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Four Corners Development Group Acquires 180-Unit Multifamily Property In Brownstown Township For $25.7M

Property Image
SOLD
$25,700,000
Peter Jankowski
Rich Deptula
JW

Michigan

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MultiFamily
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SOLD

Four Corners Development Group Acquires 180-Unit Multifamily Property In Brownstown Township For $25.7M

21901 Stratford Place Blvd

See Similar Deals
MultiFamily
Sold
Peter Jankowski
Rich Deptula
JW
the dealplayerscompscontact
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Summary

MICHIGAN
Asset Type:MultiFamily
Transaction Type:Sale

Friedman Real Estate facilitated the $25.7 million transaction for a 180-unit multifamily property in Brownstown, a southwest suburb of Detroit. The property is located at 21901 Stratford Place Blvd and is classified as a multifamily asset.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $25,700,000
  • Units: 180
  • Price per Unit: $142,778

The buyer in this transaction is Jason Wisotsky from Four Corners Development Group. The brokers who represented the deal were Peter Jankowski and Rich Deptula from Friedman Real Estate.

Players

Peter Jankowski
Friedman Real Estate
Peter Jankowski
7 deals$88.7M volume
BROKER
Rich Deptula
Friedman Real Estate
Rich Deptula
4 deals$71.2M volume(248) 324-2000
BROKER
JW
Jason Wisotsky
11 deals$144.3M volume
BUYER

Details

SOLD
IMAGE: Peter Jankowski & Rich Deptula DATE: 11/14/2023 ADDRESS: 21901 Stratford Place Blvd MARKET: Brownstown Township, MI ASSET TYPE: Multifamily BUYER: Jason Wisotsky - Four Corners Development Group BROKERS: Peter Jankowski & Rich Deptula - Friedman Real Estate SALE PRICE: $25,700,000 UNITS: 180 ~ PPU: $142,778 NOTE: Friedman Real Estate facilitated the $25.7 million transaction for a 180-unit multifamily property in Brownstown, a southwest suburb of Detroit, located at 21901 Stratford Place Blvd.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,370,666.66

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$91,306.68
Cash-on-Cash Return-1.27%
Monthly Debt Service$121,831.11
Annual Debt Service$1,461,973.34