Michigan, Indiana Apartment Complexes Trade

SOUTHFIELD, MI-Riverstone Apartments is under new ownership, following a recent sale brokered by the Dietz Organization of Birmingham, MI. Riverstone Apartments Limited Partnership, based in Milford, MI, sold the 356-unit property for an undisclosed price to Riverstone Associates Limited Partnership, headquartered in Farmington Hills, MI.

The new owner has announced plans to make building improvements and to upgrade the landscaping and common areas.

Dietz senior sales associate Kevin Dillon, a specialist in multifamily real estate, represented both the seller and the purchaser in the sale. Terms were cash to existing financing.

Built in the 1970s, Riverstone Apartments is located at 25740 Shiawassee Rd. at the intersection of Beech Road. Covering more than 19 acres along the banks of the Rouge River, the apartment complex offers a sauna, pool, clubhouse, patios or balconies, storage and laundry facilities.

Also, Dietz brokered the $4.7-million cash sale of Sawmill Apartments, formerly Cedarwood Apartments, in Indianapolis. Harcourt Management, an Indianapolis-based real estate management and investment firm, sold the 216-unit residential complex to Platinum Management, a real estate management and investment companyheadquartered in Columbus, OH.

Rick L. Vidrio, senior associate broker, and Rick Brace, associate broker,represented the seller in the transaction.

Sawmill Apartments is located at 3708 Lickridge Lane North Dr. on the south side of Indianapolis near Beech Grove. Platinum Management announced plans to make current required improvements to the garden-style apartments and to reposition the property in order to maximize its value in the market.