Palmer Park Apartment Complex

Frank R. Simon, Court Appointed Receiver is pleased to offer the opportunity for buyers to purchase a large apartment complex in the historic district of downtown Detroit, Michigan, across from beautiful Palmer Park and in close proximately to Detroit Country Club. The complex is comprised of 14 apartment buildings originally built between 1924 to 1954 and are listed on the historic register. The apartment complex is ready for a purchaser with a new vision to reinvigorate the various buildings.
The apartment complex is across from beautiful Palmer Park and is 10 minutes from vibrant downtown Detroit. Combined the 14 buildings have over 500,000 sq ft and 510 rental units, with certain occupied units including 1 to 2 bedrooms, a full bath, family room, refrigerator, range, and garbage disposal. The buildings have a coin-operated laundry for their residents, with gas, heat and water included. The community where these buildings are located is working hard to establish itself with upcoming events and local happenings, which are all intended to draw more patronage and residents to the neighborhood. Local government is particularly engaged in revitalizing this area.
Various renovations are currently being completed at the apartment complex, to increase occupancy rates and improve overall tenancy for the residents.
“Project Green Light” is one of the initiatives being established by local government to help residents be more secure and protected. Project Green Light utilizes a camera system around the exterior of the buildings, which is connected to the local police, so they can monitor the buildings to ensure the residents’ safety.
The apartment complex is being offered for sale . If you are interested in touring the complex or would like more information please contact Frank Simon at (248) 790-9500 or fsimon@simonpd.com.
The sale of the apartment complex is being overseen by the Wayne County Circuit Court in Case No. 23-011043-CB, which appointed the Receiver.
As Is / Where Is
Receiver is selling the business “AS IS”, “WHERE IS” and “WITH ALL FAULTS” and specifically and expressly without reliance on any warranties, representations or guarantees, whether express, implied or statutory, of any kind, nature, or type whatsoever from or on behalf of Receiver.
Confidentiality Non-Reliance Statement
The Receiver has limited information relating to the apartment complex, which is available to interested parties, upon the receipt of a fully executed Confidentiality / Non-Reliance Agreement. Please contact Frank Simon at (248) 790-9500 or fsimon@simonpd.com to obtain a copy of the Confidentiality / Non-Reliance Agreement.
No property information will be released to any interested purchaser without receipt of a fully executed Confidentiality / Non-Reliance Agreement.
This offering memorandum and the information being provided by the Receiver has been prepared to provide summary, unverified physical information to prospective purchasers of the apartment complex, and to establish only a preliminary level of interest in the apartment complex. The information provided by the Receiver and contained herein is not a substitute for a thorough due diligence investigation and the Receiver makes no warranty or representation as to the income and expenses of the apartment complex, the future projected financial performance of the apartment complex, the size and square footage of the property the apartment complex is located in, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations and the physical condition of the improvements thereon. All interested purchasers must take appropriate measures to verify all of the information set forth herein and provided by the Receiver. Interested purchasers shall be responsible for their costs and expenses of investigating the apartment complex and information provided.