(Read more on the multifamily market.)

DETROIT-The Habitat Co. says it is putting the 584-unit Lafayette Towers apartment complex up for sale. The two 22-story buildings, built in 1963, are being offered for $20.3 million.

Eric Taylor, senior investment advisor with Hendricks & Partners, says the company has owned the property since it was built. “They feel the partnership that’s owned the buildings has matured, it’s been in place for 45 years. There’s certain trusts involved, and in terms of capital raises and ongoing improvements, it just makes more sense to dispose of the property,” he said. Taylor and Mark Rohr are marketing the complex.

The buildings were designed by Ludwig Mies van der Rohe, and have been leased at an average of 90% occupied since they’ve been open, Taylor tells GlobeSt.com. “The buildings are now 95% occupied,” he says. “There’s a lot of draw from Wayne State University and various medical buildings nearby. The apartment market is doing pretty well, we’re not even offering concessions on this property.”

Amenities at the complex include a 24-hour gatehouse and door person, fitness centers in each tower, a heated outdoor swimming pool with sundeck, and covered parking. The month rents run from $512 for a studio to $1,507 for a three-bedroom, two-bath apartment. Total operating income for 2006 was $5 million, with expenses at $4 million.

Taylor and Rohr helped sell the RAM Development-owned Riverfront Towers in Downtown in July. That 588-unit property sold for $50 million.

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