Foreign investors continue to invest in downtown Detroit. This time, a German development group snatched up 4 buildings near Second Avenue and York Street. The Munich based firm plans to develop a 60 unit multifamily development, as demand for housing continues to rise in the Greater Downtown area. 

This isn't the first time the firm, Optima Aegidius, purchased a historic Detroit building. According to Crain's Detroit Business, the group purchased the Charles Trombly House/Beaubien House located at 553 E. Jefferson Ave in November of 2015. The four latest acquisitions for the group total an impressive 71,000 sq feet. The firm plans on beginning construction as early as next year, as soon as it is approved for financing and obtains the proper go ahead from the City of Detroit. 

This firm has developed property in Munich, Berlin, Dresden, Toronto and Montreal. Their focus on Detroit is part of a growing trend of out of state and international buyers taking on large projects in Detroit. While the City of Detroit has done its part to encourage investment, the private sector is driving the resurgence of the City, especially in Greater Downtown.