Triton Properties buys 4 apartment buildings along DETROIT RIVERFRONT

Denver, Colo.-based Triton Properties Inc. has purchased four apartment buildings totaling 143 units near and along the east Detroit riverfront for an undisclosed amount.
The buildings in the sale are:

• The 49-unit Kean Apartments, at E. Jefferson Avenue and Hibbard Street.
• The 43-unit Hibbard Apartments, at E. Jefferson Avenue and Hibbard.
• The 9-unit Parker Apartments, at Parker and E. Lafayette streets.
• The 42-unit Van Dyke Apartments, at Van Dyke and E. Lafayette streets.

Detroit-based Cynex Enterprises owned the buildings, according to Rich Deptula, senior vice president of investment and loan sale advisory services for Farmington Hills-based Friedman Integrated Real Estate Solutions LLC, which represented Cynex.

The purchase is the latest for Triton, which bought the Alden Park Towers at E. Jefferson and Parker for $2 million in August 2012. Triton completed a $5 million renovation of the property earlier this year.
“They have done an incredible job turning around and repositioning Alden Park,” said Barry Swatsenbarg, national director of investment and loan sale advisory services for Friedman.

April Sedillos, executive vice president of Triton, said the company will first address deferred building maintenance. Triton is still developing budgets for capital improvements to the buildings.

Sounds like there are some new and EXCITING projects coming up in Detroit!