2 Multifamily Deals Brokered By Dietz

SOUTHFIELD, MI-North York Square Apartments, a well-known landmark here, has been acquired by a suburban Detroit limited partnership for $94,767 per unit in a sale brokered by the Dietz Organization of Birmingham, MI. The new owners plan to redecorate the 172-unit residential complex and convert it to condominiums.

York Properties, which is headed by local entrepreneur Andy Barbas and headquartered in nearby Farmington Hills, purchased North York Square Apartments for $16.3 million from the Archon Group, a Dallas-based limited partnership.

Dietz senior sales associate Kevin Dillon, a specialist in multifamily real estate, represented both the buyer and the seller in the transaction. Terms of the sale were cash at closing.

Built in 1972, North York Square Apartments is located on Saratoga Drive in Southfield. The 19-acre complex stretches along the south side of 9 Mile Road between Greenfield and Southfield Roads, adjacent to Northland Mall. The property features large, spacious apartments, averaging 1,780 sf, with patios, balconies and garages. It also has a swimming pool and clubhouse.

The real estate firm also brokered the sale of Applewood Apartments in Lansing, to EJS Properties L.L.C., an Okemos, MI-based real estate company. The purchase price of the 22-unit residential complex was $500,000.

Sales associate Jeff Blanton of the Dietz Organization represented both purchaser and the seller, J & B Properties, a family-owned business headquartered in Laingsburg, MI. Terms of the sale were cash at closing with new financing provided.

The complex features apartments with balconies and has on-site laundry and vending facilities.