Real Estate Insider: Affordable senior housing complex across from Belle Isle for sale – Crain’s Detroit Business

A prominent affordable senior living complex on the east Detroit riverfront is on the market for sale.

The 15-story River Towers, located at 7800 E. Jefferson Ave. across from Belle Isle, is being listed for sale by Larc Community Development Group, based in Southfield. The company has hired Southfield-based Affordable Housing Advisors, the affordable housing division of Marcus & Millichap, to market the property for sale. The price is not listed.

An email was sent to Laurence Tisdale, president of Larc, as well as Seth Barnett, the Affordable Housing Advisors senior national director who has the listing on the property, seeking additional details.

Larc paid $14.16 million for the 472-unit complex in 2004, according to CoStar Group Inc., a Washington, D.C.-based real estate information service.

The 376 one-bedroom units rent for $705 per month, averaging $1.27 per square foot across their 554 square feet, on average, according to CoStar data. The 96 two-bedroom units, with 705 square feet on average, rent for $818 per month, or $1.16 per square foot.

River Towers’ neighbors include 2.8 acres of land on which Novi-based Ginosko Development is working on developing a 150-unit affordable apartment project at 7850 E. Jefferson Ave.

Julio Bateau’s Nailah LLC plans a 92-unit development with apartments and condominiums, Urbanize Detroit reports.

The development, Petit Bateau, would be done by the end of next year and create 20 condos plus another 72 apartments across two apartment buildings.

The site sits east of Peck Park.

Hello Records building sold

Brian and Stacy Malloy, a husband and wife development team who run Ballet Real Estate, have bought the former Hello Records building in Detroit’s Corktown neighborhood for an undisclosed price.

The listing price was $550,000 for the small building at 1451-1459 Bagley St. at Trumbull, according to CoStar Group Inc., a Washington, D.C.-based real estate information service. It was built in the mid to late 1800s.

Brian Malloy told me this morning that about $500,000 will be spent renovating the property and converting it into three retail units: one spanning about half the first floor and all of the second floor with about 2,800 square feet and two smaller retail spaces, each with about 340 square feet on the first floor.

He said one tenant is the office of Detroit City Council candidate Gabriela Santiago-Romero and another is CommodiTeas LLC. Their leases run through the end of the year, Malloy said.

However, he said is trying to get Hello Records to reopen in one of the small retail bays as a satellite operation.

“We are doing everything we can to get the owner of Hello Records back into the building,” Malloy said. “We have had initial talks.”

Hello Records recently moved to 4265 Fort St. in Lincoln Park. A June 2020 post on the business’ Instagram page says it was looking for new space as the COVID-19 pandemic began. A marketing brochure says the record store’s lease was expiring in April 2020.

An email was sent to the record shop Tuesday morning.

The Detroit office of Avison Young was the brokerage on the deal.