Greatwater Opportunity Capital is bringing a new $14 million multifamily project to Detroit’s Midtown neighborhood. Located at 3740 Second Avenue, the 39,355-square-foot four-story building will feature 33 studios and 24 one-bedroom apartments.
Greatwater leveraged Opportunity Zone funds and financing from Diversified Members Credit Union. McIntosh Poris is the architect, and the Monahan Company is the general contractor. The Detroit-based firm has renovated Detroit buildings over the last decade to restore housing and preserve affordability.
“Midtown is one of the strongest, most walkable communities in Detroit and we’re excited about bringing much-needed additional housing to the neighborhood,” said Greatwater Co-Founder Jed Howbert. “Our work is about much more than renovation and building structures—it’s about doing our part to build neighborhoods that can thrive for generations to come. The project at 3740 2nd Avenue is an important part of that work, and we look forward to opening its doors to residents and business owners.”
Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories.
With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.