The Northern Group is evolving into a major player on the Detroit real estate market. The New York-based firm has added the iconic Lafayette Towers to its roster of Detroit properties, which already includes
Alden Park Towers, the Penobscot and First National Buildings and Cadillac Tower -- not to mention the planned mixed-use
Cadillac Centre.
Northern considers Lafayette Towers to be
"one of the preeminent rental properties in the downtown area," says Richard Skriloff, COO. "We're
big believers in the market in general and this was an opportunity for
a very strong performing property, a good complement to Alden Park, a
great addition to our overall portfolio."
The
two 22-story glass-skinned towers were designed by famed modernist Mies
van der Rohe. Notable features include a heated pool, fitness centers
and two-story marble walled lobbies. Skriloff estimates that 95% of the
584 units are occupied.
Northern closed on the sale on Feb. 8.
Source: Robert Skriloff, Northern Group
Writer: Kelli B. Kavanaugh
Enjoy this story?
Sign up for free solutions-based reporting in your inbox each week.