(Read more on the multifamily market.)
DETROIT-The Habitat Co. says it is putting the 584-unit Lafayette Towers apartment complex up for sale. The two 22-story buildings, built in 1963, are being offered for $20.3 million.
Eric Taylor, senior investment advisor with Hendricks & Partners, says the company has owned the property since it was built. "They feel the partnership that's owned the buildings has matured, it's been in place for 45 years. There's certain trusts involved, and in terms of capital raises and ongoing improvements, it just makes more sense to dispose of the property," he said. Taylor and Mark Rohr are marketing the complex.
The buildings were designed by Ludwig Mies van der Rohe, and have been leased at an average of 90% occupied since they've been open, Taylor tells GlobeSt.com. "The buildings are now 95% occupied," he says. "There's a lot of draw from Wayne State University and various medical buildings nearby. The apartment market is doing pretty well, we're not even offering concessions on this property."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.