Palmer Park Portfolio

GREA is pleased to present, in conjunction with Frank R. Simon, Court Appointed Receiver, the opportunity for buyers to purchase a large portfolio of apartment complexes in the historic Palmer Park district of downtown Detroit, Michigan, across from beautiful Palmer Park and in close proximately to Detroit Country Club. The portfolio is comprised of 14 apartment buildings originally built between 1924 to 1954 and are listed on the historic register and 2 parking lots. The apartment complex is ready for a purchaser with a new vision to reinvigorate the various buildings.

The apartment complex is across from beautiful Palmer Park and is 10 minutes from vibrant downtown Detroit. Combined, the 14 buildings have over 500,000 sq ft and 506 rental units, with certain occupied units including 1 to 2 bedrooms, a full bath, family room, refrigerator, range, and garbage disposal. The buildings have coin-operated laundry for their residents, with gas, heat and water included. The community where these buildings are located is working hard to establish itself with upcoming events and local happenings, which are all intended to draw more patronage and residents to the neighborhood. Local government is particularly engaged in revitalizing this area.

Various renovations are currently being completed at the apartment complex, to increase occupancy rates and improve overall tenancy for the residents. “Project Green Light” is one of the initiatives being established by local government to help residents be more secure and protected. Project Green Light utilizes a camera system around the exterior of the buildings, which is connected to the local police, so they can monitor the buildings to ensure the residents’ safety.