CLARIDGE HOUSE APARTMENTS

MULTI-FAMILY DEVELOPMENT

Overview

 

Purchased a 45-unit apartment building out of receivership in June 2012 in the heart of the Central Business District in the city of Detroit. At the time of acquisition, the property was 75% vacant and had been severely neglected for several years resulting in a fair amount of blighted and unusable space.

 

 Development highlights

 

  • Complete interior renovations of 45 apartments.

  • Replaced all exterior windows and repainted the facade. 

  • Developed 10,000 square feet of shared office space on the 2nd floor.

  • Recruited five retail tenants including the David Klein art gallery, Le Pecora Nera Italian deli, dry cleaner, juice bar, and hair salon.

  • Obtained permanent financing with a 95%+ occupancy rate.

CLARIDGE HOUSE