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Dan Gilbert Getting A "Steal" on $600 K Apartment Building?

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Crain's says the "word around town" (drunken Opening Day chatter?) is that Dan Gilbert is working on buying the Claridge House Apartment building downtown for $600,000. This will be the the first time he's bought an entire residential building. [But note that Bedrock Real Estate, the company he owns, has been marketing his building at 1500 Woodward as a,"pedestrian-friendly retail space with offices or apartments above" so we're not so sure this new purchase would be his, "entry to the world of being a residential landlord," as claimed by Crain's.] We're also not sure how many units this drab-looking beast has. LoopNet says 51 while Crain's counts 44. The current count of downtown buildings he owns (via Bedrock) is 11, including two parking garages. We hear that after they stamp his purchaser card for the 12th, he'll get a free sandwich.

Update: Guess this clears it up. "The 7-story mid-rise building contains (45) apartment units and (6) street-level retail spaces."

· Claridge House Apartments [LoopNet]
· Dan Gilbert's next purchase ... apartments [Crain's]

Claridge House Apartments

1514 Washington Blvd. , Detroit, MI