Affordable housing complex sells in Detroit

Owner dumps tower apartments after 30-plus years

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Marcus & Millichap arranged the sale of River Towers Apartments, a 472-unit affordable housing multifamily community in Detroit, Mich. The value of the transaction was approximately $29 million. River Towers Apartments is located at 7800 E. Jefferson Ave. Originally constructed in 1971, the property will undergo extensive rehabilitation and refurbishment. River Towers LLP, which had owned the property since the early 1970s, sold it to Southfield, Mich.-based River Towers LDHA LP. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage. *** Send a Letter to the Editor for publication.Send a comment or news tip to our newsroom. Please include the headline of the story....