Multifamily V Michigan

Berkadia closes sale of Detroit's Alden Towers

Berkadia closes sale of Detroit's Alden Towers,ph01

Berkadia recently completed the sale and secured financing for Alden Towers, a multifamily property in Detroit.

Senior Managing Director Kevin Dillon, Managing Directors Rick Vidrio and Jason Krug, Senior Director Rick Brace and Directors Carly Dietz, Corey Krug and Charley Henneghan, all of Berkadia’s Detroit office, completed the sale on behalf of the seller, Denver-based River Park Towers, LLC. The property was purchased by an undisclosed buyer, and the deal closed on July 17.

Director Aaron Moll and Managing Director Terry Halverson of Berkadia’s Detroit office provided the financing on behalf of the buyer.

Alden Towers was built in 1922 and is located along Jefferson Avenue and just east of downtown Detroit in the heart of the “Gold Coast” of the Detroit River. The 389-unit mid-rise property features studio, one-, two- and three-bedroom modern appointed floor plans with dishwashers, hardwood floors, large closets and built-ins.

Community amenities include a 24-hour fitness center, controlled building access, a barbeque area, bike storage, laundry facilities and underground parking. Residents are afforded convenient access to Detroit’s central business district (CBD) with its evolving employment, entertainment and shopping opportunities, as well as Belle Isle and William G. Milliken State Parks, Chene Park, Dossin Great Lakes Museum and Anna Scripps Whitcomb Conservatory—offering a wealth of recreational and entertainment options.