&D - FINAL (Spring - 2016)

GRANDCIRCUS PARK

CENTRALBUSINESS DISTRICT

CORKTOWN

LAFAYETTE PARK SPRING 2016 DOWNTOWN DETROIT APARTMENT RENTALS

375

7

75

7

10

1

3

12

RIVER AVENUE

PINE

C

KALINE

MICHIGAN AVE.

MICHIGAN AVE.

PLUMPLUM

CHERRY

ELIZABETH

CHERRY

CHURCH

LEVERETTE

BAGLEY

LABROSSE

PORTER

ABBOTT

HOWARD

FORT

TENT

H

JEFFERSON

ABBOTT

TENT

H

ROSA

PARK

S BLV

D.

TRUM

BULL

SIXT

HSI

XTH

FIFTH

THIR

D

SECO

ND

FIRST

CASS

SHEL

BY

GRIS

WOL

DW

OOW

ARD

AVE.

JEFFERSONLARNED

LARNED

CIVIC CENTER DR.

ELIZABETH

BEECH

PLAZA

BAGLEY

CLIFFORD

GRAND RIVER

PARK

PLAC

E WASHI

NGTO

N BLV

D

LIBRARYFARMER

CONGRESS

CONGRESS

MONROE

LAFAYETTE

LAFAYETTE

MACOMB

CLINTON

MULLET

ELIZABETHADAMS

BEACON

MADISON

FORT

ST.A

NTOI

NE

BEAU

BEIN

BRUS

H

MONTCALM

COLUMBIA

WITH

EREL

L

JO

LAFAYETTE

HOWARD

FIRST

SECO

ND

FOUR

TH

CADILLAC SQ.

EIGHT

H

GRATIOT AVE.

BROO

KLYN

BROO

KLYN

BROO

KLYN

BR

SECO

ND

THIR

D

HENRY

BRUS

H

WOODBRIDGE

ATWATER

ATWATERATWATER

ST. A

UBIN

ORLE

ANS

RIVA

RD

CHRY

SLER

DR.

PEMBRIDGE ONE LAFAYETTE PL.

JAY

WATERLOO

ST. AUBIN

CHATEAUFORT

CHERBONEAU

NICOLET PL

DUCHARME PL.

STAF

FORD

LARNED

WOODBRIDGE

FRANKLINFRANKLIN

ST. A

UBIN

PLAC

E

ANTIETAM

NAVARRE PL.

RIOP

ELLE

AUBIN

MAPLE

RAND

OLPH

JEFFERSON

ORLE

ANS

PARK

WINDER

WASH

INGT

ON B

LVD.W. LAFAYETTE

JOLIET PL.

ANTIETAM AVE.

ANTIETAM AVE.

Detroit-WindsorTunnel

B

Detroit River

R

FordField

ComericaPark

E

Grand CircusPark

LafayettePlaisance

LafayetteCentral Park

CampusMartius

OldTiger

Stadium

GRAND CIRCUSPARK

CORKTOWN

LAFAYETTEPARK

CENTRALBUSINESSDISTRICT

DEFINING “DOWNTOWN” DETROIT

For the purposes of this study, we have defined “downtown” by the followingboundaries: I75 to the North, St. Aubin to the East (to include Lafayette Park),River to the South, and Rosa Parks (12th St) to the West (to include Corktown).

TABLE OF CONTENTS

Downtown Detroit Rentals. . . . . . . . . . 3

Rental Property Detail:

• Grand Circus Park . . . . . . . . . . . 4-10

• Central Business District . . . . 11-30

• Corktown. . . . . . . . . . . . . . . . . . . 31-36

• Lafayette Park . . . . . . . . . . . . . . 37-46

Average Rental Rates(Downtown) . . . . . . . . . . . . . . . . . . . . . 46

Market Trends(Downtown) . . . . . . . . . . . . . . . . . . . . . 47

Average Rental Rates(Submarkets) . . . . . . . . . . . . . . . . . . . . 48

Sample Market Rates . . . . . . . . . . . . . . 51

Average Occupancy . . . . . . . . . . . . . . 52

New Downtown Developments . . . 53

PREPARED BY:

SCOTT RYANMarketing Director - Multifamily

P. [email protected]

3

375

7

75

7

75

10

1

3

12

R AVENUE

KALINE

MICHIGAN AVE.

MICHIGAN AVE.

PLUMPLUM

CHERRY

ELIZABETH

CHERRY

CHURCH

LEVERETTE

BAGLEY

LABROSSE

PORTER

ABBOTT

HOWARD

FORT

TENT

H

JEFFERSON

ABBOTT

TENT

H

ROSA

PARK

S BLV

D.

VERM

ONT S

T.

FORT

IETH

FO

RTIE

TH

TRUM

BULL

SIXT

HSI

XTH

FIFTH

THIR

D

SECO

ND

FIRST

CASS

SHEL

BY

GRIS

WOL

DW

OO

JEFFERSONLARNED

LARNED

ELIZABETH

BEECH

PLAZA

BAGLEY

CLIFFORD

GRAND RIVER

WASHI

NGTO

N BLV

D

LIBRARYFARMER

CONGRESS

CONGRESS

MONROE

LAFAYETTE

LAFAYETTE

MACOMB

CLINTON

MULLET

ELIZABETHADAMS

BEACON

MADISON

FORT

ST.A

NTOI

NE

BEAU

BEIN

BRUS

H

MONTCALM

COLUMBIA

WITH

EREL

L

LAFAYETTE

HOWARD

FIRST

SECO

ND

FOUR

TH

CADILLAC SQ.

EIGHT

H

GRATIOT AVE.

BROO

KLYN

BROO

KLYN

BROO

KLYN

SECO

NDHENRY

BRUS

H

WOODBRIDGE

ATWATER ATWATER

ST. A

UBIN

ORLE

ANS

RIVA

RD

CHRY

SLER

DR.


JAY

W

ST. AUBIN

CHATEAUFORT

CHERBONEAU

NICOLET PL

DUCHARME PL.

STAF

FORD

LARNED

WOODBRIDGE

FRANKLINFRANKLIN

ST. A

UBIN

PLAC

E

ANTIETAM

NAVARRE PL.

RIOP

ELLE

AUBIN

MAPLE

RAND

OLPH

JEFFERSON

S

PARK

WASH

INGT

ON B

LVD.W. LAFAYETTE

DALZETTE ST.

JOLIET PL.

ANTIETAM AVE.

ANTIETAM AVE.

FordField

ComericaPark

E

Grand CircusPark

LafayettePlaisance


CampusMartius

OldTiger

Stadium

GRAND CIRCUSPARK

CORKTOWN

LAFAYETTEPARK

CENTRALBUSINESSDISTRICT

BRODERICKTOWER THE ASHLEY

DAVID WHITNEYBUILDING

FYFEAPARTMENTS

THE KALESBUILDING

THE IODENTLOFTS

THE PAVILLION APTS.

CITY PLACEDETROIT

LAFAYETTETOWERS

THE PALMS EASTAPARTMENTS

CARLTONAPARTMENTS

PALMSAPARTMENTS

JEAN RIVARDAPARTMENTS

CENTRAL PARKAPARTMENTS

DETROITCITY APTS.

FORT SHELBYTOWER APARTMENTS

THE LOFTS ATMERCHANTS ROW

MALCOMSONBUILDING

THE ALBERT

CLARIDGE HOUSEAPARTMENTS

LIBRARYLOFTS

NEW CADILLACSQUARE APTS.

GREEKTOWNLOFTS

RENAISSANCE CITYAPARTMENTS

BROADWAYLOFTS

HARMONIEPARK LOFTS

EUREKA LOFTS

LOFTS ATWOODWARD

CENTER

BOOK CADILLAC

RESIDENCES

SECURITYTRUST LOFTS

TOWNAPARTMENTS

LAFAYETTELOFTS

RIVERFRONTTOWERS

BROOKLYN PARKLOFTS

COAT FACTORYLOFTS

DOWNTOWN DETROIT RENTALSBRODERICK TOWER 10 Witherell . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124 unitsTHE FYFE APARTMENTS 10 West Adams. . . . . . . . . . . . . . . . . . . . . . . . 65 unitsTHE KALES BUILDING 76 West Adams . . . . . . . . . . . . . . . . . . . . . . . . . 117 unitsTHE IODENT LOFTS 2233 Park Avenue . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 unitsDAVID WHITNEY BUILDING 1 Park Avenue . . . . . . . . . . . . . . . . . . . 105 unitsTHE ALBERT 1214 Griswold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 unitsDETROIT SAVINGS BANK 1212 Griswold . . . . . . . . . . . . . . . . . . . . . . . 56 unitsMALCOMSON BUILDING 1215 Griswold. . . . . . . . . . . . . . . . . . . . . . . 25 unitsDETROIT CITY APARTMENTS 1431 Washington . . . . . . . . . . . . . . . 351 unitsCLARIDGE HOUSE APARTMENTS 1514 Washington . . . . . . . . . . 44 unitsTOWN APARTMENTS 1511 First Street . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . THE LOFTS AT MERCHANTS ROW 1247 Woodward. . . . . . . . . . 199 unitsLOFTS AT WOODWARD CENTER 1448 Woodward . . . . . . . . . . . . 61 unitsFORT SHELBY TOWER APARTMENTS 527 West Lafayette. . . . 57 unitsBOOK CADILLAC RESIDENCES 1114 Washington . . . . . . . . . . . . . . 15 unitsSECURITY TRUST LOFTS 735 Griswold . . . . . . . . . . . . . . . . . . . . . . . . 20 unitsLIBRARY LOFTS 1250 Library Street . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 unitsBROADWAY LOFTS 1323 Broadway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 units

THE ASHLEY 1538 Centre Street . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 unitsGREEKTOWN LOFTS 743 Beaubien . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 unitsEUREKA LOFTS 1521 Broadway . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 unitsRENAISSANCE CITY APARTMENTS 555 Brush Street . . . . . . 339 unitsNEW CADILLAC SQUARE 111 Cadillac Square. . . . . . . . . . . . . . . . . . 221 unitsLAFAYETTE LOFTS 1302 West Lafayette. . . . . . . . . . . . . . . . . . . . . . . . . . 50 unitsCOAT FACTORY LOFTS 1652 Fort Street. . . . . . . . . . . . . . . . . . . . . . . . . 62 unitsBROOKLYN PARK LOFTS 2233 Brooklyn Street. . . . . . . . . . . . . . . . 63 unitsRIVERFRONT TOWERS 100 Riverfront . . . . . . . . . . . . . . . . . . . . . . . . . 555 unitsTHE PAVILLION APARTMENTSOne Lafayette Plaisance . . . . . 340 unitsLAFAYETTE TOWERS 1301 Orleans. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 584 unitsCITY PLACE DETROIT 1600 Antietam . . . . . . . . . . . . . . . . . . . . . . . . . 320 unitsTHE PALMS EAST APARTMENTS 1531 East Larned . . . . . . . . . . . . 114 unitsCENTRAL PARK APARTMENTS 621 Orleans . . . . . . . . . . . . . . . . . . . 92 unitsCARLTON APARTMENTS 1387 East Larned . . . . . . . . . . . . . . . . . . . . 144 unitsJEAN RIVARD APARTMENTS 930 East Lafayette . . . . . . . . . . . . . . 146 unitsPALMS APARTMENTS 1001 East Jefferson . . . . . . . . . . . . . . . . . . . . . . . 62 units

*Subjects in the study include 4+ units. **Not including low income or senior housing.4,613 TOTAL UNITS

4

GrandCircus ParkGrand Circus Park connectsthe theatre district with the financialdistrict. It is bisected by WoodwardAvenue, four blocks north ofCampus Martius Park.The districtwas listed on the National Registerof Historic Places in 1983.

DOWN TOWN D E T R O I T A PA R TM EN T R E N TA L S

CENTRALBUSINESS DISTRICT CORKTOWN LAFAYETTE PARK

GRAND CIRCUS PARK

75

7

GRAND RIVER AVENUE

PLUM

C

THIR

D

ELIZABETH

BEECH

PLAZA

BAGLEY

CLIFFORD

GRAND RIVER

HING

TON B

LVD

CLINTO

MUL

ELIZABETHADAMS

BEACON

MADISON

OINE

N

MONTCALM

COLUMBIA

WITH

EREL

L

JOHN

R.

FIRST

SECO

ND

FOUR

TH

GRATIOT AVE.

SECO

ND

THIR

D

FOUR

TH

LEDYARD

HENRY

WINDERSPROAT

SIBLEY

RK

ADELAIDE

DIVISION

BRUS

H

PARK

FordField

ComericaPark

E

Grand CircusPark

L

BRODERICKTOWER

FYFEAPARTMENTS

THE KALESBUILDING

THE IODENTLOFTS

DAVID WHITNEYBUILDING

GRAND CIRCUS PARK RENTALS:

BRODERICK TOWER 10 Witherell 124 units

FYFE APARTMENTS 10 West Adams 65 units

THE KALES BUILDING 76 West Adams 117 units

THE IODENT LOFTS 2233 Park Avenue 11 units

DAVID WHITNEY BUILDING 1 Park Avenue 105 units

5

GRAND CIRCUS PARK

STUDIOS 38 461 $890 $1.93

1 BEDROOMS 238 725 $1,305 $1.80

2 BEDROOMS 127 1205 $2,372 $1.97

3 BEDROOMS 8 1888 $3,875 $2.05

OPEN LOFTS 11 1030 $1,988 $1.93

SUBMARKETAVERAGES 422 $1.89(WEIGHTED)

TOTAL NUMBER AVERAGE AVERAGE AVERAGE RENTFLOOR PLAN STYLE OF UNITS SQUARE FEET RENT PER SQUARE FOOT

At $1.89 per square foot, Grand Circus Parkboasts the highest average rent in Detroit and reports

100% occupancy.

GRAND CIRCUS PARK RENTALS:

BRODERICK TOWER 10 Witherell 124 units

FYFE APARTMENTS 10 West Adams 65 units

THE KALES BUILDING 76 West Adams 117 units

THE IODENT LOFTS 2233 Park Avenue 11 units

DAVID WHITNEY BUILDING 1 Park Avenue 105 units

6

GRAND CIRCUS PARK

STUDIO 14 496 $1,005 $2.02

1 BEDROOM 42 786 $1,513 $1.92

2 BEDROOM 62 1584 $3,307 $2.09

3 BEDROOM 6 2050 $4,050 $1.98


BRODERICK TOWER10 Witherell, Detroit, Michigan

Units: 124

Unit Mix: Studio, One, Two, &Three Bedrooms

Year Built: 1928

Historic Building:Yes

Year Remodeled: 2012

Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: 10-Foot Ceilings, Central A/C, Walk-in Closets, Combo

Washer/Dryer in Unit, Tile & Carpet Flooring.

KITCHENS: Granite Countertops with Cherry Cabinets. Microwave,Dishwasher, and Garbage Disposal are Included.

BATHROOMS: Tile Floors, Soaking Tub, Luxury Features.

PROPERTY AMENITIES:Concierge/Security, Parking in Adjacent Underground Garage with Valet,Fitness Center, Laundry Rooms, Extra Storage.

7

GRAND CIRCUS PARK

STUDIO 24 425 $775 $1.82

1 BEDROOM 36 739 $900 $1.22

2 BEDROOM 5 900 $1,250 $1.39


THE FYFE APARTMENTS10 West Adams, Detroit, Michigan

Units: 65

Unit Mix: Studio, One Bedrooms

Year Built: 1919


Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Wall-to-wall Plush Pile Carpet (Hardwood Floors in

Two Units), Walk-in Closets, All Utilities Included in Rent.

KITCHENS: Renovated, Tile Floors, Black or White Refrigerators &Electric Stoves Provided. Dishwashers in Some Units.Laminate Countertops.

PROPERTY AMENITIES:Laundry Rooms, Extra Storage Available, Controlled Entry,Underground Gated Parking Nearby.

8

GRAND CIRCUS PARK

1 BEDROOM 67 702 $1,350 $1.92

2 BEDROOM 50 1079 $2,225 $2.06


THE KALES BUILDING76 West Adams, Detroit, Michigan

Units: 117

Unit Mix:One and TwoBedroom

Year Built: 1914



Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Large Windows, Hardwood Floors, Stackable

or Combo Washer/Dryer in Unit.

KITCHENS: Granite Countertops, Stainless Steel Appliances(Some Units), Maple Cabinets, Dishwasher

BATHROOMS: Ceramic Tile, Tub/Shower

PROPERTY AMENITIES:Fitness Center, Connected Garage Parking, Business Center,Tanning Room, Secured Entry.

9

GRAND CIRCUS PARK

1 BEDROOM 93 671 $1,456 $2.17

2 BEDROOM 10 1259 $2,705 $2.15

3 BEDROOM 2 1726 $3,700 $2.14


INTERIOR FEATURES & FINISHES:Hardwood Floors, Stainless Steel Appliances, Granite Countertops, In-UnitLaundry, Parking Garage, Valet Available.

PROPERTY AMENITIES:$30/Month Hospitality Package Includes: Fitness Center, Wi-Fi in the Lobby,Free Coffee/Tea, Printer & Fax.

DAVID WHITNEYBUILDING1 Park Avenue, Detroit, Michigan

Units: 105

Unit Mix:One, Two, & Three Bedrooms

Year Built: 1915



Occupancy: 100%

10

GRAND CIRCUS PARK

OPEN LOFTS 11 1030 $1,988 $1.93


IODENT LOFTS2233 Park Avenue, Detroit, Michigan

Units: 11

Unit Mix:Open Lofts

Year Built: 1923



Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Large Windows, Stained Concrete Floors,

Washer/Dryer in Unit, Central Air & Heat.

KITCHENS: Granite Countertops, Stainless Steel AppliancesMaple Cabinets, Drawer Dishwashers, Icemaker.

BATHROOMS: Marble Tile Throughout, Basin Vanities, Luxury Fixtures.

PROPERTY AMENITIES:Secured Entry with Video Intercom System, Secured Parking Available,Bar and Restaurant On-site.

11

CentralBusiness DistrictThe Central Business District ofDetroit contains many of the prominentskyscrapers in Detroit. The downtownarea features high-rise residential livingalong with a number of parks includingthose linked by a promenade along theInternational Riverfront


GRANDCIRCUS PARK CORKTOWN LAFAYETTE PARK


375

7

MICHIGAN AVE.

BBOTT

THIR

D

SECO

ND

FIRST

CASS

SHEL

BY

GRIS

WOL

DW

OOW

ARD

AVE.

JEFFERSONLARNED

LARNED

BAGLEY

CLIFFORD

ND RIVER

PARK

PLAC

E

WASHI

NGTO

N BLV

D

LIBRARYFARMER

CONGRESS

CONGRESS

MONROE

LAFAYETTE

MACOMB

CLINTON

MULLET

MADISON

FORT

ST.A

NTOI

NE

BEAU

BEIN

BRUS

H

LAFAYETTE

HOWARD

FIRST

SECO

NDOURT

CADILLAC SQ.

GRATIOT AVE.

CHRY

SLER

DR

WOOD

RAND

OLPH

WASH

INGT

ON B

LVD.

CampusMartius

O

DETROITCITY APTS.

FORT SHELBYTOWER APARTMENTS

CLARIDGE HOUSEAPARTMENTS

LIBRARYLOFTS

NEW CADILLACSQUARE APTS.

GREEKTOWNLOFTS

RENAISSANCE CITYAPARTMENTS

BROADWAYLOFTS

HARMONIEPARK LOFTS

EUREKA LOFTS

LOFTS ATWOODWARD

CENTER

BOOK CADILLACRESIDENCES

THE ALBERT

TOWNAPARTMENTS

THE ASHLEY

MALCOMSONBUILDING

THE LOFTS ATMERCHANTS ROW

CENTRAL BUSINESS DISTRICT RENTALS:THE ALBERT 1214 Griswold 127 unitsDETROIT SAVINGS BANK 1212 Griswold 56 unitsMALCOMSON BUILDING 1215 Griswold 25 unitsDETROIT CITY APTS 1431 Washington 351 unitsCLARIDGE HOUSE APTS 1514 Washington 44 unitsTOWN RESIDENCES 1511 First StreetTHE LOFTS AT MERCHANTS ROW 1247 Woodward 199 unitsLOFTS AT WOODWARD CENTER 1448 Woodward 61 unitsFORT SHELBY TOWER APTS 527 W Lafayette 57 unitsBOOK CADILLAC RESIDENCES 1114 Washington 15 unitsSECURITY TRUST LOFTS 735 Griswold 20 unitsLIBRARY LOFTS 1250 Library Street 6 unitsBROADWAY LOFTS 1323 Broadway 16 unitsTHE ASHLEY 1538 Centre Street 67 unitsGREEKTOWN LOFTS 743 Beaubien 51 unitsEUREKA LOFTS 1521 Broadway 4 unitsRENAISSANCE CITY APTS 555 Brush Street 339 unitsNEW CADILLAC SQUARE 111 Cadillac Square 221 units

12


STUDIOS 113 597 $1,037 $1.74

1 BEDROOMS 999 883 $1,533 $1.74

2 BEDROOMS 447 1265 $2,043 $1.62

3 BEDROOMS 23 1779 $2,976 $1.67

OPEN LOFTS 77 1391 $1,875 $1.35

SUBMARKETAVERAGES 1659* $1.67*


The Central Business District contains 36% (1659) ofDowntown Detroit’s 4613 apartments

CENTRAL BUSINESS DISTRICT RENTALS:THE ALBERT 1214 Griswold 127 unitsDETROIT SAVINGS BANK 1212 Griswold 56 unitsMALCOMSON BUILDING 1215 Griswold 25 unitsDETROIT CITY APTS 1431 Washington 351 unitsCLARIDGE HOUSE APTS 1514 Washington 44 unitsTOWN RESIDENCES 1511 First StreetTHE LOFTS AT MERCHANTS ROW 1247 Woodward 199 unitsLOFTS AT WOODWARD CENTER 1448 Woodward 61 unitsFORT SHELBY TOWER APTS 527 W Lafayette 57 unitsBOOK CADILLAC RESIDENCES 1114 Washington 15 unitsSECURITY TRUST LOFTS 735 Griswold 20 unitsLIBRARY LOFTS 1250 Library Street 6 unitsBROADWAY LOFTS 1323 Broadway 16 unitsTHE ASHLEY 1538 Centre Street 67 unitsGREEKTOWN LOFTS 743 Beaubien 51 unitsEUREKA LOFTS 1521 Broadway 4 unitsRENAISSANCE CITY APTS 555 Brush Street 339 unitsNEW CADILLAC SQUARE 111 Cadillac Square 221 units

*Excludes The Town Apartments as they are under new ownership and renovation.

13

1 BEDROOM 204 688 $942 $1.37

2 BEDROOM 147 1114 $1,466 $1.32


INTERIOR FEATURES & FINISHES:GENERAL: Chevron-patterned Wood Floors, White Solar Roller

Shade Window Treatments, Wire Shelving in Closets, Designer Lighting.

KITCHENS: Classic White Wood Cabinets, Exposed Wood Shelving,Custom Roll-away Kitchen Island, Stainless SteelAppliances Including Dishwasher and Microwave,Quartz Countertops, Under-mount Stainless SteelKitchen Sink, Chrome Delta Faucet with Pull-out Spray.

BATHROOMS: Classic Subway Tile Surround, Porcelain Tile Bathroom Flooring, Glass Shower Enclosure.

PROPERTY AMENITIES:24-Hour Concierge, 3rd Floor Social Space, Outdoor Balcony OverlookingCapitol Park, Bike Storage, Laundry Facility, Community Kitchen, DryCleaning Delivery, High Speed Internet and WiFi, Fitness Center, PetGrooming Center, Individual Storage Areas, Rock Security.


13

1 BEDROOM 124 623 $1,490 $2.39

2 BEDROOM 3 1296 $2,530 $1.96



THE ALBERT-CAPITOL PARK1214 Griswold, Detroit, Michigan

Units: 127

Unit Mix:One & TwoBedrooms

Year Built: 1929

Year Renovated: 2014


Occupancy: 100%

14


14


DETROIT SAVINGS BANK1212 Griswold, Detroit, Michigan

Units: 56

Unit Mix: Studio, One, Two &Three Bedrooms

Year Built: 1895



Occupancy: 93%

STUDIO 19 694 $1,165 $1.96

1 BEDROOM 26 875 $1,590 $1.82

2 BEDROOM 9 1455 $2,500 $1.72

3 BEDROOM 2 1566 $3,300 $2.11


INTERIOR FEATURES & FINISHES:GENERAL: Carpet,, Washer/Dryer, 10ft+ Ceilings, Central A/C

KITCHENS: Granite Countertops, Cherry Cabinets, Microwave,Dishwaser, Garbage Disposal

BATHROOMS: Original Tile Floors and Tubs, Upgraded Fixtures.

PROPERTY AMENITIES:Concierge, 24-Hour Security, Secured Entry

15

v

1 BEDROOM 15 597 $1,050 $1.76

2 BEDROOM 5 875 $1,795 $2.05

3 BEDROOM 5 950 $1,905 $2.01


INTERIOR FEATURES & FINISHES:GENERAL: Key Fob Access, Stacked Washer/Dryer, Ceiling Fan in

Bedrooms, Wood-Grain Plank Flooring, IndividualTemperature Controls.

KITCHENS: Custom Kitchen Island and Breakfast Bar, Espresso-Finish Cabinets, Quartz Countertops with TileBacksplashes, Stainless-Steel Appliances.

BATHROOMS: Euro-Style, Glass Shower Doors.

PROPERTY AMENITIES:Off-Site Parking, Bike Storage, Pet-Friendly, Storage Lockers.


MALCOMSON BUILDING1215 Griswold, Detroit, Michigan

Units: 25

Unit Mix:One, Two & Three Bedrooms

Year Built: 1910



Occupancy: 100%

16

1 BEDROOM 204 651 $1,160 $1.78

2 BEDROOM 147 1150 $1,630 $1.65


DETROIT CITYAPARTMENTS1431 Washington Boulavard, Detroit, Michigan

Units: 351


Year Built: 1981

Historic Building:No


Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Three Interior Finish Packages, Vinyl Wood Flooring

in Foyer, Dining Room & Kitchen, Walk-in Closets,Individually Controlled Central Air & Heat,Private Balconies.

KITCHENS: Fully Renovated Kitchen Complete with Pantry, BreakfastBar and Whirlpool Appliances Including: Quiet CycleDishwasher, Electric Stove, Frost-free Refrigerator, andAbove-range Microwave (in Select Apartments).

PROPERTY AMENITIES:Sky Park with Rooftop Pool, Jacuzzi, Fire Pit, Lounge Area, Tennis Courts,Running track, Updated Sports Court. Sky Club with Outdoor Terrace,Kitchen, Pool Table, Fireplace, TV’s. Indoor Garage Parking (Attached), 24-Hour Security, Concierge, On-site Market, Fitness Center, Business Center,Laundry Room.


17

STUDIO 4 580 $850 $1.47

1 BEDROOM 28 930 $1,150 $1.24

2 BEDROOM 10 1218 $1,650 $1.35

3 BEDROOM 2 1700 $2,500 $1.47


Units: 44

Unit Mix: Studio, One, Two &Three Bedrooms

Year Built: 1906



Occupancy: 93%

INTERIOR FEATURES & FINISHES:GENERAL: Hardwood Floors, In-wall Magic Pak HVAC Units.

KITCHENS: Granite Countertops, Stainless Steel Appliances,Cherry Cabinets.

BATHROOMS: Original Tile Floors and Tubs, Upgraded Fixtures.

PROPERTY AMENITIES:Pets Accepted, Laundry Room on Each Floor,On-site Management & Maintenance, Wi-Fi, Controlled Access.


THE CLARIDGE1215 Griswold, Detroit, Michigan

18

TOWN RESIDENCES1511 1st Street, Detroit, Michigan

Units: 257

Unit Mix: Studio, One &Two Bedrooms

Year Built: 1940



Occupancy:UNDERRENOVATION

INTERIOR FEATURES & FINISHES:GENERAL: Currently Under Renovation, All Utilities Included.

KITCHENS: Dishwasher, Garbage Disposal, Laminate Countertopsand Cabinets.

BATHROOMS: Laminate Countertops, Tile Floors, Standard Fixtures.

PROPERTY AMENITIES:Laundry Facility, Underground Parking Garage Available, 24-HourSecurity/Attended Lobby with Electronic Entry, No Pets Allowed, FitnessCenter, Front Desk Package Pickup.


*Excluded from 2016 study due to ownership change and renovation

19

STUDIO 21 660 $1,270 $1.92

1 BEDROOM 144 1008 $1,710 $1.70

2 BEDROOM 32 1507 $2,170 $1.44

3 BEDROOM 2 2001 $2,805 $1.40


THE LOFTS ATMERCHANTS ROW1247 Woodward Avenue, Detroit, Michigan

Units: 157 + 42 (expansion)199 Total Units

Unit Mix: Studio, One, Two& Three Bedrooms

Year Built: 1917-1941



Occupancy: 100%

(70% Pre-Leased on NewConstruction Units)

INTERIOR FEATURES & FINISHES:GENERAL: 12 ft+ Ceilings, Exposed Brick Walls, Stained Concrete,

Hardwood, Tile & Carpet Floors, Central A/C, Walk-inClosets, Track Lighting, Combo Washer/Dryer in Each Unit.

KITCHENS: Granite Countertops with Ceramic Sinks, MapleCabinets. GE Appliances Including Frost-freeRefrigerator with Ice-maker, Internal Water Dispenserand Glass Shelves. Also Includes Microwave,Dishwasher, Disposal. Upgraded Kohler Chrome Faucetwith Pull-Out Spray Handle, Standard in All Units.

BATHROOMS: Granite Countertops, Upgraded Fixtures, Tile Floors.

PROPERTY AMENITIES:On-site Garage Parking, Free Shuttle, Fitness Center, Extra Storage,Restricted Access, Laundry Rooms, Free Wi-Fi, Free Room Service from theHudson Café.


20

STUDIO 10 698 $1,325 $1.90

1 BEDROOM 42 992 $1,704 $1.72

2 BEDROOM 9 1252 $2,101 $1.68


LOFTS ATWOODWARD CENTER1448 Woodward Avenue, Detroit, Michigan

Units: 61

Unit Mix: Studio, One,Two Bedrooms

Year Built: 1896-1910



Occupancy: 97%

*Renovating as ResidentsMove Out

INTERIOR FEATURES & FINISHES:GENERAL: 10 ft+ Ceilings (Up to 18 Feet), Exposed Ductwork,

Stained Concrete Floors, Washer/Dryer in Every Unit,Track Lighting.

KITCHENS: Dishwasher, Garbage Disposal.

BATHROOMS: Stained Concrete Floors, Laminate Countertops,Maple Cabinets, Upgraded Fixtures.

PROPERTY AMENITIES:Gated Parking Included, Small Pets are Accepted, Controlled Access.


21

1 BEDROOM 18 982 $1,809 $1.84

2 BEDROOM 22 1464 $2,537 $1.73

3 BEDROOM 17 1848 $3,300 $1.79


FORT SHELBY TOWERAPARTMENTS527 West Lafayette, Detroit, Michigan

Units: 57

Unit Mix:One, Two, ThreeBedrooms,Penthouse

Year Built: 1917



Occupancy: 95%

INTERIOR FEATURES & FINISHES:GENERAL: Amazing Views, Walk-in Closets, Washer/Dryer in Unit,

Central A/C, Albert Kahn Design.

KITCHENS: Granite Countertops, Maple Cabinets, AppliancesIncluded (Including Microwave, Dishwasher, Disposal).

BATHROOMS: Granite Countertops, Marble Floors, Luxury Finishes.

PROPERTY AMENITIES:Concierge, Parking On-site, Fitness Center, Extra Storage, Clubroom,Business Center, 24-hour Security, Restricted Access, Laundry rooms, Wi-Fi,20% Off On-site Restaurants.


22

1 BEDROOM 5 984 $2,430 $2.47

2 BEDROOM 10 1338 $3,144 $2.35


BOOK CADILLACRESIDENCES1114 Washington, Detroit, Michigan

Units: 15

Unit Mix:One & TwoBedroom Condos

Year Built: 1924



Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: 29 Floors, 455 Hotel Rooms, 67 Condos. 18 of Those

Condos are Temporarily for Rent. Louis Kamper andAlbert Kahn Design, Amazing Views, Hardwood Floors,Walk-in Closets, Washer/Dryer in Unit, Central A/C.

KITCHENS: Granite Countertops Maple Cabinets, Stainless SteelAppliances (Including Microwave, Dishwasher, Disposal).

BATHROOMS: Granite Countertops, Marble Floors, Luxury Finishes.

PROPERTY AMENITIES:“Westin” Hotel Amenities Including: Concierge, Parking On-site, Valet, RoomService, Shoe Shine, Fitness Center, Extra Storage, Clubroom, BusinessCenter, 24-hour Security, Restricted Access, Laundry Rooms, Dry Cleaning,Wi-Fi, Heated Indoor Pool, Private Elevators, Private Residential Lobby. Spa,Bar & Restaurant On-site.


*No longer offered as apartments. Only available through co-owners.

23

OPEN LOFTS 20 1024 $1,675 $1.64


SECURITYTRUST LOFTS735 Griswold, Detroit, Michigan

Units: 20

Unit Mix:Open Lofts

Year Built: 1925



Occupancy: 90%

INTERIOR FEATURES & FINISHES:GENERAL: Historic 7-Story Building Designed by Albert Kahn.

KITCHENS: Open Kitchen with Large Center Island, HardwoodCabinetry, Granite Countertops, Kohler Chrome Faucetwith Pull-out Spray Handle, Double-bowl Stainless SteelSink and Contemporary GE Appliances Package(Electric Range, Dishwasher, Refrigerator, Washer/DryerCombination Unit).

BATHROOMS: Porcelain Tile Floor and Surround in Tub and Shower,Granite Countertops with Stainless Steel, Full VanityMirror with Vanity Light Bar, Hardwood Cabinetry,Kohler Plumbing Fixtures, Walk-in Shower.

PROPERTY AMENITIES:Located in the Heart of Downtown Detroit. Exercise and Fitness Center,Security System for Entering Guests, Community Room.


24

OPEN LOFTS 6 1700 $2,500 $1.47


LIBRARY LOFTS1250 Library Street, Detroit, Michigan

Units: 6

Unit Mix:One & TwoBedroom Lofts

Year Built: 1915



Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Hardwood Floors

KITCHENS: Maple Cabinets, Stainless Steel or Black Appliances,Solid Surface Counter Tops, Luxury Fixtures.

BATHROOMS: Tile Floors, Stand Alone Ceramic Vanities, Luxury Fixtures.

PROPERTY AMENITIES:Secure Parking On-site, Restricted Access, Laundry Room, In-unitWasher/Dryer Hook-ups.


25

2 BEDROOM 16 1615 $2,250 $1.39


BROADWAY LOFTS1323 Broadway, Detroit, Michigan

Units: 16

Unit Mix: Two Bedroom Lofts

Year Built: 1916


Year Remodeled:N/A

Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Direct Elevator to Entry, 16-Foot Ceilings, Stacked Full-

size Washer & Dryer in Unit, Individual A/C & Furnace.

KITCHENS: Granite Countertops, Stainless Steel Appliances,Ceramic Tile, Laminate Wood Grain Cabinets.

BATHROOMS: Marble Vessel Sinks, Ceramic Tile, Waterfall Faucets.

PROPERTY AMENITIES:Secured Parking On-site, Extra Atorage Available, Restricted Access & Security.


26

1 BEDROOM 33 683 $1,228 $1.80

2 BEDROOM 34 893 $1,538 $1.72



THE ASHLEY1538 Centre Street, Detroit, Michigan

Units: 67


Year Built: 1916



Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Faux Hardwood Flooring, Plush Carpeting, Eco Friendly

Heating and Cooling Systems, Optional ClimateControl, 9 ft Ceilings.

KITCHENS: Shaker Cabinets, Clean Steel Appliances, Over-the-Range Microwave, Dishwasher.

BATHROOMS: Ceramic Tile, Pedestal Sinks, Chrome Hardware.

PROPERTY AMENITIES:Spectacular Downtown Views, Vintage Lobby Entrance, On-site Retail (Dilla’sDelightsand Vertical), On-site Laundry, 24-Hour Emergency Maintenance, Key-less Entry and Secure Elevators, Guest Intercom System, Prome Covered Parking,Pet Friendly, Dry Cleaning Pick Up and Drop Off Services, On-site Management.

27

OPEN LOFTS 51 1450 $1,450 $1.00


GREEKTOWN LOFTS743 Beaubien, Detroit, Michigan

Units: 51

Unit Mix:Open Lofts

Year Built: 1885



Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Hardwood Floors, Open Loft Space Units.

KITCHENS: White Laminate Counter Tops and Cabinets,White Appliances.

BATHROOMS: Hardwood Floors, Laminate Vanities, Standard Fixtures.

PROPERTY AMENITIES:On-site Laundry, Heat & Water Included, Cats Welcome


28

1 BEDROOM 3 1400 $1,750 $1.25

2 BEDROOM 1 1500 $2000 $1.33


EUREKA LOFTS1521 Broadway, Detroit, Michigan

Units: 4

Unit Mix:One & TwoBedroom Lofts

Year Built:N/A


Year Remodeled:N/A

Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Hardwood/Concrete Floors, High Ceilings.

KITCHENS: Concrete Countertops, Stainless Steel Appliances,Maple Cabinets.

BATHROOMS: High-end Finisheds, Tile floors.

PROPERTY AMENITIES:Private Elevator Access.


29

1 BEDROOM 200 878 $1,350 $1.54

2 BEDROOM 139 1365 $1,800 $1.32


RENAISSANCE CITYAPARTMENTS55 Brush, Detroit, Michigan

Units: 339


Year Built: 1985



Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Three Interior Finish Packages. Vinyl Wood Flooring in Foyer,

Dining Room & Kitchen. Walk-in Closets, IndividuallyControlled Central Air & Heat, Private Balconies.

KITCHENS: Fully Renovated Kitchen Complete with Pantry, BreakfastBar and Whirlpool Appliances Including: Quiet CycleDishwasher, Electric Stove, Frost-free Refrigerator, andAbove-range Microwave (in Select Apartments).

PROPERTY AMENITIES:Sky Park with Rooftop Pool, Jacuzzi, Fire Pit, Lounge Area, Tennis Courts,Running Track. Sky Club with Outdoor Terrace, Kitchen, Pool Table, Fireplace,TV’s. Indoor Garage Parking (Attached), 24-Hour Security, Concierge, On-site Market, Fitness Center, Business Center, Laundry Room.


30

STUDIO 44 350 $563 $1.61

1 BEDROOM 167 600 $763 $1.27

2 BEDROOM 10 700 $850 $1.21


THE NEW CADILLACSQUARE APARTMENTS111 Cadillac Square, Detroit, MI

Units: 221

Unit Mix: Studio, One &Two Bedroom

Year Built: 1927


Year Remodeled:N/A

Occupancy: 94%

INTERIOR FEATURES & FINISHES:GENERAL: Carpet, Walk-in Closets,

Window Unit A/C Included.

KITCHENS: Laminate Counter Tops, White or Cherry Cabinets,White Appliances, Vinyl Floors.

BATHROOMS: Vinyl Floors, Ceramic Stand Alone Vanities, Standard Fixtures.

PROPERTY AMENITIES:Parking On-site, Fitness Center, Restricted Access, Laundry Rooms.Convenience Store, Restaurant and Salon in Building.


31

CorktownCorktown is the oldestneighborhood in Detroit, Michigan,although the city of Detroit is twiceas old. The neighborhood is largelyresidential and was listed on theNational Register of HistoricPlaces in 1978.



GRAND CIRCUSPARK LAFAYETTE PARK

CORKTOWN

10

1

12

KALINE

MICHIGAN AVE.

MICHIGAN AVE.

PLUMPLUM

CHERRY

ELIZABETH

CHERRY

CHURCH

LEVERETTE

BAGLEY

LABROSSE

PORTER

ABBOTT

HOWARD

FORT

TENT

H

JEFFERSON

ABBOTT

TENT

H

ROSA

PARK

S BLV

D.

VERM

ONT S

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FORT

IETH

FO

RTIE

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SIXT

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XTH

FIFTH

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ELIZABETH

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LAFAYETTE

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FIRST

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BROO

KLYN

BROO

KLYN

BROO

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W. LAFAYETTE

DALZETTE ST.

OldTiger

Stadium

LAFAYETTELOFTS

RIVERFRONTTOWERS

BROOKLYN PARKLOFTS

COAT FACTORYLOFTS

CORKTOWN RENTALS:

LAFAYETTE LOFTS 1302 West Lafayette 50 units

COAT FACTORY LOFTS 1652 Fort Street 62 units

BROOKLYN PARK LOFTS 2233 Brooklyn St. 63 units

RIVERFRONT TOWERS 100 Riverfront 555 units

32

1 BEDROOMS 259 743 $1,650 $2.22

2 BEDROOMS 296 1450 $2,450 $1.69

OPEN LOFTS 175 950 $961 $1.01



Corktown contains the

majority of the open loft space in DowntownDetroit and reports 97% occupancy

CORKTOWN RENTALS:

LAFAYETTE LOFTS 1302 West Lafayette 50 units

COAT FACTORY LOFTS 1652 Fort Street 62 units

BROOKLYN PARK LOFTS 2233 Brooklyn St. 63 units

RIVERFRONT TOWERS 100 Riverfront 555 units

CORKTOWN

33

CORKTOWN

OPEN LOFTS 50 1325 $1,283 $0.97


LAFAYETTE LOFTS1302 West Lafayette, Detroit, Michigan

Units: 50

Unit Mix:Open Lofts

Year Built: 1920



Occupancy: 98%

INTERIOR FEATURES & FINISHES:GENERAL: 10 ft+ Ceilings, Window Unit A/C.

KITCHENS: White Laminate Countertops, White Laminate Cabinets,White Appliances.

BATHROOMS: Laminate Vanities, Hardwood Floors, Standard Fixtures.

PROPERTY AMENITIES:On-site Parking, 24-Hour Security, Laundry Rooms, Water Included,Cats Welcome

34

CORKTOWN

OPEN LOFTS 62 700 $775 $1.11


COAT FACTORY LOFTS1652 Fort Street, Detroit, Michigan

Units: 62

Unit Mix: Studio, OneBedroom Lofts

Year Built:N/A


Year Remodeled:N/A

Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Hardwood Floors.

KITCHENS: Faux Granite Countertops, Black Appliances,Maple Cabinets.

BATHROOMS: Laminate Countertops, Hardwood Floors,Upgraded Fixtures.

PROPERTY AMENITIES:Resident Lounge, Heat & Water Included, Pets Welcome.

35

CORKTOWN

OPEN LOFTS 63 825 $825 $1.00


BROOKLYN PARKLOFTS2233 Brooklyn Street, Detroit, Michigan

Units: 63

Unit Mix:Open Lofts

Year Built:N/A


Year Remodeled:N/A

Occupancy: 93%

INTERIOR FEATURES & FINISHES:GENERAL: Hardwood Floors.

KITCHENS: White Laminate Countertops, White Cabinets,White Appliances.

BATHROOMS: White Laminate Vanities, Hardwood Floors, Jetted Tubsin Some Units, Standard Fixtures.

PROPERTY AMENITIES:Water Included, Pets Welcome.

36

CORKTOWN

1 BEDROOM 259 743 $1,650 $2.22

2 BEDROOM 296 1450 $2,450 $1.69


RIVERFRONT TOWERS100 Riverfront Drive, Detroit, Michigan

Units: 555

Unit Mix:One & TwoBedroom

Year Built: 1983


Year Remodeled:N/A

Occupancy: 97%

INTERIOR FEATURES & FINISHES:GENERAL: Gated Community, Parking Garage On-site, Balconies

on Select Units, Washer/Dryer in Unit, Walk-in Closets inSelect Units, Carpet Throughout, Wall Mount HVAC Units.

KITCHENS: Wood Laminate Floors, White Laminate Countertopsand Cabinets, White Appliances.

BATHROOMS: Stone Countertops, Tile Floors, Upgraded Fixtures.

PROPERTY AMENITIES:Fitness Center, Tennis & Volleyball Courts, Restaurant, Salon & Dry CleanerOn-site, Skywalk with Direct People Mover Access, Indoor Heat Pool &Jacuzzi, Outdoor Picnic and Playscape Area, Jogging Trail, Dog Run.

37

Lafayette ParkLafayette Park is a residentialneighborhood east of DowntownDetroit. The area is part of the Miesvan der Rohe Residential Districtlisted in the National Register ofHistoric Places. Lafayette Park islocated on the city’s lower east sidedirectly south of the Eastern MarketHistoric District.

D OWN TOWN D E T R O I T A PA R TM EN T R E N TA L S


GRAND CIRCUSPARK CORKTOWN

LAFAYETTE PARK

375

7

3

LARNED

LIBRARYFARMER

CONGRESS

MONROE

LAFAYETTE

LAFAYETTE

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MULLET

ADAMS

BEACON

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ST.A

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RD

CHRY

SLER

DR.


CHATEAUFORT

CHERBONEAU

NICOLET PL

DUCHARME PL.

STAF

FORD

LARNED

E

NAVARRE PL.

AUBIN

RAND

OLPH

JEFFERSON

JOLIET PL.

ANTIETAM AVE.

AN

Park

E

LafayettePlaisance


C

THE PAVILLION APTS.

LAFAYETTETOWERS

ORLEANS EASTAPARTMENTS

CARLTONAPARTMENTS

JEAN RIVARDAPARTMENTS

CENTRAL PARKAPARTMENTS

CITY PLACEDETROIT

PALMSAPARTMENTS

LAFAYETTE PARK RENTALS:

THE PAVILLION APTS One Lafayette Plaisance 340 units

LAFAYETTE TOWERS 1301 Orleans 584 units

CITY PLACE DETROIT 1600 Antietam 320 units

THE PALMS EAST APARTMENTS 1531 East Larned 114 units

CENTRAL PARK APARTMENTS 621 Orleans 92 units

CARLTON APARTMENTS 1387 East Larned 144 units

JEAN RIVARD APARTMENTS 930 East Lafayette 146 units

THE PALMS APARTMENTS 1001 East Jefferson 62 units

38

STUDIOS 627 540 $754 $1.40

1 BEDROOMS 768 749 $947 $1.26

2 BEDROOMS 359 1065 $1,357 $1.27

3 BEDROOMS 48 1650 $2,100 $1.27



Lafayette Park contains the majority of the3 bedroom apartments in Downtown Detroit

and reports 94% occupancy.

LAFAYETTE PARK

LAFAYETTE PARK RENTALS:

THE PAVILLION APTS One Lafayette Plaisance 340 units

LAFAYETTE TOWERS 1301 Orleans 584 units

CITY PLACE DETROIT 1600 Antietam 320 units

THE PALMS EAST APARTMENTS 1531 East Larned 114 units

CENTRAL PARK APARTMENTS 621 Orleans 92 units

CARLTON APARTMENTS 1387 East Larned 144 units

JEAN RIVARD APARTMENTS 930 East Lafayette 146 units

THE PALMS APARTMENTS 1001 East Jefferson 62 units

39

LAFAYETTE PARK

STUDIO 180 565 $866 $1.53

1 BEDROOM 120 780 $1,431 $1.83

2 BEDROOM 40 1140 $1,489 $1.31


THE PAVILIONAPARTMENTSOne Lafayette Plaisance, Detroit, Michigan

Units: 340

Unit Mix: Studio, One,Two Bedroom

Year Built: 1958


Year Remodeled:N/A

Occupancy: 96%

INTERIOR FEATURES & FINISHES:GENERAL: 22-story, Mies van der Rohe design, Rent Includes

Heat, Water & A/C, Floor-to-Ceiling Windows.

KITCHENS: Laminate Countertops, Almond Cabinets, Tile Floors.

BATHROOMS: Tile Floors.

PROPERTY AMENITIES:Secured Access, Salon On-site, Convenience Store On-site, Parking On-site,Fitness Center, 24-Hour Business Center, Heated Outdoor Pool, LaundryRooms, 24-Hour Security, Clubroom, ATM.

40

LAFAYETTE PARK

STUDIO 192 504 $784 $1.56

1 BEDROOM 204 791 $1,059 $1.34

2 BEDROOM 140 1273 $1,410 $1.11

3 BEDROOM 48 1650 $2,100 $1.27


LAFAYETTE TOWERS1301 Orleans, Detroit, Michigan

Units: 584

Unit Mix: Studio, One, Two &Three Bedroom

Year Built: 1963


Year Remodeled:N/A

Occupancy: 97%

INTERIOR FEATURES & FINISHES:GENERAL: Mies van der Rohe Design, Carpet Throughout, Radiant

Heat, Central Air. Heat and Water Included in Rent.

KITCHENS: White Appliances, Laminate, Countertops, White orWood Grain Laminate Cabinets. Garbage Disposals inEvery Unit, Dishwashers in Select Units.

BATHROOMS: Tile Floors, Laminate Countertops, Standard Fixtures.

PROPERTY AMENITIES:Secured Access, Garage Parking On-site, Fitness Center, 24-Hour BusinessCenter, Heated Outdoor Pool, Laundry Rooms, 24-Hour Security, Clubroom,ATM, Storage Lockers Available.

41

LAFAYETTE PARK

STUDIO 177 480 $729 $1.52

1 BEDROOM 143 560 $908 $1.62


CITY PLACEDETROIT1600 Antietam, Detroit, Michigan

Units: 320

Unit Mix: Studio & OneBedroom

Year Built: 1965



Occupancy:89%

INTERIOR FEATURES & FINISHES:GENERAL: Walk-in Closets, Over-Sized Windows with Beautiful

Views, High Speed Internet Access, Gas, Electric, and Water Included.

KITCHENS: New Appliances, Garbage Disposals.

BATHROOMS: Updated Bathrooms with Full Vanities.

PROPERTY AMENITIES:24-Hour Security, 24-Hour Fitness Center, Free WiFi in Lobby andCommunity Area, On-Site Convenience Store, On-Site Laundry Facilities,Pets Allowed (Restrictions Apply), Patio on the Park, Online and Credit CardPayments Accepted, Park and River Views.

42

LAFAYETTE PARK

1 BEDROOM 76 740 $845 $1.14

2 BEDROOM 38 940 $1,125 $1.20(Extra Large 1 Bedroom)


THE PALMS EASTAPARTMENTS1531 East Larned, Detroit, Michigan

Units: 114

Unit Mix:One & TwoBedroom

Year Built: 1964


Year Remodeled:N/A

Occupancy: 99%

INTERIOR FEATURES & FINISHES:GENERAL: Lofts in Some Units, Carpet/Vinyl Floors, Central A/C,

Patio/Balcony.

KITCHENS: Laminate Countertops, Maple Cabinets, Refrigerator,Range, Dishwasher, Disposal Included.

BATHROOMS: Laminate Floors, Tub Inserts, Laminate Countertops,Standard Fixtures.

PROPERTY AMENITIES:On-site Gated Parking, Pool, Laundry Rooms.

43

LAFAYETTE PARK

1 BEDROOM 74 637 $700 $1.10

2 BEDROOM 18 878 $850 $0.97


CENTRAL PARKAPARTMENTS621 Orleans, Detroit, Michigan

Units: 92


Year Built: 1964


Year Remodeled:N/A

Occupancy: 85%

INTERIOR FEATURES & FINISHES:GENERAL: Carpet Flooring.

KITCHENS: White Appliances, Laminate Wood Grain Cabinets,Laminate Countertops.

BATHROOMS: Laminate Vanities, Vinyl Flooring, Standard Fixtures.

PROPERTY AMENITIES:Pool, Laundry Room.

44

LAFAYETTE PARK

STUDIO 48 650 $690 $1.06

1 BEDROOM 48 850 $775 $0.91

2 BEDROOM 48 1000 $875 $0.88


CARLTON APARTMENTS1387 East Larned, Detroit, Michigan

Units: 144


Year Built:N/A


Year Remodeled:N/A

Occupancy: 96%

INTERIOR FEATURES & FINISHES:GENERAL: Large Units, Carpet Flooring. Free Heat & Water.

KITCHENS: White Appliances, Laminate Wood Grain Cabinets,Laminate Countertops.

BATHROOMS: Laminate Vanities, Vinyl Floors, Standard Fixtures.

PROPERTY AMENITIES:Pool, Laundry Room, Located in Lafayette Park, Intercom Entry.

45

LAFAYETTE PARK

1 BEDROOM 73 833 $830 $1.00

2 BEDROOM 73 1161 $1,113 $0.96


JEAN RIVARDAPARTMENTS930 East Lafayette, Detroit, Michigan

Units: 146


Year Built: 1967


Year Remodeled:N/A

Occupancy: 100%

INTERIOR FEATURES & FINISHES:GENERAL: Carpet Flooring. Rent Includes Heat, Water & Parking.

KITCHENS: Cooks Kitchen, Gas Range/Oven, Pantry (2 BR).

BATHROOMS: Ceramic Tile, Glass Shower Doors (2 BR).

PROPERTY AMENITIES:Pool, Laundry Room, Located in Lafayette Park, Secure Gated Parking (1 BR)and Garage Parking (2 BR).

46

LAFAYETTE PARK

STUDIO 30 500 $700 $1.40

1 BEDROOM 30 800 $1,025 $1.28

2 BEDROOM 2 1000 $1,350 $0.74


PALMS APARTMENTS1001 East Jefferson, Detroit, Michigan

Units: 62


Year Built: 1903


Year Remodeled:N/A

Occupancy: 90%

INTERIOR FEATURES & FINISHES:GENERAL: Historic Building, Over-Sized Windows with Beautiful

Views, Cable Ready, Ceilng Fans in Select Apartments,Custon Built-Ins, Fireplaces (Non-Functioning)Hardwood Flooring Throughout, Mosaic Tiles.

KITCHENS: Stove, Refrigerator.

PROPERTY AMENITIES:24-Hour Emergency Maintenance, Emergency Answering Service, Friendly Staff, Private Entries, Professionally Managed, Scenic Views, Unique Floor Plans.

47

DOWNTOWN AVERAGE RENTAL RATES

STUDIO 778 533 $894 $1.68

1 BEDROOM 2264 775 $1,359 $1.75

2 BEDROOM 1229 1246 $2,056 $1.65

3 BEDROOM 79 1772 $2,984 $1.68

OPEN LOFTS 263 1124 $1,608 $1.43

MARKETAVERAGES 4613 $1.68(WEIGHTED)


48

DOWNTOWN MARKET TRENDS

Green - Peak Average

TOTAL NUMBEROF UNITS

CHANGEAVERAGE

SQUARE FEETCHANGE

AVERAGERENT

CHANGEAVERAGE RENT

PER SQUARE FOOTCHANGE

1 Bedroom

Studio

2 Bedroom

3 Bedroom

Open Loft

FALL 2013 557 $711665 $1.28

FALL 2013 825 $1,0351887 $1.25

FALL 2013 1257 $1,4481178 $1.15

FALL 2013 1921 $2,74075 $1.43

FALL 2013 1113 $896237 $0.81

SPRING 2014 590 5.92% $820 15.33%665 0.00% $1.39 8.88%

FALL 2014 518 -12.20% $726 -11.46%662 -0.45% $1.40 0.84%

SPRING 2015 546 5.41% $800 10.19%697 5.29% $1.47 4.88%

FALL 2015 542 -0.73% $881 10.12%715 2.58% $1.63 10.88%

SPRING 2016 533 -1.66% $894 1.48%778 8.81% $1.68 3.19%

SPRING 2016 775 -1.40% $1,359 10.76%2264 5.74% $1.75 12.33%

SPRING 2016 1246 0.48% $2,056 21.30%1229 0.24% $1.65 20.71%

SPRING 2016 1772 -0.56% $2,984 3.72%79 0.00% $1.68 4.30%

SPRING 2016 1124 5.34% $1,608 9.76%263 -4.36% $1.43 4.42%

SPRING 2014 837 1.45% $1,076 3.96%1877 -0.53% $1.29 2.47%

FALL 2014 791 -5.50% $1,081 0.46%2001 6.61% $1.37 6.31%

SPRING 2015 776 -1.90% $1,170 8.23%2122 6.15% $1.51 10.49%

FALL 2015 786 1.29% $1,227 4.87%2141 7.00% $1.56 3.31%

SPRING 2014 1182 -5.97% $1,424 -1.66%1188 0.85% $1.20 4.58%

FALL 2014 1196 1.18% $1,550 8.85%1195 0.59% $1.30 7.57%

SPRING 2015 1236 3.34% $1,726 11.35%1188 -0.59% $1.40 8.03%

FALL 2015 1240 0.32% $1,695 -1.80%1226 3.20% $1.37 -2.14%

SPRING 2014 1894 -1.41% $2,735 -0.18%75 0.00% $1.44 1.24%

FALL 2014 1861 -1.74% $2,760 0.91%77 2.67% $1.48 2.70%

SPRING 2015 1806 -2.96% $2,788 1.01%82 6.49% $1.54 3.84%

FALL 2015 1782 -1.33% $2,877 3.19%79 -3.66% $1.61 4.55%

SPRING 2014 1012 -9.07% $1,142 27.46%257 8.44% $1.13 40.37%

FALL 2014 1042 2.96% $1,256 9.98%274 6.61% $1.21 6.67%

1067 2.40% $1,465 16.64%SPRING 2015 275 0.36% $1.37 13.66%

1067 0.00% $1,465 0.00%FALL 2015 275 0.00% $1.37 0.00%

TOTAL NUMBEROF UNITS

CHANGE CHANGEAVERAGE RENT

PER SQUARE FOOT

MarketAverages

FALL 2013 $1.194042

SPRING 2014 $1.26 5.88%4062 0.49%

FALL 2014 $1.34 6.35%4209 3.62%

SPRING 2015 $1.45 8.21%4366 3.73%

FALL 2015 $1.51 4.14%4436 1.60%

SPRING 2016 $1.68 11.26%4613 3.99%

49

DOWNTOWN MARKET TRENDS

0

Studio One Bedroom Two Bedroom Three Bedroom Open Loft

Avg. Rent Avg. Rentper Sq.Ft.

Avg. Rent Avg. Rent Avg. Rent Avg. RentAvg. Rentper Sq.Ft.

Avg. Rentper Sq.Ft.

Avg. Rentper Sq.Ft.

Avg. Rentper Sq.Ft.

$500 ($0.50)

$1,000 ($1.00)

$1,500 ($1.50)

$2,000 ($2.00)

$2,500 ($2.50)

$3,000 ($3.00)

Fall 2013

Spring 2014

Fall 2014

Spring 2015

Spring 2016

Fall 2015

Fall 2013

Spring 2014

Fall 2014

Spring 2015

Spring 2016

Fall 2015

$711 $820

$72

6

$803 $881

$894

$1.28 $1.39

$1.40

$1.47 $

1.63

$1.68

$1,035

$1,076

$1,081

$1,172

$1,227

$1,359

$1.25

$1.29

$1.37 $1.51

$1.56

$1.75

$1,448

$1,424 $1,550 $1,730

$1,695

$2,056

$1.15

$1.20

$1.30

$1.40

$1.37

$1.65

$2,740

$2,735

$2,760

$2,781

$2,875

$2,984

$1.43

$1.44

$1.48

$1.54 $1.61

$1.68

$896

$1,14

2

$1,256 $

1,462

$1,462 $1,608

$0.81

$1.13 $1.21 $1.37

$1.37

$1.43

50

AVERAGE RENTAL RATES (SUBMARKETS):

Grand Circus Park

STUDIO 38 461 $890 $1.93

1 BEDROOM 238 725 $1,305 $1.80

2 BEDROOM 127 1205 $2,372 $1.97

3 BEDROOM 8 1888 $3,875 $2.05

OPEN LOFTS 11 1030 $1,988 $1.93

SUBMARKETAVERAGES 422 $1.89


Central Business District

STUDIO 113 597 $1,037 $1.74

1 BEDROOM 999 883 $1,533 $1.74

2 BEDROOM 447 1265 $2,043 $1.62

3 BEDROOM 23 1779 $2,970 $1.67

OPEN LOFTS 77 1391 $1,875 $1.35



Corktown

1 BEDROOM 259 743 $1,650 $2.22

2 BEDROOM 296 1450 $2,450 $1.69

OPEN LOFTS 175 950 $961 $1.01



Lafayette Park

STUDIO 627 540 $754 $1.40

1 BEDROOM 768 749 $947 $1.26

2 BEDROOM 359 1065 $1,357 $1.27

3 BEDROOM 48 1650 $2,100 $1.27



51

DOWNTOWN DETROIT RENTALS

The Albert Detroit City Apartments Carlton ApartmentsBroderick Tower Renaissance City Apartments New Cadillac SquareDavid Whitney Building The Claridge House Jean Rivard

AVG RENT: AVG RENT: AVG RENT:

Studios . . . . . . . . . . . . . $1,005 Studios. . . . . . . . . . . . . . . $850 Studios . . . . . . . . . . . . . . . . . . . . $694

One Bedrooms . . . . $1,486 One Bedrooms . . . . $1,220 One Bedrooms . . . . . . . . . . . $789

Two Bedrooms . . . . $2,847 Two Bedrooms. . . . . . $1,693 Two Bedrooms . . . . . . . . . . . . $946

Three Bedrooms . . $3,875 Three Bedrooms . . . $2,500 Three Bedrooms. . . . . . . . . . . . . n/a

HIGH END MID-MARKET LOW END(Sample) (Sample) (Sample)

SAMPLE MARKET RATES

52


AVERAGE OCCUPANCY:

AVERAGEDOWNTOWN OCCUPANCY = 97%

Grand Circus Park . . . . . . . . . . . . . . . . 100%

Central Business District*. . . . . . . . . . . 98%

Corktown. . . . . . . . . . . . . . . . . . . . . . . . . . . 97%Lafayette Park . . . . . . . . . . . . . . . . . . . . . . 94%

53


Capitol Park Lofts (1145 Griswold, 63 Units) - Summer 2016

Briggs Houze (114 W. Adams, 116 Apartments) - Summer 2016

DuCharme Place (1544 E. Lafayette, 185 Units) - Fall 2016

The Griswold (150 Michigan Avenue, 80 Apartments) - Winter 2016

Farwell Building (1149 Griswol, Lofts/Apartments) - 2017

Statler City (Washington Blvd. & Park Ave., 200-250 Apartments) - Winter 2017

NEW DOWNTOWN DEVELOPMENTS (Apartments):

Prepared by

Documents

&D - FINAL (Spring - 2016)