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Florida Investment Firm, Local Group Purchase 144-Unit Multifamily Complex in Downtown Detroit

Andover, M-Group Plan $2 Million in Renovations for Carlton Apartments
October 4, 2018
The 144-unit Carlton Apartments in Detroit.

Boca Raton, Florida-based Andover Real Estate Partners, along with local investment firm M-Group, purchased a 144-unit apartment complex in Detroit from a private investor. Carlton Apartments sold for a reported $11.55 million, or about $80,000 per unit.

The garden-style complex at 1387 E. Larned St. comprises studio, one- and two-bedroom units ranging from 650 to 1,000 square feet in 13, two-story buildings. Built in 1971, the property spans nearly seven acres a few blocks from the Bricktown light rail station in Detroit’s Lafayette Park Multifamily submarket.

“Carlton Apartments’ proximity to downtown Detroit and its irreplaceable location drove unprecedented interest,” said Cary Belovicz, an executive managing director at Greystone Bel Real Estate Advisors, in a statement.

Credit: Greystone Bel

Belovicz , along with John Marr of Greystone, secured a 10-year, 4.96 percent fixed-rate Fannie Mae Green Rewards conventional loan on behalf of the buyers.

Andover’s portfolio in Florida, Michigan, Ohio and Indiana contains more than 2,500 units valued at approximately $250 million, according to its website. The acquisition marks M-Group’s first purchase in Detroit, and the team plans to invest nearly $2 million in renovations on the complex.

The Greystone Bel investment sales team, led by Cary Belovicz, represented the seller in the sale.

Please refer to CoStar COMP #4526792 for additional information regarding this transaction.

Taylor Damm, Editor  CoStar Group   
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