Ann Arbor University Towers for Sale
18-story student apartment building on South Forest Ave enters the Ann Arbor real estate market
Originally built in 1965, University Towers offers 240 units and approximately 800 beds. Located on South Forest Avenue, the building is just blocks from the University of Michigan Central Campus. Situated adjacent to the proposed University Village Development, this area is a hot bed for real estate activity.
Currently there is no asking price attached to the listing, however based on SEV the building is worth $115.90/sqft. With approximately 141,172 sqft of rentable housing and just over 21,000 sqft of retail space, equalized value is about $16.4 million according to the City of Ann Arbor. University Towers is currently financed at 5.8% interest only through April 2011, due in March 2016 – this is assumable by the buyer. The building was originally purchased in 1988 for $9 million.
Tours are being scheduled through May 7th, please contact Kathy Toth and Team for more information about University Towers. Initial offers are due May 8th.
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Kathy Toth & Team: Ann Arbor Area Real Estate Experts
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