CANTON, MI-The Dolben Co., based in Burlington, MA, has sold the 744-unit Crossings at Canton to CORE Real Estate Services LLC for $32 million. Dolben had owned the property for 18 years, and this was its only asset in the Midwest.
The Birmingham, MI-based new owner plans to spend about $2 million up front on a capital investment for the property, with upgrades to kitchens and bathrooms, as well as exterior renovations, says Eric Taylor with Hendrick's & Partners. Taylor and Mark Rohr were the brokers on the transaction.
Taylor says the building is 92% occupied, and that the cap rate for the transaction was 7.8%. The property was built in phases between 1967-72.
"The local apartment market is strong," Taylor tells GlobeSt.com. "Overall occupancies are hovering around 90%, and concessions aren't too prevalent, the average concession is about a month. There also isn't a lot of new product coming online."
The Crossings is a competitive complex as well, he says. Amenities include sunken living rooms, spiral staircases, an average 1,000 sf per unit, and a large Olympic-sized swimming pool and a nice clubhouse, Taylor says.
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