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CBD Detroit Apartments, a 288-unit upscale complex, is in receivership after the owner defaulted on an $84 million loan.

The building is currently 81% leased, significantly below the 95% occupancy rate typical for successful apartment buildings.

The owner believes the receivership will likely result in the building's sale, despite its prime location.

A large and relatively new upscale apartment complex in downtown Detroit has fallen into receivership, raising questions about the continued strength of downtown's housing market.

The seven-story and 288-unit CBD Detroit Apartments, 313 Park Ave. near Grand Circus Park, has been in court-ordered receivership since late June, after the building's owner was said to have defaulted on a $84 million loan.

The building open

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