Four Metro Area Apartment Complexes Sold

BLOOMFIELD HILLS, MI-Four apartment complexes around the metro Detroit area have changed hands in deals recently brokered by locally based Income Property Organization. Aggregate value of the transactions exceeds $7.5 million and involves more than 180 apartment units.

The transactions included:

• Mill Pond Manor Apartments, Brighton, MI–The 59-unit garden-style apartment complex at 614 N. Second St. was sold by a Lansing, MI-based real-estate partnership for $2.2 million. A private investor purchased the complex. Terms of the sale were cash to a new mortgage through Comerica Bank, says IPO’s Jason Gardner, who represented both parties in the transaction.

• Georgetown Manor Apartments in Warren, MI–State Park Home Building Co. of Warren sold the 80-unit garden-style complex for $3 million. The complex, located at 27239 Hoover Rd., was purchased by Real Estate Services Inc. of West Bloomfield, MI. Terms of the sale were cash to a new mortgage with Charter One Bank, says IPO’s managing member, Greg Coulter, who represented both parties in the sale.

• Canterbury Trio in Clawson, MI–The 25-unit complex was sold for just under $1.4 million by Real Estate Services to Canterbury Apartments LLC of Northville, MI. Terms of the sale for the complex at 629 Maple Rd. were cash to a new mortgage through Charter One Bank, says Coulter, who brokered the sale and represented both parties.

• Park Place Apartments in Lincoln Park, MI–Ed Youmans, a private investor from Grosse Ile, MI, sold the 24-unit complex for just under $1.1 million to another private investor, who is based in Belleville, MI. The property is located at 1750 St. John St. Terms of the sale were cash to an assumption of the existing mortgage with Franklin Bank. Gardner represented the seller and IPO’s James Zwada represented the buyer.

IPO specializes in multi-family and commercial property sales.