Good news for renters in the Riverfront Towers! Better maintenance and lower rent might lie ahead courtesy of foreclosure. According to a University of Michigan real estate finance professor, lenders may just "take loving care of the asset because their goal is to position it to sell." Rental rates for the complex listed on the Downtown Detroit Partnership site range from one-bedrooms for $710/mo to three-bedrooms for $1,880/mo. Townhomes rent for $1,635/mo. If this all sounds bit too good to be true, just remember that this process "worked wonders" at the First National Building, which local mogul Dan Gilbert bought last month.
· Foreclosure could benefit residents of Riverfront Towers in Detroit [Freep]
· Distressed in the D [Curbed Detroit]