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Barbat Holdings, Ari-El Enterprises Acquire The Jeffersonian in Detroit

Q10 | Lutz Financial Services Arranges Acquisition Financing for High-Rise Apartment Complex
January 9, 2018
A joint venture comprised of Barbat Holdings and Ari-El Enterprises has purchased The Jeffersonian apartment complex at 9000 E. Jefferson Ave. in Detroit from Saperstein Associates Corp. for an undisclosed amount.

Built in 1965, The Jeffersonian is a 410-unit gated apartment complex that features laundry facilities, media center, pool, tennis court and on-site property manager, Village Green.

Working out of the Southfield Marcus & Millichap Inc. office, Gordon Navarre handled the transaction on behalf of the seller, Saperstein Associates Corp.

Jill Jasinski, Eric Lutz, and Steven Siegel of Q10 | Lutz Financial Services secured a non-recourse bridge loan on behalf of the new owner for the acquisition and planned renovation. The new renovation will update each individual unit and the lobby area, as well as adding a new gym and a ground floor restaurant and/or cafe.

Please see CoStar Comp #4091215 for more information on the transaction.
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