Hendricks & Partners arranged the sale of two apartment communities totaling 566 units in Southfield, Mich.
The total value of the transactions was $42.8 million.
North Park Towers, consisting of 313 units, and North Park Place, 253 units, were built as luxury apartment communities that have maintained a strong reputation over the past 30 years. At the time of construction, residents combined several units (combo units) to create a much larger living area. Some of these units were in excess of 3,000 square feet.
The purchaser, Global Equities and Loans Inc., anticipates converting North Park Place to condominiums within the first 90 days after closing. The purchaser is going to increase the number of units by separating some of the combo units that were vacant at the time of closing and converting some of the first-floor office space into additional condominium units. The property will be 270 units, thus increasing the size by 17 new apartments or condominiums. The property features garage parking, pool, tennis and fitness facilities, ceramic and marble bathrooms, balconies and individual HVAC.
The apartments average 1,395 square feet in two- and three-bedroom units. The plan for North Park Towers is to keep the property as a luxury apartment community and potentially converting it to condominiums upon completion of condo sales at North Park Place. North Park Towers has luxury features in many units, such as wood flooring, Italian marble, built in closets and cabinetry, and extensive trim packages with wainscoting and crown molding. The average apartment at North Park Towers is 1,454 square feet, which includes the one-bedroom units that are in excess of 1,000 square feet.
Hendricks & Partners is an advisory firm focused exclusively on the sale of multifamily properties.
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