First Bid Meets Reserve Receivership Sale | 269-Units

Highlights:

• Scaled Detroit Portfolio: Ten-property multifamily portfolio strategically clustered along Covington Drive, Merton Road, and Whitmore Road in Detroit, offering operational efficiencies through proximity and the ability to manage as a single investment
• Value-Add Opportunity: Mix of stabilized and lightly improved assets with the potential to increase rents through interior upgrades, improved management, and continued neighborhood reinvestment in the Highland Park/greater Detroit submarket

Description:

View property details and access due diligence materials here: https://rimarketplace.com/auction/3166/multifamily/detroit/mi?utm_source=brevitas&utm_medium=listing_paid&utm_campaign=june24_2026&utm_content=multifamily_3166


RealINSIGHT Marketplace, in partnership with Friedman Real Estate, is pleased to present Palmer Park Estates, a 10-property, 9-building, 269-unit Class C garden-style multifamily portfolio located approximately 8 miles northwest of Downtown Detroit, Michigan. The portfolio spans nine residential buildings and two surface parking lots across Covington Drive, Merton Road, and Whitmore Road — a tightly clustered footprint that enables consolidated management under a single ownership structure. The buildings were constructed between 1924 and 1953 and are comprised predominantly of one-bedroom and two-bedroom units with brick construction and central boiler HVAC systems. As of April 2026, the portfolio carries an average occupancy of approximately 24.9%, with 731 Covington Drive as the standout stabilized asset at 88% occupied. The remaining properties present a significant value-add opportunity through unit rehabilitation, improved management, and lease-up. A portion of the portfolio lies within a Neighborhood Enterprise Zone (NEZ), providing property tax abatements that reduce operating expenses and improve feasibility during stabilization.