Greystone Bel Real Estate Advisors Closes Sale of Historic Detroit Multifamily Property
August 8, 2017
Greystone Bel Real Estate Advisors announced it has closed on the sale of Van Dyke Manor Apartments in Detroit, MI, for $2,545,000. The 38-unit building was purchased on July 10 by Jennie and Paul Silva of Silva Properties. Cary Belovicz, Executive Managing Director of Greystone Bel Real Estate Advisors, led the transaction on behalf of the buyers.
Silva Properties is a family-owned and family-run company serving the Boston and metro Detroit markets. The Van Dyke acquisition marks the fifth in the City of Detroit for Silva Properties, which focuses on providing condo-quality market rental housing in desirable neighborhoods. Silva Properties also recently completed redeveloping The Isabelle at 51 West Palmer in midtown Detroit.
Van Dyke Manor Apartments was constructed in 1928 and boasts a number of period-specific architectural details, including carved wood walls; elaborate coffered ceilings with painted designs; plaster embellishments; carved stonework; and decorative stained glass windows. Upon completion, the building will be renamed 1000 West, blending yesterday’s charm with modern amenities.
“Having been involved in the most recent prior purchase of this historical gem, it’s gratifying to know that new owners Silva Properties also appreciate the character and unique architectural details this property holds,” said Mr. Belovicz. “Van Dyke Manor Apartments presents a fantastic opportunity to both modernize for comfort, but also celebrate the beauty of the structure. I know the Silvas will do a phenomenal job at both, given their previous re-development projects in the region.”