6/24/2008

Michigan apartments on the block for $2.75M

by Chad King
The University Place Apartments, an 89-unit apartment complex in Pontiac, Mich., has been placed on the market with an asking price of $2.75, or $30,899 per unit.

The offering is being handled by Jonathan Dwoskin of Marcus & Millichap's Detroit office.

The apartments are located at 17 University Place Dr. and are being offered for $32 per square foot with an 8.2 percent capitalization rate. Built in the late 1980s, the property contains 87,035 square feet and is comprised of 11 one-bedroom, 42 two-bedroom and 35 three-bedroom apartments.

Address: 17 University Place Dr., Pontiac, Mich.

Size: 89 units

Built: Late 1980s

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Filed Under: Multi-Family

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