DETROIT – August 16, 2019 – Berkadia recently completed the sale and secured financing for Alden Towers, a multifamily property in Metro Detroit, Michigan. Senior Managing Director Kevin Dillon, Managing Directors Rick Vidrio and Jason Krug, Senior Director Rick Brace and Directors Carly Dietz, Corey Krug and Charley Henneghan, all of Berkadia’s Detroit office, completed the sale on behalf of the seller, Denver-based River Park Towers, LLC. The property was purchased by an undisclosed buyer, and the deal closed on July 17.
“Alden Towers is a beautiful property in a burgeoning location,” said Henneghan. “The buyer will continue property improvements and expand upon their value-add plan.”
Director Aaron Moll and Managing Director Terry Halverson of Berkadia’s Detroit office provided the financing on behalf of the buyer.
“We were able to bring our client a large variety of financing options from our national institutional lenders. The strong fundamentals of Detroit’s multifamily market, along with the property’s impressive performance, provided us the ability to create a competitive market where lenders were competing for the business,” said Moll. “This was a great acquisition with a tremendous amount of upside.”
“This historic gem of a building received a tremendous level of interest—not only from the local community, but from a record number of North American and International inquiries, as well. Detroit has recently found itself on many multifamily investors’ radar,” said lead broker, Rick Brace.
Alden Towers was built in 1922 with outstanding architectural character. The property is located along Jefferson Avenue and just east of Downtown Detroit in the heart of the “Gold Coast” of the Detroit River. The 389-unit mid-rise property features studio, one-, two- and three-bedroom modern appointed floor plans with dishwashers, hardwood floors, large closets and built-ins. Community amenities include a 24-hour fitness center, controlled building access, a barbeque area, bike storage, laundry facilities and underground parking. Residents are afforded convenient access to Detroit’s central business district (CBD) with its evolving employment, entertainment and shopping opportunities, as well as Belle Isle and William G. Milliken State Parks, Chene Park, Dossin Great Lakes Museum and Anna Scripps Whitcomb Conservatory—offering a wealth of recreational and entertainment options.
“Since the opening of the Amazon Fulfilment Center in the fall of 2018, the rental market has significantly improved. This will greatly enhance the success of the new owners’ value-add business plan,” said Kevin Dillon.