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645 Metro Area Multifamily Units Change Hands

BLOOMFIELD HILLS, MI-Two deals for apartment complexes in Melvindale and Harper Woods total $8.75 million, while a Detroit deal involving 315 units is done at an undisclosed price. Income Property Organization brokers the deals.

By Robert Carr | Updated on March 21, 2002

BLOOMFIELD HILLS, MI-Income Property Organization has brokered sales of three multifamily complexes in Michigan, representing 645 apartment units. Greg Coulter, the company’s managing member, and Jason Gardner, the senior sales associate, brokered the deals.

In Melvindale, the 234-unit Gale Gardens Apartments, located at 30 Gale Blvd., was sold for $5.3 million by the estate of the original builder, Gale Gardens Apartments LLC. It was purchased by RHP Properties, a property owner and management company based in Farmington Hills. Terms of the sale were cash to assumption of the existing mortgage, with the sellers retaining partial ownership until prepayment of the underlying debt.

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