Multifamily Rental Complex Sells for $12M

DETROIT-Castleway Apartments, a 224-unit multifamily rental community located outside Saginaw, MI, has sold for $12 million, or $53,571 per unit. Executive Capital Corp., an apartment investment firm, sold the 224-unit garden-style community to RPD Catalyst of Los Angeles, CA.

Built in 1986, the community is northwest of Saginaw at 5955 Weiss Rd. Apartments range in size from 720 sf to 1,359 sf and offer private entrances, full-size washers and dryers, private balconies, and fully equipped kitchens with dishwashers. Community amenities include a clubhouse, lighted tennis courts, swimming pool, playground, gated entrance and access to the nearby Nouvel Catholic Central High School.

The property consists of 60 one-bedroom/one-bath, 88 two-bedroom/one-bath, 40 two-bedroom/two-bath apartment homes, and 36 two-bedroom/one and one-half bath townhomes. Rents ranged from $600 to $750 per month.

The CB Richard Ellis brokerage team, which handled the sale, was led by Joe Anthony of its Detroit office and Brian McAuliffe of its Chicago office.