Location

EXECUTIVE SUMMARY:

Bid Deadline: June 25, 2025

COURT-APPOINTED RECEIVERSHIP SALE, subject to Court Approval

Sheridan Court Apartments are currently operating at 84.94% occupancy and 90.32% preleased. It has 17 studio apartments each measuring 485 square feet, 69 one-bed / one-bath apartments each measuring 715 square feet, 4 two-bed / one-bath apartments each measuring 1,005 square feet, and 3 commercial spaces each measuring 1,477 square feet. Sheridan Court was originally built in 1923 and renovated in 2019. It has received substantial upgrades in 2024 including a new boiler, modern LED lighting, unit renovations, fire exit doors and landscaping. The property is fully staffed with an on-site manager and maintenance staff.

Wellesley Apartments, built in 1919, are operating at 75% occupancy and 78.57% preleased. It has 15 studio apartment homes, each measuring 535-600 square feet, and 13 one-bed / one-bath apartments, measuring 750-770 square feet. Upgrades to Wellesley include a new roof, newer boiler, and updated apartment unit renovations completed in 2024.

The prime Midtown, Detroit location of these properties provides easy access to numerous Detroit attractions, such as Detroit Institute of Arts, Michigan Science Center, Little Caesars Arena, Fox Theater, Comerica Park, Ford Field, Wayne State University, and the Shinola Midtown Flagship Store.