Urbane Apartments of Ferndale

EXECUTIVE SUMMARY:
Woodward 8 Mile LLC has partnered with Urbane Apartments to bring a mixed-use apartment building to the iconic Woodward and 8 Mile corner in Ferndale. The recently completed redevelopment features 35 apartments, 1 retail/office space ($16.50/Sq.Ft.), billboard, onsite parking and shared laundry room for residents. The property offers a diversified and extremely competitive unit mix comprised of 2 studio units with approximately 248 sq.ft. of living space and 33 one-bedroom units with approximately 460 sq. ft. of living space. This asset speaks to the younger demographic of renters preferring small spaces in exciting submarkets like Ferndale.