News
BPG Finds Buyer for Detroit-Area Property
August 8, 2012
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| Investment buyers are out in force all over the US, including some (seemingly) unlikely places. Recently Philly-based private equity fund manager BPG Properties found a buyer for Madison at Farmington Hills, a 424-unit multifamily property in suburban Detroit. Forum Real Estate Group paid $20M for it. “From a real estate perspective, Detroit’s economic recovery has been an uneven one with just a handful of submarkets showing growth,” BPG VP G reg Curci tells us. Farmington Hills has been one of those strong pockets, as evidenced by the fact that income from the property increased 27% from 2010, “and with an uncertain future ahead, we viewed this as an ideal time to sell this asset at terms favorable to our investors,” Greg says. |
