Greystone Bel has closed the sale, with acquisition financing provided by Greystone, of Carlton Apartments, a 144-unit garden-style multifamily property in the Lafayette Park area of Detroit.
The Greystone Bel Investment Sales team, led by Cary Belovicz, represented the seller in the sale of the asset to Florida-based Andover Real Estate Partners and Michigan-based The M-Group.
Cary Belovicz, executive managing director of Greystone Bel, and John Marr, managing director of Greystone, secured a 10-year, 4.96% fixed-rate Fannie Mae Green Rewards conventional loan for the buyer.
More than 195 groups registered to review the property, with 25 offers made by local, national, and international investors. “Carlton Apartments’ proximity to Downtown Detroit and its irreplaceable location drove unprecedented interest,” said Belovicz.
Built in 1971 and located at 1387 East Larned Street, Carlton Apartments offers studio, one-and two-bedroom apartments. This central location provides residents with unobstructed views of the Detroit skyline--from the GM Renaissance Center to Greektown Casino--and is within walking distance to upscale restaurants, high-end retail, and the transformative Qline. The city’s diverse employer base of Fortune-500 corporations, world-class centers of education, healthcare, and innovative technology startups are also just steps away from the property.
