Value Add Multifamily Opportunity

Detroit is the most populous city in the state of Michigan. It is the largest U.S. city on the Canadian border and the county seat of Wayne County. Detroit had a population of 639,111 at the 2020 census, making it the 26th-most populous city in the United States. The Metro Detroit area, home to 4.3 million people, is the second-largest in the Midwest after the Chicago metropolitan area and the 14th-largest in the United States. A significant cultural center, Detroit is known for its contributions to music, art, architecture and design, in addition to its historical automotive background. Up-and-coming restaurants, a do-it-yourself attitude, new hotels, scenic and social parks, public transit, bike lanes and a walkable international riverfront are redefining Detroit. Architecture from Albert Kahn and Isamu Noguchi lives next to all-night joints pouring locally crafted beer and cocktails. The city’s Greektown, Eastern Market, The District Detroit, Corktown and Midtown neighborhoods are booming with activity. Downtown contains a lot of historic architecture, including prominent skyscrapers, ranging from the Renaissance Center, the Penobscot Building, One Detroit Center, and the Guardian Building. Historic churches, theatres, and commercial buildings anchor the various downtown districts. Downtown has a number of parks including those linked by a promenade along the International Riverfront. Its central square is Campus Martius Park. A large amount of business and investment have continued to enter the city and transform it. As of 2019, businesses such as Shinola, Google, Moosejaw, and Nike occupy the once vacant street fronts. Investments such as new bike lanes, the Little Caesars Arena and QLine have been successful in attracting newcomers to the city. In the five years since ambitious plans for The District Detroit were first announced and two years since the opening of the award-winning Little Caesars Arena, over $1.4 billion in Michigan-Made, Detroit-Built development has been invested. The tax base in the Detroit Downtown Development Authority’s Catalyst Development district has increased an estimated 456 percent since the year prior to the initial announcement of the The District Detroit . Research also indicates the development will account for an economic impact of more than $2 billion by 2020 to the city, region and state. Since the first announcement of the The District Detroit, there have been more than 200 outside development projects that are estimated to bring the city $2.8 billion in additional economic impact...