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1,135-Unit Multifamily Complex Commands $21M

SOUTHFIELD, MI-New owner JAB Property Management, Inc. plans a renovation and repositioning of the property, which includes one-, two- and three-bedroom units in six buildings constructed about 30 years ago.

By Dan Heaton | Updated on January 31, 2005

SOUTHFIELD, MI- The largest multifamily rental complex in this suburb has sold for $21 million. The 1,135-unit Lexington of Southfield complex, previously known as Franklin Park Apartments, was purchased by JAB Property Management, Inc. from Capri Franklin Park LLC.

Steve Witten and Victor Nolletti of the New Haven office of Marcus & Millichap Investment Real Estate Services and Paul Davis of the Detroit office brokered the deal. Also involved with marketing efforts were Sean Hamilton and Andy Daitch of the Detroit office of Marcus & Millichap.

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