1020-1060 Alter Rd
Detroit, MI 48215
The Bridge Apartments · Multifamily Property For Sale · 62 Units

BID DEADLINE: June 17th, 2026
The Bridge Apartments are located on 1020-1060 Alter Road, along the border of Detroit and Grosse Pointe Park, adjacent to the brand-new Schaap Center for
Performing Arts & Gallery.
The four beautiful brownstone, boutique apartment buildings have a full basement offering laundry service and storage for bikes. Located within walking distance to shops
and restaurants on Jefferson and the Park (Grosse Pointe), only one block away from the bus stop. The Bridge is made up of a combination of newly decorated and
traditional units, a total of 62 units: 25 studios, 35 one-bedroom apartments, and 2 two-bedroom apartments. There is an additional unit attached to the office that does not
have a C of C that may be converted to the 63rd unit.
Currently, The Bridge is operating at 95% physical occupancy and has maintained this level of performance for many years. The apartments were built in 1926 and have been
well-maintained over the years.
A PILOT was placed on the property on October 21st, 2025, and shall expire (15) years from the effective date. All 62 units shall be leased to persons earning up to eighty
percent (80%) of AMI and shall be leased at rates that don’t exceed the rent limit established annually by the Authority. The current rent limit for tenants earning up to
80% AMI in Wayne County is: Studio $1,414, 1-bedroom $1,515, 2-bedroom $1,818.
The 1020 & 1034 buildings are individually metered for electricity. Some of those tenants pay their own electricity. The electricity in some units is paid by the landlord,
and then the tenants are charged based on the number of occupants living there.