{"id":1004127737,"date":"2015-09-18T06:41:46","date_gmt":"2015-09-23T13:56:10","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=361276"},"modified":"2020-04-06T02:56:55","modified_gmt":"2020-04-06T10:56:55","slug":"jpmorgan-chases-investment-in-detroit-starting-to-pay-off","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\/","title":{"rendered":"JPMorgan Chase\u2019s Investment in Detroit Starting to Pay Off"},"content":{"rendered":"

By Veronica Grecu, Associate Editor<\/em><\/p>\n

Mayor Mike Duggan and JPMorgan Chase<\/a>\u2019s Jamie Dimon joined representatives of PK Housing & Management<\/a>, Midtown Detroit, Inc., Capital Impact Partners, Invest Detroit, and Detroit Economic Growth Corp. to celebrate the grand opening of the newly renovated Rainer Court Apartments<\/a>.<\/p>\n

\"Rainer<\/a><\/p>\n

Rainer Court Apartments – grand opening<\/p>\n<\/div>\n

The four-story building sitting at 711 E. Alexandrine St. also marks the first finished project backed by JPMorgan Chase\u2019s $100 million commitment to the recovery of Detroit<\/a>. The five-year plan kicked off in 2014 and aims to support, accelerate and scale some of the most innovative efforts that work to improve the city\u2019s economy.<\/p>\n

In spring 2014, the 36,555-square-foot property was purchased for $535,000 by the family-owned PK Housing, who immediately started renovating the building<\/a>. At the time of sale, the property consisted of 56 units ranging in size from 250 to 500 square feet and was 40 percent occupied.<\/p>\n

Now, after a $6 million renovation with financial help coming from JPMorgan Chase\u2019s program, the Rainer Court Apartments boasts 36 new housing units for students and young professionals, as well as 1,800 square feet of street-level retail space. Rents at the renovated building\u2014which will be open to public in November\u2014will vary from $750 to $1,300 per month.<\/p>\n

\u201cRainer Court is a great example of how the right kind of capital, partnerships and deep community expertise can produce quality housing for Detroit\u2019s hardworking residents. From Midtown to the neighborhoods, we\u2019re excited to see our investments continue to catalyze Detroit\u2019s recovery,\u201d said Jamie Dimon, chairman and CEO of JPMorgan Chase.<\/p>\n

Image via Rainer Court Apartments’ Facebook Page<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Detroit’s rundown apartment communities are coming back to life, one renovated building at a time.<\/p>\n","protected":false},"author":258,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1495],"tags":[1815,682],"class_list":["post-1004127737","post","type-post","status-publish","format-standard","hentry","category-detroit","tag-national","tag-news"],"acf":[],"yoast_head":"\nJPMorgan Chase\u2019s Investment in Detroit Starting to Pay Off - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"JPMorgan Chase\u2019s Investment in Detroit Starting to Pay Off\" \/>\n<meta property=\"og:description\" content=\"Detroit’s rundown apartment communities are coming back to life, one renovated building at a time.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-23T13:56:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-04-06T10:56:55+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/09\/Rainer-Court-Apartments-grand-opening.jpg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\\\/\"},\"author\":{\"name\":\"Veronica Grecu\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/e8362e8641769829162f16fe58091f62\"},\"headline\":\"JPMorgan Chase\u2019s Investment in Detroit Starting to Pay Off\",\"datePublished\":\"2015-09-23T13:56:10+00:00\",\"dateModified\":\"2020-04-06T10:56:55+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\\\/\"},\"wordCount\":270,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/09\\\/Rainer-Court-Apartments-grand-opening.jpg\",\"keywords\":[\"National\",\"News\"],\"articleSection\":[\"Detroit\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/jpmorgan-chases-investment-in-detroit-starting-to-pay-off\\\/\",\"name\":\"JPMorgan Chase\u2019s Investment in Detroit Starting to Pay Off - 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