DETROIT—Village Green has bought the 338-unit Millender Center Apartments here, across from the Renaissance Center, for a reported $15 million.
Ann Arbor, Mich.-based First Martin Corp. is a private investor on the deal. Wells Fargo provided the construction financing. The buyer plans renovations and repositioning at the property, and will rename the apartments under the Village Green City brand.
The one- and two-bedroom apartments will feature a 33rdfloor Sky Park with outdoor patio, indoor pool and spa, business center, conference room, professional fitness center and yoga studio. The outdoor park will include a fireplace, gourmet kitchen, water feature, outdoor movie theater and multiple sunning and entertainment areas.
Jonathan Holtzman, chairman and CEO of the Farmington Hills, Mich.-based Village Green, says his grandfather Joseph started the company in Detroit in 1919. “Today’s Village Green continues to invest in the city where we began three generations ago,” he says in a statement.” “Downtown Detroit, we believe, will again return to a place of importance like in the past, as demonstrated by the significant investment made recently by both private and public companies.” The company operates 42,000 apartments in more than 150 communities.