(No caption)
The Pasadena Apartments at 2170 E. Jefferson Ave. in Detroit is on the market for $11.9 million, Crain's Detroit Business reports.
Built in 1902, the 11-story building between St. Aubin and Chene streets has 170 units. It was added to the National Registry of Historic Places in 1985.
Kirk Pinho writes:
The property has had a significant turnaround in the seven years since Scot Turnbull bought it for $2 million in 2009, said Jim Tumey, senior commercial agent for Detroit-based The Loft Warehouse who is listing the building for sale.
"It was a mess," he said.
He said that although the building was nearly fully occupied then, only 30 percent of the tenants were actually paying rent because the rest were living there without leases.
"It just kind of went down the gutter," Tumey said. "There were fights, gunshots. Every night, it was a disaster."
Tumey tells Crain's the property stabilized after the owner spent $3 million during his ownership kicking out the free-loaders, doing renovations and making other improvements.
