IPO brokers largest per unit multifamily property sale in Oakland County
September 19, 2022 – Bloomfield Hills, MI
IPO is excited to announce the sale of The Harrison for $388,000 per unit, representing the highest amount paid on record in Oakland County. The Harrison, located in Royal Oak on Morse Avenue, was sold by Bob Wolfson to Chicago-based VennPoint Real Estate with the assistance of IPO’s Kevin Jahnke and Greg Coulter. The total transaction was valued at $29.1 million.
The Harrison includes 75 Class-A community units of one, two, and three-bedroom townhome and loft style units. It was constructed in 2016 on a former lumber yard with no expense spared. In addition to the top-end construction materials used, other luxurious features include a pool, rooftop patio, hot tubs, gym, private garages, and concierge service.
“As a business located in Oakland County, we’re excited to take part in this historic transaction right in our backyard,” said Coulter, founder of IPO.