Friedman Real Estate is proud to announce the successful sale of Newport Woods Apartments, a 144-unit multifamily community located at 8640 Canterberry Lane in Newport, Michigan. Brokers Peter Jankowski and Rich Deptula represented the purchaser in this significant transaction, which closed at a price of $59,722 per unit, totaling $8,600,000.
About the Transaction
The sale of Newport Woods Apartments reflects the continued strength of the Metro Detroit multifamily market, where investor demand remains high for well-located, income-producing assets. Friedman Real Estate’s brokerage team worked closely with the purchaser to secure this property, leveraging market insights and negotiation expertise to deliver a successful outcome.
Transaction Details:
- Property Name: Newport Woods Apartments
- Location: 8640 Canterberry Lane, Newport, MI
- Units: 144
- Sale Price: $8,600,000
- Price Per Unit: $59,722
- Representation: Purchaser
About Newport Woods Apartments
Newport Woods Apartments is a well-maintained multifamily community offering residents a mix of spacious floor plans and convenient amenities. Located in Newport, Michigan, the property provides easy access to major highways, employment centers, and retail destinations, making it an attractive option for renters seeking affordability and connectivity.
Why This Sale Matters
The multifamily sector continues to be one of the most resilient asset classes in commercial real estate. Investor interest in properties like Newport Woods Apartments is driven by:
- Stable Occupancy Rates: Consistent demand for rental housing in Southeast Michigan
- Value-Add Potential: Opportunities to enhance property performance through renovations and operational improvements
- Strong Market Fundamentals: Favorable demographics and economic growth supporting long-term rental demand
This transaction underscores Friedman Real Estate’s ability to deliver results for clients in a competitive market environment.
Friedman Real Estate: Your Multifamily Brokerage Partner
As one of the Midwest’s leading full-service commercial real estate firms, Friedman Real Estate offers comprehensive solutions across brokerage, property management, construction, and financing. Our multifamily brokerage team specializes in acquisitions, dispositions, and advisory services, helping investors identify opportunities and maximize returns.
Whether you’re looking to purchase a multifamily property, sell an asset, or expand your portfolio, Friedman Real Estate provides the expertise and resources to guide you through every step of the process.
