Greystone Bel recently closed the sale of the Whitmore Apartments Portfolio, a six-property multifamily portfolio totaling 223 units in the Palmer Park district of Detroit, Michigan, for $9 million or $40,359 a unit.
Nick Kirby and Cary Belovicz of the Greystone Bel Real Estate Advisors investment sales team represented the seller and procured the buyer on this transaction.
Built between 1928 and 1953, the portfolio has been owned by the same family since the 1960s and includes the following:
• 825 Whitmore Rd, Highland Park, MI 48203 – 28 Units | Built 1944
• 850 Whitmore Rd, Highland Park, MI 48203 – 44 Units | Built 1953
• 900 Whitmore Rd, Highland Park, MI 48203 – 40 Units | Built 1940
• 950 Whitmore Rd, Highland Park, MI 48203 – 40 Units | Built 1940
• 1000 Whitmore Rd, Highland Park, MI 48203 – 30 Units | Built 1928
• 17725 Manderson Rd, Highland Park, MI 48203 – 41 Units | Built 1928
The six properties of Whitmore Apartments Portfolio offer spacious floorplans with a unit mix consisting of one studio unit, 166 one-bedroom units and 56 two-bedroom units.
Well located in the Palmer Park Apartment Building Historic District within a quarter mile of one another, the properties are in walking distance to both Palmer Park and the Detroit Golf Club. Midtown and Wayne State University are five miles from the properties and the employment, shopping, dining, and entertainment in Downtown Detroit is less than 10 miles southeast.