DETROIT-Two metro area multifamily rental complexes are on the market for a combined asking price of $46 million. The Country Ridge and Burwick Farms properties have a 7.29% capitalization rate, and can be purchased individually or as a package.

The bid deadline for the the Country Ridge in Farmington Hills and Burwick Farms in Howell is Aug. 20, according to Jonathan Dwoskin, an investment specialist in Marcus & Millichap’s local office. Dwoskin, along with Marcus & Millichap agents Peter Katz and Steven Weinstock, are marketing the properties.

Country Ridge Apartments is a 252-unit garden-style property located at 30545 Crest Forest. It is listed individually for $23.5 million. The community was constructed in 1986 and includes 278,060 sf on approximately 22 acres. The property has 80 one-bedroom and 172 two-bedroom apartments, ranging in size from 917 sf to 1,195 sf. Occupancy is 93%.

Burwick Farms is a 264-unit, well-maintained property located at 525 W. Highland Rd. It is listed individually for $22.5 million. The community was constructed in 1991 and includes 274,540 rentable sf on approximately 30 acres. The unit mix is comprised of 80 one-bedroom and 172 two-bedroom apartments, ranging in size from 910 sf to 1,125 sf. Occupancy is 94%.

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