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Habitat Buys Rentals in Detroit, Twin Cities Metros
Chicago-based The Habitat Company recently acquired three new rental properties. They include the Village of Hyde Park, a development of 43 townhomes in Detroit; Harbour Club, a 1,112-unit market-rate property in the Detroit suburb of Belleville, MI; and Cedarvale Highlands, a 108-unit market-rate community in Eagan, MN, a Twin Cities suburb.
Habitat’s total acquisition value was approximately $100 million for all three properties. The company said funding is in place for significant upgrades and renovations at each property.
“These acquisitions align perfectly with our forward-looking goals for the company, which include remaining dedicated to identifying and acquiring value-add properties that have long-term potential,” said Habitat president Matt Fiascone. “All three of these properties not only meet that requirement and expand our ownership to new markets like Minneapolis, but also support our ongoing commitment to growing the number of communities we serve.”
Pictured: Harbour Club
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