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Parkstone and Parkhurst Apartment Buildings Ask Over $18M

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For a mere $18,500,000, you can be the new owner of the gigantic Parkstone and Parkhurst apartment buildings in the West Village. If those names don't ring a bell, the Parkstone hosted the pop-ups known as Coffee and (____) and PRAMU last year. That commercial space, as well as three other spaces in the property next door are now the future sites of four new highly anticipated businesses set to open in the Spring: Detroit Vegan Soul, Craft Work, Tarot and Tea, and Red Hook Coffee. Sounds like a pretty desirable location to be an apartment owner, no? Here's a bizarre listing that doesn't seem to know any of that. According to the listing, the 11-story Parkstone has 118 units and 169,000 square feet, while the 7-story Parkhurst (kitty-corner to the Parkstone) contains 92 units and 99,000 square feet. That means that the $18,500,000 asking price works out to be a somewhat insane price of $69/sqft, or $88,095 per unit.
Sadly, the listing seems to try and justify this price by describing the ritzy homes of Indian Village rather than the new Villages Business District happening in and around the Parkstone at this very moment. The listing also inexplicably mentions a "jazz supper club", which we assume must be in reference to the long-closed Harlequin Cafe, which used to feature live jazz. Another surprise to any new buyer might be the damage from a decent sized fire in November. Despite its strange approach, might this listing be able to reel in a buyer?
· Parkstone/Parkhurst [Loopnet]

Parkstone Apartments

1415 Parker, Detroit, MI 48214