GoldOller Real Estate Investments announced its acquisition of two rental communities in Southfield Michigan, a prominent Detroit suburb, consisting of 726 apartment homes. Sutton Place is a 516-unit, luxury apartment and townhome community consisting of 64 two and three story garden-style buildings built over full basements. The spacious apartments and townhome style buildings range in size from 850 square feet to over 2100 square feet.
Sutton Place offers an extraordinary life style and location, in Southfield, directly across the street from the exclusive Plum Hollow Country Club. Sutton Place is renowned for having the best floor plans in the market with bi-level apartments, flats, and full townhomes with attached garages. The property’s amenities include a beautifully decorated clubhouse with a wrap-around balcony, community room and bar, fitness center, large outdoor swimming pool, picnic area with free-standing pergola, upper and lower sundecks, and billiard room. Within the clubhouse, the spacious leasing center is proximate to the entrance and has convenient ambulatory and handicap access.
Built in 1972, Silver Oaks of Southfield is a 210-unit, garden-style apartment community situated on 20.77 lush acres. The property includes 23 two-story masonry constructed apartment and townhome-style buildings with oversized one, two, and three bedroom rental homes. The wonderful community amenities include a beautiful clubhouse, swimming pool, laundry and storage facilities in all buildings, controlled access, and covered parking.
Well Performing Portfolio
According to GoldOller Chairman Richard Oller, Sutton Place and Silver Oaks are both mature, highly occupied, and well performing properties that complement GoldOller’s existing midwestern states portfolio. “We own and operate communities throughout the Midwest from Oklahoma City to Illinois, but this is our first venture into Michigan and we are excited to be here,” Oller said. We have been watching with great interest the beginning of Detroit’s renaissance, and we’re now excited to be part of it.”
Jill Hinton, GoldOller’s VP of Operations, explains how the company quickly begins implementing their signature style and events. “Our teams hit the ground running as we look forward to introducing our wonderful Life on the GO amenities and programs at both properties. Our main goal is to always create a unified community where residents feel that This is Home.”
Once closing is official, GoldOller hosts several resident and team events, Hinton continued. “We want everyone to experience GoldOller’s excitement and appreciation which we show through our welcome reception. There’s always tons of cake, a champagne toast, and games with cash prizes. For the residents, we have GoldOller’s branded GO Meet & Greet Pizza Party and Coffee on the GO.”
Jake Hollinger, GoldOller partner and President, said, “You simply can’t build this type of real estate today. I’m extremely proud to include these exceptional properties in our Midwestern collection and thrilled to bring GoldOller’s signature GO services to our residents. In addition to our full complement of life style services, residents will soon experience and enjoy significant property enhancements and apartment upgrades through the communities. I have no doubt these properties will meet or exceed our performance expectations.”
Formed in 2008 by industry veterans Richard Oller and Jeffrey Goldstein, GoldOller is an emerging leader in the multi-family housing industry and an innovative owner-operator of apartment communities throughout the United States. GoldOller owns and operates apartment communities in 17 states, valued in excess of 1.5 billion dollars, and containing about 16,000 units.
Multifamily Management Services, a GoldOller affiliate, provides third party management to communities containing about 30,000 units, while other affiliates develop, own, and operate condominium, office, hotel, industrial, and retail assets. GoldOller has corporate offices in Philadelphia and New York City, as well as regional offices in Kansas City, Atlanta, and Orlando.