Develop Detroit Launches First Communities
The non-profit development firm has acquired two multifamily buildings in Detroit’s New Center area, which it plans to renovate and expand.
Detroit—Develop Detroit has secured its first two multifamily properties in Motor City: Marwood Apartments, located at 53 Marston St., and Midtown Square, situated at 93 Seward St.
The first was acquired for $2.5 million from a private owner and will provide both renovated and newly constructed mixed-income housing. The development is expected to break ground next summer and, in addition to renovating the existing 53 units, the project will add up to 60 new apartments. The residents at Marwood will get the chance to continue living in their current apartments or lease one of the newly built units at a rental rate that is proportionate with their income level.
For this project, Develop Detroit has partnered with Vanguard Community Development Corp. to conduct meetings and events to provide updates on the development and gather feedback.
“For Develop Detroit, it is of the utmost importance to put first the people that have long called these neighborhoods home and to make sure their communities experience the same kind of investment and advancement that some of the city’s more resourced areas have benefited from,” said Sonya Mays, CEO of Develop Detroit.
Currently, the five-story building includes one-, two- and three- bedroom apartments and features controlled access and a grade level parking with 93 spaces, according to Yardi Matrix. Average rent at Marwood is $543, as illustrated by the same source.
Midtown Square is a fully affordable, nine-story, 71-unit building, which features one-, two- and three-bedroom apartments, controlled access and a community room, as stated in the Yardi Matrix residential report. Develop Detroit already started stabilization of the property with the help of a cash investment from John Stanley Inc.
“The immediate short-term goal is to stabilize the property, which will improve the neighborhood and provide much needed affordable housing for the community. The long-term plan is to substantially rehabilitate the property and we look forward to working with Develop Detroit to do just that,” said Saki Middleton, president of John Stanley Inc., in a prepared statement.
Marwood Apartments and Midtown Square are the first properties in Develop Detroit’s portfolio, as the company aims to acquire diverse single and multifamily housing options for Detroiters, at varying income levels.
Source: Multi Housing News