2/14/2008

584 units in Detroit trade hands for $16M

by

Lafayette Towers

New York City-based The Northern Group, Inc. has acquired the Lafayette Towers apartment community in Detroit, Mich., for $16 million from Chicago, Ill.-based Lafayette Towers, LP.

Mark Rohr and Eric Taylor of Hendricks & Partners' Detroit office brokered the deal on behalf of the buyer and the seller.

Designed by renowned architect Ludwig Mies van der Rohe, the Lafayette Towers contain 584 units on nine acres. Located at 1301-1321 Orleans St., the complex is comprised of two 22-story towers within the 78-acre Lafayette Park. It was 95 percent leased at the time of sale.

Rohr and Taylor received nine offers on the property and closed the deal within 35 days of placing it on the market. The two recently brokered the sale of the 92-unit Horizon Square Apartments in Cleveland, Tenn.

The Northern Group is a private investment firm that transforms urban areas by acquiring and redeveloping obsolete buildings in those areas. The firm has garnered recent acclaim for the development of office buildings in downtown Detroit.

Address: 1301-1321 Orleans St., Detroit, Mich.

Size: 584 units

Built: 1963

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Filed Under: Multi-Family

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