DETROIT (February 7, 2017) – Downtown Detroit’s red-hot residential real estate market gets another boost as Metro Detroit-based Rock Management begins leasing and managing of 312 studio and one-bedroom apartments at Town Residences. The apartments, located at 1511 1st Street between Bagley and Michigan Avenues, are now available for leasing.
All of the apartments in the building will be completely renovated. So far 130 apartments are complete including 24 new apartments which are available for immediate occupancy. More than two dozen additional apartments will be ready for occupancy by the end of February. All 312 apartments are scheduled to be complete by summer 2017.
This is the first time Rock Management is overseeing third-party leasing and property management.
With offices in Detroit and Denver, Triton Properties purchased Town Residences in 2014 and immediately began renovating the 13-story building that now features an urban chic and hotel-inspired design. Town Residences now captures the historic charm of this landmark building while integrating contemporary design for an outstanding urban living experience in the heart of downtown Detroit.
“With occupancy rates at nearly 100 percent in Detroit’s Central Business District, Town Residences provides the perfect opportunity to bring much-needed residential options to the market in partnership with the property owners at Triton,” said Amy R. Timbers, Vice President of Property Management, Rock Companies. “The downtown market has been waiting for this exact product offering and price point. It’s exciting to be able to offer leasing opportunities and help meet the demand for downtown housing.”
A Mix of Space and Modern Amenities
Town Residences offers a mix of studios averaging 453 square feet which rent from $725 to $905 per month and one-bedroom apartments averaging 588 square feet starting from $1,130 to $1,225 per month. The residences are designed for a variety of people - from busy professionals to empty nesters or those who want to live in the city’s increasingly-vibrant Central Business District.
Featuring Art Deco architecture, a beautiful lobby and reception center, along with a host of modern amenities, Town Residences creates a premier downtown Detroit residential property and includes a number of amenities:
Social lounge with complimentary WiFi
- 24-hour monitored building access
- Convenient high-tech laundry center with app access technology
- State-of-the art, 1,000 square foot fitness center free for residents
- Optional on-site storage space for rent
- Garage and surface lot parking, subject to availability, for additional fee
- Rooftop terrace with a panoramic view of the city
- Parcel center for package delivery
- Indoor bicycle storage, fix-it station and air pump available
Interior apartment amenities include two available styles of kitchen cabinetry, new appliances, designer lighting, planked wood flooring, air conditioning and new insulated aluminum windows.
The stately structure’s exterior features a warm, dark yellow brick veneer, light gray granite and yellow Mankato stone. The current ascending tower kept the original building features of the Art Deco terra cotta details intact.
“We are excited to have Rock Management oversee Town Residences and are thrilled to be working with them,” said April Sedillos, Executive Vice President at Triton. “Rock Management has a great track record and is providing us with leadership, resources and an exceptional team to guide the property to success.”
History of the Town Residences
Originally designed by the Detroit architectural firm Smith, Hinchman & Grylls (now Detroit-based SmithGroupJJR), the Town Residences building was built in 1928 as the exclusive site of the renowned Pontchartrain Club. The building offered lodging, meeting facilities and other amenities for the club’s approximately 2,000 members and guests. The building’s location is also notable since it was formerly part of the Lewis Cass (former Governor of Michigan from 1813-1831) farm, which extended from the Detroit River to the Grand Trunk Railroad crossing near what is now Warren Avenue. In the 1950s, the building was converted into Town House Apartments featuring 255 one-bedroom residences and an accompanying renovation spearheaded by an architecture firm from Philadelphia, Pennsylvania.
For potential residents who want to schedule a tour and for more information, please contact leasing at email@example.com, call 313-285-8350 or visit online: www.townresidences.com.
About Rock Management:
Founded in 1991, Rock Management, part of Rock Companies, has established itself as a vertically-integrated real estate company with expertise in acquisitions, development, construction, property management and asset management. Rock Management is headquartered in Metro-Detroit, Michigan and the company has created a strong local presence while focusing on growth in several key markets across the United States. In addition to its Michigan student and luxury apartment homes, other Rock Management properties are located in Florida, North Carolina, Ohio, Virginia and Washington State. For more information visit www.rockcompanies.com.
About Triton Properties:
A division of Denver, Colorado-based Triton Investment Company, Triton Propertiesspecializes in the restoration and rehabilitation of historic apartment multi-family residences. Its real estate division has owned and managed several thousand residential units, as well as many mixed-use commercial properties in the metropolitan Denver, Colorado area, neighboring states and Canada. Triton began investing in the Detroit, Michigan market in 2009, the company employs 18 people and owns approximately 1,000 residential units locally. Triton is continually dedicated to raising the bar for urban living and work environments. Its success in Colorado spawned the growth that provided additional opportunities for its success in Michigan and other states.
Currently, Triton’s real estate ventures are primarily focused in the Detroit and Denver markets and include multi-family residential and commercial properties as well as land investments and ranch holdings. Town Residences is the newest rehabilitation property in its Detroit portfolio which includes Alden Towers, Kean Residences, Hibbard Tower Residences, Trombley Lodge Residences, Waters Edge and Harbortown Apartments. For more information, visit www.tritonproperties.com.