(Read more on the multifamily market.)

DETROIT-RAM Development, headed by managing partner and local developer Peter Cummings, has sold the two apartment towers to New Jersey-based Empirian for about $50 million. The Riverfront 100 and 200 buildings, with about 588 rental units total, had been on the market to several interested buyers since February.

Cummings tells GlobeSt.com that RAM, which is based in Palm Beach Gardens, FL, is selling off its holdings to limit the company to primarily the Southern region. The company owns various retail and residential properties in Florida, as well as two other properties in Detroit, Orchestra Place and the Ellington, and the Villages at Old Farm in Houston. “We felt the time was right to sell the Riverfront Towers, in response to the many inquiries we received,” Cummings says.

He says the company has put $15 million into the property, in amenities and to convert 280 apartment units in Tower 300 to condominiums. “We’ve closed on 220 of the units in that tower, and have brought the property up to excellent condition,” Cummings says. His company will still hold Tower 300.

Mark Rohr, a partner with the local office of Hendricks & Partners, brokered the deal, with help from senior investment advisor Eric Taylor. Rohr tells GlobeSt.com that based on the Detroit real estate market, this is a major buy. “Michigan’s economy is at the bottom of the barrel right now,” Rohr says. “People looked at just the bricks and mortar for this deal; it has an enormous amenity package, with a fitness center, restaurant, boat marina and even inside access to the People Mover. Most people also felt that there’s not going to be much competition of new multifamily development here in the city for awhile.”

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