Alden Towers, the 389-unit, four-tower apartment complex on Detroit’s riverfront Gold Coast, has hit the market with a $25 million asking price. The roughly century-old property is being shopped even as residents and city inspectors point to ongoing maintenance and safety problems. At the listed price, the current ownership would be looking at a paper loss of roughly $10 million or more.
Listing details
According to LoopNet, Matthews Real Estate Investment Services is handling the listing, which went live last Thursday. Crain’s Detroit Business reports that the current owners paid about $35.1 million in 2019, citing CoStar, so a sale at asking would put them more than $10 million underwater. The LoopNet listing pegs the property at 389 units and…..