Saturday, July 25, 2015

2,226-Unit Multifamily Property Sale Arranged by IPA in Troy, MI


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.

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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