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.

Show Comments Hide Comments

Comments

Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
Success!
Thank you for subscribing to Morning Headlines.
Back to top