Business Services Industry
1,028-unit apartment complex in Ypsilanti sells for $50M.
Crain's Detroit Business, September, 2000 by Smith, Jennette
A major apartment complex and landmark in Ypsilanti Township has sold for an estimated $50 million. Lake in the Woods, a 1,028-unit development, was sold by Equity Residential Property Trust, a Chicago-based real estate investment trust, to Farmington Hills-based RHP Properties. The apartment complex is south of I-94 off Grove Road and Bridge Street and overlooks Ford Lake.
Ross Partrich, president of RHP Properties, was not available for comment. Kevin Dillon, a senior associate for The Dietz Organization in Birmingham, represented Equity Residential (NYSE: EQR) in the sale. He said the company sold the apartments because it wanted to take advantage of the high prices such properties are commanding. The Ypsilanti Township complex sits on 174 acres...
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