Triad Real Estate Partners closed the sale of The Barrington Apartments, a 312-unit garden-style apartment community in Romulus, Michigan.
Barrington Apartments was originally built in 1972 and includes 26 two-and-a-half story buildings. Each of the buildings contains 12 units in total. The unit mix contains eight studios, 106 one-bedrooms and 198 two-bed/one-and-a-half bathroom apartments. The full community amenities include a seasonal outdoor pool, a clubhouse with a fitness center, a playground, tennis courts and covered carports.
Barrington’s central location was very important to the new buyer. It has proximity to Detroit International Airport and Amazon’s new 855,000-square-foot fulfillment center completed in Romulus in 2019. It is situated a convenient distance to downtown Detroit, Ann Arbor and Toledo.
Triad widely marketed this asset to its proprietary database of multifamily investors with a specific focus on value-add groups who would invest in some much needed capital improvements. This broad marketing effort resulted in multiple efforts before the Seller awarded the deal to a private fund manager out of New York City.
The new buyer, along with its JV equity partner and fee manager, plan to fully renovate the interior units, hallways and common spaces. This will allow the buyer to benefit from the future rent premiums the market has seen as a direct result of the continued growing tenant demand in The Detroit MSA.
The sale included the assumption of an existing Freddie Mac loan with one year of interest-only and eight years remaining of the original 10-year term.