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March 24, 2015

Multi-Family Investments Selling Everywhere, and Fast

Mt. Clemens took it on the nose in the great recession. And the rebound has taken longer to reach it. But a recent sale signals that the area-wide surge of investment activity in multi-family properties has reached the Macomb County seat, too. 125 Crocker Photo

When the owners of an eight-unit, apartment project at 125 Crocker Boulevard contacted the Thomas Duke Company for help selling their property, we immediately mobilized our tested marketing formula on their behalf. Using our extensive database and knowledge of this market, we identified and contacted all the owners of similar properties in the area. Our activity soon generated a competitive environment among them, which led to multiple offers. In the end we brokered a sale price of $275,000 for the building. At $34,375 per unit, that’s over $4,000 more per unit returned to the owner than any apartment-property sale in Mt. Clemens since the start of the great recession.

This sale is one more example of an investment trend sweeping southeast Michigan. As occupancy rates in apartment buildings have climbed, the demand for these properties has climbed too—and fast. In fact, in certain areas selling prices are approaching those of pre-recession days.

It’s a trend that’s creating quite a problem for us. We don’t have enough multi-family properties to show the ready buyers coming to us.

If you’ve been on the fence about selling your apartment property, now may be the time to jump. Let us show you the fresh list of 145 buyers we have who are still searching for the right rental property to add to their investment portfolios. Let us explain how we could market your property to complete their search. Contact Dave Tesch at 248-476-3700 or via email at dtesch@thomasduke.com.

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