(Read more on the multifamily market.)
DETROIT-RAM Development, headed by managing partner and localdeveloper Peter Cummings, has sold the two apartment towers to NewJersey-based Empirian for about $50 million. The Riverfront 100 and200 buildings, with about 588 rental units total, had been on themarket to several interested buyers since February.
Cummings tells GlobeSt.com that RAM, which is based in PalmBeach Gardens, FL, is selling off its holdings to limit the companyto primarily the Southern region. The company owns various retailand residential properties in Florida, as well as two otherproperties in Detroit, Orchestra Place and the Ellington, and theVillages at Old Farm in Houston. "We felt the time was right tosell the Riverfront Towers, in response to the many inquiries wereceived," Cummings says.
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