First Bid Meets Reserve Receivership Sale | 269-Units| Scaled Detroit Portfolio

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980 Whitmore Rd, Detroit, MI 48203, USA
951 Whitmore Rd, Detroit, MI 48203, USA
850 Whitmore Rd, Detroit, MI 48203, USA
825 Whitmore Rd, Detroit, MI 48203, USA
672 Merton Rd, Highland Park, MI 48203, USA
851 Covington Dr, Highland Park, MI 48203, USA
831 Covington Dr, Highland Park, MI 48203, USA
757 Covington Dr, Highland Park, MI 48203, USA
731 Covington Dr, Highland Park, MI 48203, USA
641 Covington Dr, Highland Park, MI 48203, USA
Apartment Buildings
Created date: May 18, 2026
Date last updated: May 18, 2026
  • Scaled Detroit Portfolio: Ten-property multifamily portfolio strategically clustered along Covington Drive, Merton Road, and Whitmore Road in Detroit, offering operational efficiencies through proximity and the ability to manage as a single investment
  • Value-Add Opportunity: Mix of stabilized and lightly improved assets with the potential to increase rents through interior upgrades, improved management, and continued neighborhood reinvestment in the Highland Park/greater Detroit submarket
  • Strong Rental Demand: Located along the dense Highland Park enclave surrounded by Detroit, benefiting from consistent workforce-housing demand and limited new supply at comparable price points
  • Diversified Unit Mix & Income Streams: Multiple buildings provide a diversified tenant base and distributed income across several addresses, reducing single-asset vacancy risk while allowing for phased capital improvements
  • NEZ (Neighborhood Enterprise Zone): A portion of the property is located within a Neighborhood Enterprise Zone (NEZ), providing significant property tax abatements that reduce operating expenses and enhance overall investment returns for ownership and prospective tenants
  • Accessible Metro Detroit Location: Convenient access to Woodward Avenue, I-75, and major employment corridors in Detroit and Oakland County supports tenant retention and long-term rental viability

Portfolio Description

RealINSIGHT Marketplace, in partnership with Friedman Real Estate, is pleased to present Palmer Park Estates, a 10-property, 9-building, 269-unit Class C garden-style multifamily portfolio located approximately 8 miles northwest of Downtown Detroit, Michigan. The portfolio spans nine residential buildings and two surface parking lots across Covington Drive, Merton Road, and Whitmore Road — a tightly clustered footprint that enables consolidated management under a single ownership structure. The buildings were constructed between 1924 and 1953 and are comprised predominantly of one-bedroom and two-bedroom units with brick construction and central boiler HVAC systems. As of April 2026, the portfolio carries an average occupancy of approximately 24.9%, with 731 Covington Drive as the standout stabilized asset at 88% occupied. The remaining properties present a significant value-add opportunity through unit rehabilitation, improved management, and lease-up. A portion of the portfolio lies within a Neighborhood Enterprise Zone (NEZ), providing property tax abatements that reduce operating expenses and improve feasibility during stabilization.
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Broker Details

RI Marketplace
RI Marketplace

RI Marketplace 800-915-7015

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Portfolio Key Information

Listing Status: Available
Listing Type: Auction
Property Types: Apartment Buildings
No. of Units: 269
Lot Size: 6 Acres
Opportunity Zone: No
Portfolio Website Click Here
Address: 980 Whitmore Rd, Detroit, MI 48203, USA
Address: 951 Whitmore Rd, Detroit, MI 48203, USA
Address: 850 Whitmore Rd, Detroit, MI 48203, USA
Address: 825 Whitmore Rd, Detroit, MI 48203, USA
Address: 672 Merton Rd, Highland Park, MI 48203, USA
Address: 851 Covington Dr, Highland Park, MI 48203, USA
Address: 831 Covington Dr, Highland Park, MI 48203, USA
Address: 757 Covington Dr, Highland Park, MI 48203, USA
Address: 731 Covington Dr, Highland Park, MI 48203, USA
Address: 641 Covington Dr, Highland Park, MI 48203, USA

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