Income Property Organization closes on two Southfield complexes

BLOOMFIELD HILLS, Mich. - Feb. 8, 2018 - PRLog -- Income Property Organization has closed on a portfolio sale of two high-rise assets located in Southfield, Mich., The Franklin and 12 North Apartments, with a total of 374 units.

An international purchaser from Israel acquired the assets, using acquisition financing through Fannie Mae.

With the portfolio operating exceptionally well, the purchaser plans to continue with current operations.

Given the sales price of $30,600,000 (or $81,818 per unit), the capitalization rate was 6.5 percent.

Both apartment complexes were about 95 percent occupied at the date of sale and numerous infrastructure upgrades had been made to the properties.

The sale of the property closed within 3 1/2 months of contract.

Income Property Organization in Bloomfield Hills, Mich. offers customized brokerage services that are designed to meet the specific needs of a wide range of clients -- private owners as well as institutional investors -- who want to buy or sell income property. To learn more or inquire about multifamily investment opportunities, visit www.incomepo.com or contact Greg Coulter at (248) 932-0300.