Potential sale of Riverfront Towers spurred by strong housing market
Riverfront Associates, owners of Riverfront Towers, have hired a national real estate advisory firm to explore the possibility of the sale or recapitalization of the 100 and 200 towers of the complex.
Riverfront Associates, owners of Riverfront Towers, have contracted a
national real estate advisory firm to explore the possibility of the
sale or recapitalization of the complex’s 100 and 200 towers.
Excerpts:
Peter Cummings, managing partner of the complex, said the decision to
explore options for the two towers was spurred by a strong housing
market in downtown Detroit and by inquiries in recent years from
several real estate investment firms seeking to buy the Riverfront
apartment towers.
Cummings said having opportunities for both renters and purchasers in
the complex has proven successful, with more than 90 percent of the
Towers 100 and 200 apartments leased and conversion of the 300 Tower to
condominiums continuing.
Read the entire article here.
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