Foundry Lofts

This 14-story building was purpose-built for student housing a few blocks from the University of Michigan’s main campus.  It features furnished apartment units for over 500 beds and extensive amenities including a lobby, fitness center, study areas, coffee bar, tanning station, outdoor pool and deck, and two rooftop decks with great views of the Big House football field.  Structured parking is provided underground along with retail tenant spaces at the street level.

Our client, an institutional equity owner, bought the property when it was 70% under construction.  Purchasing a project in progress can be risky as a buyer must rely on plans and specifications for the end product vision while vetting the quality of construction and likelihood of completion (especially important with a student move-in deadline).

RPL shepherded technical diligence among multiple consultants, not only to acquisition closing, but through completion of work and occupancy by students and retail owners.  And for almost a decade, we have continued to advise on and oversee improvements ranging from correcting latent HVAC and other issues, to enhancing exterior and interior amenities and ongoing retail operations.