Multifamily deals close in Michigan

Buyer plans condo conversion

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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 fe...