offers an opportunity for condo conversion," he says.

Marcus & Millichap estimates that a condo conversion could be accomplished at approximately $62 per sf. Even with the cost of conversion, a developer could offer residents the potential to buy, rather than rent, units for about the same cost. He adds that the property is in good condition and the design of the property makes it attractive for conversion because units are accessed through private entryways rather than a common hallway.