Northmarq secures $15.5M sale and financing for 152-unit multifamily community in Detroit MSA

TROY, Mich. — Northmarq’s Midwest Multifamily Investment Sales team brokered the $15.5 million sale of The Alcove Troy, a 152-unit community in Troy, Michigan, one of Detroit’s most desirable submarkets. The multifamily property was originally built as an extended-stay hotel and converted into an apartment community in 2022.

Northmarq’s Alex Malzone, Dominic Martinez, Parker Stewart and Jake Lamb represented the seller, Tricap Residential Group. The buyer was Jacobson Brothers of Birmingham, Michigan.

"This sale demonstrates the active demand for well-located multifamily assets in markets across the Midwest,” said Malzone. “Many investors were drawn to this opportunity for its prime location, off the Interstate 75 corridor in one of the most desirable communities in the Detroit metro.”

Northmarq’s Chicago Debt + Equity team led by Brett Hood secured over $10 million in acquisition financing on behalf of the buyer through the firm’s in-house Fannie Mae DUS team. The loan was structured on a 10-year fixed rate term with interest only payments throughout.

“Our team was able to partner with Fannie Mae to deliver the right structure and favorable terms for the buyer as they expand their presence in the Detroit metro,” said Hood.

“We’re very excited about our purchase of The Alcove Troy,” said David Jacobson, principal of Jacobson Brothers. “We are committed to elevating the resident experience with enhanced amenities, a vibrant community lifestyle, and improved local management. We’ve assembled a great team with a fresh vision and we're here to make The Alcove Troy a great place to live and call home. We’re eager and excited to invest in the continued growth of this community.”

The Alcove Troy features a mix of private-entry studio and two-bedroom loft floorplans with extensive amenities, including a pool and sundeck, clubhouse, fitness center and more. The property is ideally situated near Interstate 75, offering residents seamless transportation to downtown Detroit and other major cities.