Posts

Lafayette West Development Secures Loans

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Grand Rapids Management Company Plans More Affordable Housing

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Grand Rapids-based property management company Eenhoorn LLC purchased a mixed-use building with 235 market-rate apartments in downtown Grand Rapids. The $50.7 million building includes shared amenities such as a courtyard, fitness center, parking garage and retail space. Eenhoorn is working closely with the city to reserve up to 20% of the units for tenants earning between 80-90% of the area median income. The company hopes to address the housing gap for wage earners who are priced out of high quality units in low income housing projects and full market rate apartments. 

 

 

Corktown Apartment Tenants Have Water and Heat Restored

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Tenants of Corktown’s Victor Attar Court apartments have had their water and heat restored over the weekend. They were previously told they would have to relocate because of health and safety concerns. The building’s owner received 22 tickets amounting to $13,142, according to the city’s Buildings, Safety, Engineering and Environmental Department. The apartment residents were notified last week that if the landlord did not restore heat and water and bring the building up to code, they would have to vacate the building. Real Estate developer Emre Uralli is listed as the trustee of 1324 Porter Street Trust, the entity that bought the property when it was in foreclosure. Uralli claims he was unaware of the heating issues and the tickets. They’ve since met with inspectors and cooperating with them.

Detroit Metro Municipalities Flip to Renter Communities

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Inkster, Pontiac and Auburn Hills were once communities where the majority of residents were homeowners. According to U.S. census data, analyzed by the apartment search website RENTCafé,  the municipalities have shifted to become majority-renter communities. Port Huron and Hazel Park are close to having more renters than homeowners, too. The changes occurred in each city as foreclosures jumped and home values dropped. The increase in suburban rentals may be because people are delaying home purchases.

Multifamily Building Permits At Highest Levels in Decades

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The 2021 total of multifamily housing construction building permits in southeast Michigan has exceeded the total for the last 20 years! So far, 1,762 permits have been issued, making 2021 the best year since 1998. Even as the housing market continues to stay hot, many people are more interested in renting. Along with multifamily housing, new home construction is also up. August was the 15th straight month in which more than 300 permits were issued.

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New York Company Steps Up for Dearborn Hotel

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An unidentified New York-based company is under contract to buy the former Dearborn Hyatt Regency hotel from the U.S. Marshals Service. Previously, the property was under a $27 million deal that envisioned top-floor condominiums and a hotel on the bottom floors. That deal fell through with the buyer backing out at the end of the inspection period. The current deal is for $17 million. A broker for the sale disputes that figure. The company intends to redevelop the hotel into a mix of 375 market-rate apartments and a small hotel.

Affordable Housing Demand Fills Downtown Muskegon Building

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A new TEN21 apartment building in downtown Muskegon is providing affordable housing. Residents began filling the new apartment building last week. The 73-unit building has 60 people waitlisted. The building will be fully occupied by the end of the month. Residents must meet income eligibility rules. One-bedroom rent ranges from $269 to $815 a month, and two bedrooms range from $460 to $950 a month. Each unit is equipped with a washing machine, dryer and kitchen appliances. Community common spaces are included in the development.

 

 

Hundreds of Metro Detroiters At Risk For Eviction

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Detroit tenants behind on their rent because of coronavirus pandemic hardships are no longer protected from eviction, according to Detroit’s 36th District Court. After the CDC’s eviction moratorium was deemed unconstitutional by the U.S. Supreme Court, the Detroit court declined to issue its own moratorium. Hundreds of renters are at immediate risk of eviction. According to census data, 28% of metro Detroit renters and home owners are behind on their rent or mortgage. Organizations and agencies continue to work on connecting tenants with COVID Emergency Rental Assistance funds.

Buying a Home Is The Less Expensive Option in Metro Detroit

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According to data from Realtor.com, it’s 14.1% cheaper to buy a home in metro Detroit than it is to rent. Other data suggests that it’s 17.1% less expensive. Detroit lands in 10th place on a list of places where buying a home is more affordable than renting one. The president of RE/MAX of Southeastern Michigan suggest that those numbers don’t consider the other costs associated with owning a home. Low rental inventory and high rental demand, low rental turnover, and low mortgage interest rates have contributed to the trend.

High-Rise Towers Planned for Ann Arbor Lot

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The Ann Arbor Housing Commission is finalizing plans that call for a 20-story tower and a 14-story tower buildings. The city is leveraging new tax revenues to build affordable housing that could fund 1,500 new units over the next 20 years. The city’s plans include 370 housing units with a little less than half of them for tenants earning up to 60% of the area median income. The remaining units would be at market rate. The 14-story tower would include 90 rental apartments, and the 20-story tower would include 280 housing units.  The new dwellings will include a mix of studios, one-bedroom and two-bedroom units.