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Habitat Co. Offers Lafayette Towers for $20M

DETROIT-The company says the net operating income of the 584-unit towers is about $1 million per year.

By Robert Carr | Updated on November 01, 2007

(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.

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