As happy renters flood into fresh apartments at the Whitney and the Ashley, another empty office building is defecting to Team Residential. Take a look at theGabriel Richard Building, a former Archdiocese of Detroit property kitty-corner from the Book Cadillac hotel. Built in 1914, the Gabriel Richard has 10 floors dressed in terra cotta. With a conversion into 110 apartments on the horizon, the building is under contract to be sold for $3.2M.
The buyer, Barbat Holdings, has been doing an awfully good impression of a Dan Gilbert shopping spree. With this purchase, the Barbat Machine will have gobbled up two office buildings, a low-income apartment tower, and part of a hotel since early 2014. Barbat’s promised renovation investment now totals $26.5M, with 388 market-rate apartments planned. We’ll be excited to see the first one.