Willowtree Towers is located at 1929 Plymouth Rd. The property is priced individually at $10.3 million with a 7.33% capitalization rate. Willowtree Towers was constructed in 1971 with 126,688 sf on approximately seven acres. The unit mix includes 43 one-bedroom and 120 two-bedroom apartments, which range in size from 588 sf to 845 sf. Occupancy is 95%.
Willowtree Apartments is located at 1819 Willowtree Lane. The property is priced individually at $23.2 million with a 7.67% capitalization rate. Willowtree Apartments was constructed in 1967 with 264,030 sf on approximately 18 acres. The unit mix includes 52 one-bedroom and 260 two-bedroom apartments, ranging in size from 575 to 901 sf. Occupancy is 95%.
The seller is a Texas-based private investor. Peter Katz in Marcus & Millichap's Phoenix office and Jonathan Dwoskin and Adam J. Orley, investment specialists in the firm's Detroit office, were named the listing agents.
"These properties provide the ideal opportunity for an investor to acquire attractively priced units with strong historic occupancy in an expanding market," Katz says. "With strong management, there is potential for significant cash-on-cash returns."
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