We partnered with Cypress Capital Partners to acquire a 100,000 Sq.Ft. vacant office building in the heart of Troy, Michigan. The project will consist of converting the existing office building into a 90-unit apartment building, while utilizing the parking field to go ground-up for an additional 110 apartment units. In total, the project will contain 200 Class A apartment units, a dog park and pool. The project is planned to be completed in the second half of 2024.
The Joint Venture of Douglas Capital Partners and Cypress Partners plan to transform a defunct office building into a remarkable 200-unit Class A apartment complex. Taking advantage of the property's placement within an Opportunity Zone, created under the Tax Cuts and Jobs Act of 2017, the investors can enjoy substantial tax benefits, further bolstering the potential profitability of this endeavor.