CORE's most recent purchase was Parkside Lane Apartments, a 60-unit complex located in Milan. The Milan area surrounding Parkside Lane is growing at a tremendous rate, Selzer says. CORE also arranged itsown financing for the purchase. The non-recourse loan has a 10-year fixed rate note at 5.53%, amortized over 30 years.
"We're definitely in a buying mode right now," Selzer tells GlobeSt.com. "We're looking for properties that are not being utilized to their fullest potential."
. Selzer says after several years of relatively quiet activity in the apartment market, more properties are being listed. "The interest rates are still low, but some operations are struggling. It can be expensive to increase occupancy," he adds. "We do an interior and exterior upgrade of the property."
Other properties CORE has taken an interest in recently include:
* Pontrail Apartments, a 192-unit apartment complex located on Pontiac Trail between 10 and 11 Mile Road in South Lyon. CORE negotiated the sale of the property to a third party, but has also taken over management and is overseeing a complete renovation of the property. The renovation includes painting the exterior of all nine buildings and clubhouse, new carpet throughout the stairwells, renovating all laundries rooms along with addition vending machines and exercise equipment for residents.
* A 33-unit apartment complex located in Westland, along Wayne Road near Michigan Avenue. All 33 units are being completely renovated and brought up to above market standards. These improvements include ceramic tile throughout, updated bathrooms and kitchens, brand new concrete railing for second story residents and an overall upgrade to the common areas and exterior.
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