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CORE Finds Multifamily Market Appealing

BIRMINGHAM, MI-"We're definitely in a buying mode right now," says Scott Selzer, a CORE Real Estate Services principal. His company is scouting value-added opportunities.

By Dan Heaton | Updated on November 23, 2004

BIRMINGHAM, MI-CORE Real Estate Services is bulking up its multifamily rental portfolio. The Birmingham-based firm has purchased three southeastern Michigan properties over the last several months and is looking for more, says Scott Selzer, one of the firm’s principals.

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.”

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