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Lexington of Southfield Apartments Lists for $59M

SOUTHFIELD, MI-Sperry Van Ness has been selected to market the 1,135-unit Lexington of Southfield Apartments.

By Danielle Anderson | Updated on November 10, 2006

(To read more on the multifamily market, click here.)

SOUTHFIELD, MI-The Lexington of Southfield Apartments is on the sales block for $59 million, or approximately $51,982 a unit, according to Sperry Van Ness. The commercial real estate investment brokerage was recently tapped to market the 1,135-unit apartment community at 27350 Franklin Road to potential buyers.

Robert Pliska of Sperry Van Ness tells GlobeSt.com that he expects the property, which has a cap rate of 8%, to attract investors from the East and West coasts, who are accustomed to half that rate of return for multifamily properties in their own backyards. He adds that the property also carries a higher rate of return than some properties that have traded in the Detroit market recently. Those sales include a major acquisition with a cap rate of 7.34% as well as other sales with cap rates around 6.5%, Pliska says.

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