Riverfront Towers apartment complex up for sale
A luxury high-rise apartment complex that has been home to notables such as Rosa Parks, Coleman A. Young and Aretha Franklin is on the market.
Berkadia has listed Riverfront Towers for sale with no asking price.
“We let the market determine what the price is going to be,” said Rick Vidrio, managing director of the Berkadia’s Troy office. “Almost like an auction.”
The property’s two towers for sale, Tower 100 and Tower 200, feature a total of 557 units, a 77-slip marina and five-story parking deck. Tower 300, which contains condominiums, is not for sale.
The property on Riverfront Drive boasts “stunning panoramic views of international waters and bustling city scenes,” according to the listing. The towers are within walking distance of Joe Louis Arena, Cobo Center and Hart Plaza. There is also a skywalk to the People Mover.
There has been a lot of interest in the property from all over the country, Vidrio said. Tours of the property are available for perspective buyers until the Aug. 11 deadline for offers.
Riverfront Tower Holdings LLC owns the property, which according to the listing, has undergone more than $4 million in improvements in the last three years. Among the improvements are renovations to the health club, office, lobby and interiors of the elevators. Parking lot renovations and roof replacement are also on the list.
Vidrio said there is potential for additional improvements that could command higher rents and profits for the future owner. Rents average $1.42 a square foot and range from $901 a month for a 553-square-foot one-bedroom, one-bathroom unit to around $3,000 a month for a 2,390-square-foot two-bedroom, three-bathroom unit, according to the complex’s site.
Riverfront Towers is 98 percent occupied, Vidrio said.
The 26-story Tower 100 was built in 1992 and the 29-story Tower 200 was built in 1983.
In 2011, former owners New Jersey-based companies Empirian at Riverfront LLC and Aintsar Riverfront LLC defaulted on a $55 million mortgage.