DETROIT, July 21, 2021 /PRNewswire/ -- Adam M. Lutz of Lutz Real Estate Investments and Matthew Sosin of Northern Equities Group announced today that their joint venture has completed its $70 million renovation of The Albert Kahn Building, and its conversion into 206 apartments, now named The Kahn Apartments (TheKahnDetroit.com).
Located in Detroit's New Center/Midtown North neighborhood, the 11-story, 320,000 square foot Art Deco masterpiece was built by The Fisher Brothers and designed by famed architect Albert Kahn. Recognized on the National Register of Historic Places, The Albert Kahn Building first opened its doors in 1931 with opulence and opportunity in mind and was home to prestigious businesses including Kahn's own architectural firm for 90 years. The first floor, with 18-foot-high ceilings and massive windows, once home to Saks Fifth Avenue, is available and ready for a new office, showroom, or retail tenant.
"The Albert Kahn Building was originally designed as one of the crown jewels of Detroit," said Adam M. Lutz, CEO of Lutz Real Estate Investments. "That was the mindset that we had when designing these apartments and restoring a historical landmark. Each of the 700 original windows was removed, hand restored and re-installed back in their original location. It's the attention to these types of details that have impressed visitors and led to significant leasing results."
As two fourth generation Detroiters, The Albert Kahn Building's renovation was an undertaking and a point of pride for Lutz and Sosin, and included the conversion of the office space on floors 2 thru 11 into 206 studios, one-, two-, and three-bedroom apartments with floorplans ranging from 530 to 1,317 sq. ft. The penthouse units feature an interior stairwell unique to each apartment. With interiors designed by Detroit-based Kraemer Design Group, Lutz and Sosin ensured the one-of-a-kind Art Deco architecture remained intact.
The community boasts expansive views of the city and offers its residents the most complete list of amenities in all of metro-Detroit. There are two lounges - "The Drafting Room", a sophisticated workspace area with a library and features the Bar AK, and "The 1931 Room", which provides residents an area to watch events on large screen TV's while playing parlor room games. With Pallister Park nearby, The Kahn is a pet friendly environment and offers a spa area for resident's pets. The Kahn offers residents a full gym experience with 3,000 sq. ft. professionally equipped fitness center, along with a yoga and spinning studio. Additionally, the "Diamond K Club" is an outdoor rooftop deck complete with grilling stations and breathtaking views.
"Our ultimate goal was not only to keep the grandeur of the building, but to improve and modernize where we saw opportunity," said Matthew Sosin, President of Northern Equities Group. "We have been able to establish contemporary, modern homes while honoring the overall legacy of one of Detroit's treasures. We believe everyone in Detroit will be proud of the results and expect The Kahn to further engage the New Center and Midtown North neighborhood.""
The Kahn will be managed by Farmington Hills-based Beztak. A "Grand Re-Opening" ceremony is expected in September.
About Lutz Real Estate Investments Lutz Real Estate Investments (lutzinvestments.com) is a privately held real estate organization that has owned and operated virtually every asset class in real estate for nearly 60 years. Lutz is a seasoned, dedicated team of professionals with substantial expertise in acquisitions, development, finance, and property management.
About Northern Equities Group Northern Equities Group is a full-service real estate development and investment firm engaged in all aspects of real estate acquisition, development, investment, construction, and management. With principal holdings in Michigan, Arizona and Colorado, the firm has developed over $1 Billion of real estate.
About Beztak For more than six decades, Beztak has developed, built, managed, and invested in luxury residential, senior living, commercial and industrial real estate throughout the United States. Today, Beztak owns and manages a diverse portfolio of commercial, office, retail, senior living, and multi-family residential real estate, and continues to develop and construct new properties as well as renovate existing properties to add value or reposition them in the market. Beztak also offers comprehensive and customizable fee-based property management services for companies seeking to generate higher revenues from their assets while improving overall performance.
Headquartered in Farmington Hills, Michigan, Beztak has offices in Boca Raton, Florida and Phoenix and Tucson, Arizona, with communities currently located in Alabama, Arkansas, Arizona, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Michigan, Mississippi, Ohio, Oklahoma, South Carolina, Tennessee, and Washington DC. For more information, visit www.beztak.com.
SOURCE Northern Equities Group; Lutz Real Estate Investments