Apartment building in 'Arena District' changes hands, but rent remains the same

Cass Park Apartments, a 37-unit apartment building at 2714 Second Ave., has been sold to 2nd Avenue Property, LLC. Property management company Princeton Management is now running the building. 

Not a lot of changes are planned for the property, says Princeton Management Director of Marketing and Communications Michele Dreer, and current residents can expect a smooth transition of management. The building, made up mostly of studio apartments with a few one-bedroom units, was well taken care of by its previous owners and required few upgrades. Rent will stay the same, says Dreer.

According to the Live Midtown website, studio apartments at 2714 Second Ave. rent for $525, while one bedrooms rent for $625 Both rates include utilities.

Cass Park is located just blocks from the multi-million dollar residential and commercial district planned around a new Detroit Red Wings hockey arena. The building itself is situated across from the actual Cass Park. The Masonic Temple is one block north.

"We liked the property because of the area that it's in," says Dreer. "The arena district is going to be great and there will be a lot of redevelopment opportunities."

Princeton is also the group behind the Ashley, the conversion of a downtown hotel into apartments. The company hopes to begin moving tenants into the 67-unit apartment building by the end of the year. The Milner Hotel closed in 2012.

The uniquely-shaped 'flat iron' building first opened as the Henry Clay Hotel in 1913. While Princeton is maintaining the historic lobby and its mosaic tiles and stained glass, the floors above are being completely gutted. Old hotel room walls have been knocked down, leaving wide open floors that will be rebuilt as one- and two-bedroom apartments.

Two retail spaces in the building have already been reserved, says Dreer, though she wouldn't say who those tenants would be.

Princeton manages a number of apartment buildings in Detroit, including the Palms, Orchestra Place, and the Claridge House.

Source: Michele Dreer, Director of Marketing & Communications at Princeton Management
Writer: MJ Galbraith

Got a development news story to share? Email MJ Galbraith here or send him a tweet @mikegalbraith.