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The New Center area in Detroit is going through more changes.
The latest involves the Albert Kahn Building at 7430 Second Ave.
Kirk Pinho of Crain's Detroit Business reports:
A joint venture purchased a historic building in the New Center area with plans to convert it into more than 200 apartments.
The deal, which closed last week for an undisclosed price, makes Birmingham-based Lutz Real Estate Investments and Farmington Hills-based Northern Equities Group the new owners of the Albert Kahn Building, which was owned by a joint venture between Detroit-based The Platform LLC, New York City-based HFZ Capital Partners and New York City-based Rheal Capital Management, which is owned by Detroit native John Rhea.
The apartments are slated for floors two through 11, while the first floor and lower level would be about 60,000 square feet of retail and office space.