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| Somerset Park Apartments, Troy, MI |
TROY, MI – Institutional
Property Advisors (IPA), a division of Marcus & Millichap specializing in
serving institutional and major private real estate investors, is pleased to
announce the sale of Somerset Park
Apartments, a 2,226-unit garden-style apartment community in Troy, Mich.
The terms of the sale were
not released. The transaction is the largest single-complex multifamily sale in
Michigan this century.
IPA executive directors Steve Witten and Victor Nolletti of IPA Northeast and Florida, and Detroit-based
Marcus & Millichap senior vice presidents investments Paul Davis and Andrew Daitch,
and vice president investments Peter
Wenzler represented the seller and procured the buyer.
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| Steve Witten |
“Completed in 1969 as the largest
market-rate garden-style apartment community in the country, Somerset Park
Apartments was offered for sale for the first time by the original developer,”
says Witten.
“The new owner plans to plans to renovate the
property to make it even more appealing to lifestyle renters seeking high-end
apartments with extraordinary on-site amenities.”
“The property is in an excellent
position to benefit from the ongoing economic recovery in the Detroit
metropolitan area,” adds Davis.
The apartment complex is located at
1911 Golfview Drive in Troy adjacent to Somerset Collection, a 1,440,000-square-foot
super-regional mall with more than 180 specialty stores.
Major employers in the
area include Bank of America, Delphi Corp., Kelly Services, ThyssenKrupp USA,
The Kresge Foundation, J. D. Power and Associates, Ziebart, Ameritech
Publishing, Beaumont Health System, LaSalle Bank, Flagstar Bank, Altair
Engineering and Behr America Inc.
For a
complete copy of the company’s news release, please contact:
Gina Relva, Public
Relations Manager
(925) 953-1716
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