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Detroit Apartments Sell for $29M

DETROIT-A Detroit apartment complex known as River Tower is sold in a $29 million deal brokered by Marcus & Millichap.

By Dan Heaton | Updated on February 19, 2004

DETROIT-The 472-unit River Tower apartment complex in Detroit has changed hands in a $29 million deal. The 33-year-old property at 7800 E. Jefferson has been purchased by Southfield-based River Towers LDHA, LP, according to Marcus & Millichap Real Estate Investment Brokerage Company, which brokered the deal. River Towers, LLP, with the Slavik Company of Detroit serving as the managing partner, had owned the property since the early 1970s.

Paul Davis and Steven D. Weinstock, investment specialists at Marcus & Millichap who handled the deal, says the complex will undergo extensive rehabilitation and refurbishment, bringing the total cost of the sale to approximately $29 million. Davis and Weinstock said the project was made possible by private equity as well as public funds including: City of Detroit HOME loan funds, Michigan State Housing Development Authority Tax Exempt Bonds, Low Income Housing Tax Credits purchased by the Great Lakes Capital Fund, partial project-based Section 8 Rent Subsidies, Section 236 IRP decoupling and an FHA 221 (d)(4) insured loan.

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