Detroit, Michigan (February 14, 2014) – Friedman Integrated Real Estate Solutions, one of the nation’s leading providers of commercial real estate services, recently auctioned Skyview Tower, a 319-unit multi-family high rise located in the world-famous Mies van der Rohe Historic District in Detroit, Michigan. Barry Swatsenbarg, National Director, Investment & Loan Sale Advisory Services, and Rich Deptula, Senior Vice President, Investment & Loan Sale Advisory Services, represented the seller at Auction.com, the nation’s leading online real estate marketplace.
Skyview Tower, located at 1600 Antietam Avenue in Detroit’s Lafayette Park, is immediately adjacent to Eastern Market, The Dequindre Cut and the beautifully-landscaped, 13-acre park known as Lafayette Plaisance. This value-add opportunity offers excellent accessibility to the downtown districts with its close proximity to major employers General Motors, Quicken Loans, Compuware, Blue Cross Blue Shield, Detroit Medical Center and Wayne State University.
The property is positioned within Greater Downtown Detroit’s burgeoning multi-family market, a market with occupancy nearing 100% and significant rent growth opportunity, so the successful auction of Skyview Tower is no surprise. “The demand for foreign investors looking to acquire property in the Midwest and Detroit, in particular, is just incredible. Young professionals are seeking an urban lifestyle with Detroit’s resurgence and investors have taken notice,” said David Friedman, President & CEO. As strong employment gains and the auto industry revival continue, there will be a continued shortage of quality apartments in downtown Detroit. “The recent auctions of Skyview Tower and Clark Lofts are examples of this growing demand,” Friedman added.
Swatsenbarg and Deptula also sold Clark Lofts, a 36,000 square foot, 10-story apartment building with 15 residential lofts and 2 retail lofts in Detroit’s historic Capitol Park neighborhood back in November via Auction.com. The lofts, ranging from 675 to 3,000 square feet, were originally constructed in 1922 and renovated in 2006 and the building features the popular Jam Lounge on the first floor. Located adjacent to Woodward Avenue, just steps from current re-developments in the city, Clark Lofts is within a short walking distance of world-class dining and entertainment.
Clark Lofts is another recent example of Friedman’s proven track record of success with the growing trend of the online auction format for selling commercial real estate. “The online auction format benefits both buyers and sellers with a fair, fast and transparent platform. For Skyview Tower and Clark Lofts, the sellers were private owners, so Auction.com is not only a lender’s resource,” said Barry Swatsenbarg, Friedman’s National Director of Investment & Loan Sale Advisory Services. In 2012, Friedman closed a three-day online auction of 13 multi-family assets made up of 3,000 units in four states. The online sale generated an aggregate dollar volume of more than $160 million. Friedman has since sold numerous properties on Auction.com for both lenders and private sellers, regardless of the product type.
ABOUT FRIEDMAN INTEGRATED REAL ESTATE SOLUTIONS
Recognized as one of the largest privately-held commercial real estate organizations in the nation, Friedman Integrated Real Estate Solutions provides clients with a single point of contact for the full range of services it offers.
Friedman manages over 140 facilities encompassing more than 16M SF of commercial and 7,000 multi-family units across the country. As owners and managers of commercial property for 25 years, Friedman understands what it takes to achieve results that maximize the client’s objectives.
For more information, please visit: www.friedmanrealestate.com.
