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Maxima Sells 374-Unit Apt. Portfolio in Southfield

Private investor Pays $30.6M for The Franklin, 12 North
February 23, 2018
Maxima Investments, a locally-based subsidiary of Erie Investments, sold the 374-unit apartment portfolio in Southfield, MI to an international private investor for $30.6 million, or approximately $81,800 per unit.

The multifamily portfolio includes The Franklin, a 202-unit, six-story structure at 28675 Franklin Rd., and 12 North at 25701 W. 12 Mile Rd., which totals 171 units in a 12-story tower.

Both apartment complexes, managed by ID Properties, comprise one- and two-bedroom units that were approximately 95 percent occupied at the time of sale.

Gregory Coulter, managing member of Income Property Organization, represented the seller.

Please see CoStar COMPS #4130199 for more information on this transaction.
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