Compatriot Buys Village Green and a New Firm Launches

 

The vision for 800 Tower City Apartments in Louisville, KY.

DETROIT— Jonathan Holtzman has just sold his interest in Village Green Holding to Dallas-based Compatriot Capital, Inc. and stepped down as long-term chairman and chief executive officer of the company. But he has not withdrawn from the world of commercial real estate. In fact, as part of this deal, he kept a majority of the company’s existing, in development and under construction assets, and has founded City Club Apartments , a new company and brand, to complete these projects. “This transaction allows me to shift my primary focus from operations to real estate and innovation and I am already off and running,” says Holtzman. Compatriot and Holtzman, the third generation of his family to run Village Green, had co-owned the company since 2011. Under this agreement, Compatriot assumed ownership and control of Village Green, including the brand, its property management, development, construction, and marketing operations and V-Suites —its furnished apartments company.    As reported in GlobeSt.com, Farmington Hills, MI-based Village Green specialized in transforming historic structures into luxury apartments and mixed-use communities. Soo Line City Apartments in Minneapolis and Randolph Tower City Apartments in Chicago are just two examples of how the company brought new life to urban neighborhoods. City Club Apartments and its affiliates now have ownership interests in five existing apartment communities located in Ann Arbor, Detroit, Chicago, Kansas City and Louisville, as well as the right to acquire two developments in Pittsburgh; City Club Apartments also owns the pipeline for development of another 10 developments in the above cities, Minneapolis and the east coast. The new company plans to break ground in July on City Club Apartments Cincinnati Central Business District, a historic office building conversion to a mixed-use development with 300 apartments and about 49,000 square feet of restaurant, offices and a market. Furthermore, this fall it plans to break ground for City Club Apartments in Detroit’s central business district .  This development will include 294 apartments and about 12,000 square feet of restaurant and retail. “Nobody is addressing the changing demographic and economic needs of the baby boomers or the millennials,” says Holtzman. “We have our finger on the pulse of those trends and we are going to deliver engaging communities that both serve those needs and exceed expectations. From the high-end and high-touch amenities and common spaces that encourage connectivity to custom designed kitchens, furniture, fixtures and living spaces, our attention to detail will be unmatched.”