Listed by Matthews
$25,000,000
Alden Towers
Details
Property Type Multifamily
Sub Type Apartment Building
Square Footage 280,496
Net Rentable (SqFt) 280,496
Units 389
Cap Rate 4.13%
Price per SqFt $89
Class A
Year Built 1922
Year Renovated 2017
Buildings 4
Stories 8
Acreage 7.170
Investment Type Value Add
Multifamily | 389 Units | $64,267/unit
Marketing description
We are excited to present a rare value-add multifamily investment opportunity located in the heart of Detroit’s Gold Coast. This 389-unit riverfront apartment community consists of (4) eight-story towers and offers a diverse unit mix ranging from studios to three-bedroom floorplans. Please refer to the Offering Memorandum for a detailed overview and a clear, strategic path to maximizing the asset’s upside potential.
Investment highlights
- Prime riverfront location with panoramic skyline and water views
- Minutes from Downtown Detroit and directly across from Belle Isle Park
- Excellent connectivity to major employers, retail, and entertainment
- Situated within the vibrant Gold Coast – one of Detroit’s most desirable residential corridors
- 100% Seawall Replacement (400’ of Seawall)
- Full modernization of all eight elevators and shafts
- Partial Brick, Limestone Restoration and Window replacement on Tower D
- Lobby renovation and new fitness equipment
- New boilers, domestic hot water systems & 100% of Steam Traps in all 389 Units Replaced
- Structural restoration of 26 garage columns
- 389 total units | 20 units fully renovated
- Renovated units achieving $250 rent premiums
- Upgraded kitchens, cabinets & countertops
- New stainless-steel appliances
- Vinyl plank flooring throughout kitchens, living rooms, & baths
- Opportunity to continue renovations and drive significant NOI growth
- Located in the Heart of Detroit’s Gold coast area, directly across from Belle Isle
- PILOT Program Eligible → Potential $1.06 M annual property-tax savings
- Historic Trophy Asset with irreplaceable riverfront location
- Extensive capital improvements completed – minimal deferred maintenance
- Proven rent-growth potential with $200–$250/unit premiums
- 389-unit riverfront trophy asset on Detroit’s Gold Coast, directly across from Belle Isle and just minutes from Downtown Detroit.
- Major capital expenditure items have been completed, with approximately 39% upside to current market rents.
- Proven value-add opportunity, with renovated units achieving rent premiums of approximately $250 and additional potential to drive NOI growth.
- PILOT program enrollment underway, offering significant annual property tax savings.
- Historic market-rate asset with potential for LIHTC repositioning.
- Strong Detroit market fundamentals and expanding renter demand
Listing Contacts
Listed by Matthews
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