The Marquette Companies developed the executive housing for Ford Motor Company on a 143-acre forested infill site near Ford’s World headquarters 25 years ago, in which more than 500 for sale and award-winning luxury rental units were built by Marquette. The 288-unit luxury rental community was a joint-venture between Marquette and TIAA. In the early 1990s, Marquette acquired TIAA’s 50% interest with a loan from Prudential Insurance Company and has maintained ownership ever since. The property was called “best in class” by the Chairman of Fordland and the “nicest apartment community in southeast Michigan.” The downturn and its impact on the auto industry in 2008 took its toll on the market and the property could not undertake a full renovation until now.
Marquette was successful in working with the team from Berkadia Mortgage in closing on a $30.8 million HUD refinancing to retire its current loan with Prudential and provide the funds necessary to fully renovate both the interiors and exterior of the property. Fairlane Woods has great bones and will again become one of the premier apartment communities in southeast Michigan, with marble step-up tubs, new 42-inch cabinetry, hard surface flooring, quartz and granite countertops and all of the quality finishes and amenities desired by both the baby boomer and millennial residents.
Marquette specializes in both new development and value-add apartments, combining excellent physical updating with its unique brand of Advanced Property Management. Marquette’s proprietary combination of We C.A.T.E.R. services combined with Community Life programming creates a high quality lifestyle that residents see extraordinary value in.
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