Newport Creek Apartments
Location: Farmington Hills, MI
Type: Multifamily
Price: $ 2,500,000
SMC has provided a $2,500,000 first mortgage loan used to finance the acquisition of Newport Creek Apartments, a 98% occupied, 62-unit Class B garden-style apartment property located in Farmington Hills, MI, 25 miles from downtown Detroit. The improvements consist of three conjoined three-story apartment buildings that were originally constructed in 1979 and have been continuously updated since 2003. The Amenities include unit balconies, storage units, available covered parking, and a pool area. Post-closing, the sponsor will execute a capital improvements program to enhance units and common areas.