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Riverfront Towers Sale Sets Detroit Record

DETROIT—There were 21 offers to purchase the towers, which speaks to the robust demand for quality apartments in the downtown area.

By Brian J. Rogal | brianjrogal | | Updated on June 24, 2016

 

det-riverfront towers (2) The Riverfront Towers along the Detroit River includes a marina and panoramic views.
DETROIT—Riverfront Towers, a luxury high-rise apartment community located along the river in downtown Detroit, has just been sold for $79.5 million, according to Berkadia , which brokered the deal. At $142,729 per-unit, the sale sets a new record for a residential complex in the city. Image Capital LLC , a New York City real estate investor, purchased two of the three towers: 26-story Tower 100 built in 1992 and 29-story Tower 200 built in 1982-83. Tower 300, the oldest building, was completed in 1983 and was not part of the sale. The seller was Riverfront Tower Holding LLC , which is controlled by a group of private New York City investors. “Interest was through the roof for these high-rise luxury apartments, which have housed a number of high-profile residents,” says Berkadia managing director Rick L. Vidrio , who, along with senior director Rick Brace of the Southfield, MI office, brokered the sale “There were 21 offers to purchase the towers, which speaks to the robust demand for quality apartments in the downtown area.” “There were buyers from throughout the US, a majority on the East coast and a few buyers out of Montreal and Toronto, Canada,” a Berkadia spokesperson tells GlobeSt.com. “At the time of sale, the property boasted strong stabilized occupancy and rent levels, which created the opportunity for the buyers to invest in new and exciting improvements to both the individual apartments, as well as the common area amenities,” Brace adds. “These improvements will take Riverfront Towers to the next level and further prove the exciting resurgence of downtown Detroit.”  Riverfront Towers’ location provides panoramic views of Windsor, Canada, as well as downtown. Accessible through a covered skywalk is the “People Mover,” which provides residents easy access to many Detroit attractions, such as Joe Louis Arena, Cobo Center, Hart Plaza, Fox Theatre, Comerica Park, Ford Field and the Detroit “Riverwalk.” It’s a good time to get into Detroit’s apartment sector. According to a 2015 market study published by Broder & Sachse Real Estate Services , downtown Detroit had a 98% occupancy rate for rentable housing, with neighborhoods such as Grand Circus Park and the CBD at 99%.

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