Detroit Multifamily Sparking National Interest

Carlton Apartments, a 144-unit garden-style multifamily property in Lafayette Park, an area just north of the now-vibrant downtown.

DETROIT—The CBD of this city, along with the surrounding neighborhoods, is now on the radar screen of investors looking for healthy multifamily properties. More than 195 groups registered to review Carlton Apartments, a 144-unit garden-style multifamily property in Lafayette Park, an area just north of the now-vibrant downtown. when it went on the market, Cary Belovicz, executive managing director of Greystone Bel, tells GlobeSt.com. And 25 offers were made by local, national, and international investors before FL-based Andover Real Estate Partners and MI-based The M-Group purchased the property.

An investment sales team from Greystone, led by Belovicz, represented the seller, with acquisition financing also provided by Greystone. And what generated this level was interest is easy to see, he says.