Blue Asset Management LLC Opens Office Servicing Detroit Michigan Real Estate Market

Blue Asset Management LLC has entered the Detroit Michigan real estate market announcing the formation of Blue Asset Management Midwest, LLC, based in Southfield, Michigan.
By: Blue Asset Management LLC
DETROIT - Feb. 6, 2016 - PRLog -- Detroit, MI, February 02, 2016 -- Blue Asset Management LLC has entered the Detroit Michigan real estate market. The fund announced the formation of Blue Asset Management Midwest, LLC, based in Southfield, Michigan. The company closed on its first investment in the local market in June 2015, purchasing a 50 unit garden apartment complex near the quickly re-developing Gratiot Ave. area of the city.

Blue Asset Management Midwest LLC says it will have access to a robust team of experienced real estate, construction and redevelopment professionals with roots in Detroit multi-family and commercial real estate property disposition. The Detroit subsidiary will focus on redevelopment and affordable housing opportunities applying Blue Asset Management LLC development and management processes and services, investing in the rebuilding of the Detroit region.

Much investor interest has been directed at Detroit as it rebuilds. Dan Gilbert, the billionaire founder of Quicken Loans has bought over 70 different properties in Detroit, and the DDI Group, a Chinese investment company, JPMorgan Chase and Warren Buffett, whose investment track record is fairly impressive, have also invested in Detroit’s resurrection. Buffett enthusiastically described the future of the city, according to MLive, saying, “You actually have a major industry now, a huge industry, that’s come back big, big time. And that’s been a difference not only to Detroit, that’s been a difference all over the United States.” Buffett continued, “The United States with a flourishing Detroit is going to be a lot better than a United States without one.”

Recently, a real estate investment firm from Chicago, Capri Investment Group LLC, began taking investors for a project in Detroit, specifically asking for $200 million to put toward multifamily dwellings. “Capri believes the attractiveness of living in Detroit’s urban core continues to grow, as evidenced by the recent success of multifamily investments; but the lack of high-quality, multifamily dwelling options remains an impediment to the revitalization of the greater downtown area,” reads the offering, according to Crain’s Detroit Business.

As interest in Detroit real estate increases, Blue Asset Management Midwest LLC is increasingly focused on repositioning local opportunities to improve the community environment. Through its presence in Detroit, Blue Asset Management Midwest hopes to play a meaningful role by driving real estate investments into profitability while at the same time contributing to the betterment of the community.

Charles Blumenkehl. President of Blue Asset Management LLC, parent company of Blue Asset Management Midwest, said, “We are committed to fostering neighborhood revitalization. Our new subsidiary will explore and participate in existing efforts, and collaborate with the local community.”

Blue Asset Management Midwest LLC
Source:Blue Asset Management LLC
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Tags:Blumenkehl, Real Estate, Detroit
Industry:Real Estate
Location:Detroit - Michigan - United States
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Page Updated Last on: Feb 06, 2016
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