Commercial Property Advisors announced that 576 units within Providence Place and Tower Apartments, a 587-unit apartment building adjacent to St. John Providence Hospital in Southfield, Michigan, sold for $23 million.
The buyer wass a Michigan-based real estate investment company specializing in acquisitions and repositioning opportunities. Cary Belovicz, President & Founder of Commercial Property Advisors exclusively marketed the property on behalf of Parkstone Capital Partners, LP.
The new ownership plans to improve the quality and services offered at Providence Place and Tower which include upgrades to the apartment units and building common areas. Additional improvements will be directed toward community landscaping, parking areas and overall curb appeal.
In August of 2015 CPA brokered the sale of 717 units rebranded as The Loop on Greenfield (fka: Providence Green) to Peak Management who has increased occupancy in Phase 1 from 40% to over 90%. The Providence Green, Place and Tower portfolio included a total of 1,293 units located in Oak Park and Southfield Michigan.
