DETROIT – April 27, 2022 – Berkadia announced today the sale of Bloomfield Square, a 259-unit garden-style multifamily property located in Auburn Hills, Michigan. Senior Managing Directors Kevin Dillon and Jason Krug, Senior Directors Corey Krug and Rick Brace and Director Charley Henneghan of Berkadia Detroit completed the $38.375 million sale on behalf of the seller, at a premium of more than 50 percent over the seller’s 2019 acquisition price, Michigan-based Bloomfield Square Acquisition Partners, LLC. The buyer was New York-based Halt Management, and the deal closed on April 5.
“This was an outstanding first acquisition in the Michigan market for Halt,” said Dillon. “They have a strong strategic management and value-add improvement plan for the property. The prior owner had greatly improved the property, providing the buyer an opportunity to take advantage of a well-positioned asset.”
Located at 3161 Bloomfield Lane, Bloomfield Square features one- and two-bedroom floor plans with walk-in closets. Community amenities include a swimming pool, a fitness center and a pet park. Residents are afforded convenient access to Pine Trace Golf Club, Oakland University and the shops and restaurants in Downtown Auburn Hills and Rochester, The Village of Rochester Hills and Somerset Collection in Troy.
“We are extremely excited about the new acquisition, and are actively looking to add to our portfolio in Michigan,” said Yonah Halton of Halt Management.
Berkadia Arranges $38.4M Sale of Apartment Community in Auburn Hills, Michigan | REBusiness Online
Berkadia sells 259-unit multifamily property in Detroit market | RE Journals