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Old Posted Nov 12, 2013, 8:13 AM
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LMich LMich is offline
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Join Date: Jan 2002
Location: Big Mitten
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Out along the Gold Coast:

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The 43-unit Hibbard Apartments, at 8905 East Jefferson Avenue and the 49-unit Kean Apartments, at 8925 East Jefferson Avenue in Detroit on Monday. (David Coates / The Detroit News)

Investment firm buys 4 Riverfront area apartment buildings

By Louis Aguilar | The Detroit News

November 11, 2013

Detroit — A Denver-area firm that buys and renovates historical properties continues to show its faith in Detroit’s east Riverfront area, acquiring four apartment buildings, according to a company spokeswoman.

Triton Properties Company announced Monday it bought the buildings — all of which are close to each other — for an undisclosed amount. The aim is to fix them up, said April Sedillos, Triton executive vice president.

“Our initial plans include addressing the deferred maintenance,” Sedillos said in an email statement Monday. “At this time, we are still in the process of formulating budgets for capital improvements to the properties.”

Triton bought the following:

■ Hibbard Tower Residences — 8905 E Jefferson Ave., 43 units.

■ Kean Residences — 8925 E Jefferson Ave., 49 units.

■ Parker Residences — 715 Parker St., 9 units.

■ Van Dyke Manor — 1000 Van Dyke, 38 units.

The buildings are close to Triton’s other investments it has made in the Detroit since 2009. In August 2013, it purchased the Alden Park Towers at East Jefferson and Parker for $2 million. It completed a $5 million renovation of the property earlier this year.

Triton also owns 23 single-family homes in East English Village, and has significant interest in the Harbortown residential complex.


The 38-unit Van Dyke Apartments, at 1000 Van Dyke and E. Lafayette street in Detroit on Monday. David Coates / The Detroit News
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