Bluerock Real Estate
Creates Award Winning Condominium Conversion
Communities in Oakland County

The words "affordable" and "Oakland County" typically are not used in the same sentence. Because of the perception that new homes in Oakland County are not accessible to first time homebuyers, many young adults believed they would have to wait a long time before they could afford to purchase their first home. Ramin Kamfar, founder and CEO of Bluerock Real Estate, is changing that perception.

In 2004, Bluerock Real Estate, a national investment and development company, purchased two noteworthy rental communities in Auburn Hills and Southfield, and began converting them into luxury condominiums. Kamfar has made it possible to convert rental units with outdated floor plans and decor into award winning luxury condominiums that are in the price range of $120,000-$180,000.

"I got involved in the real estate industry because choosing a new home is one of the biggest decisions a person will ever make. I wanted to create a customer intimate, service focused process that was head and shoulders above the rest." Kamfar has done just that. Recently, the Sales and Marketing Council of the Building Industry Association of Southeastern Michigan (SAM/BIA) recognized North Park Place Condominiums and The Condominiums at Auburn Ridge, respectively, with gold and silver awards for Conversion of the Year.

The seasoned and experienced sales teams of North Park Place Condominiums in Southfield and The Condominiums at Auburn Ridge in Auburn Hills have been successful in assisting first time homebuyers and empty nesters in purchasing a quality, affordable home that include luxurious features that may have seemed out of their reach.

Kamfar brings more than 15 years of experience in real estate, private equity investing, investment banking, public and private financing, acquisitions and retail operations to the company. Prior to Bluerock, he served in various capacities including Chairman and CEO of New World Restaurant Group, Inc. New World Restaurant was a company he founded and grew from a startup to a leading casual restaurant chain in the United States. New World expanded to approximately 750 stores in 35 states and over $400 million in revenues with a portfolio of brands including Einstein Bros. and Noah's NY Bagel.

Refashioning Buildings and Lives

Today's lifestyles leave little room for home maintenance, both inside and out. Understanding the needs of their buyers is one of Bluerock's core strengths. "Prior to developing our product we conducted several focus groups to identify the features that are important to our homebuyers," said Kamfar. "Our research showed that not only did customers want contemporary open floor plans, they also sought luxurious features such as granite countertops, European cabinetry and hardwood floors at an affordable price." Bluerock not only delivered but took their conversions to a higher level. Bluerock's condominiums undergo a full renovation including; the installation of new heating and cooling systems, new windows and door walls, new plumbing, electrical, flooring, countertops and much more. "We create a home that is turn key for the buyer – we even include the window treatment," said Kamfar. The feedback from the buyers has been outstanding. They love the ability to customize their home even down to the paint selection.

Oakland County Attracts Bluerock

Southfield Michigan, a city known for its strong business district and abundant rental communities, attracted Bluerock Real Estate as a perfect fit. In 2004, Bluerock purchased North Park Place in Southfield, two 14-story high rise buildings with 270 rental apartment homes. The company also purchased North Park Towers, a legendary address in Southfield, consisting of two 18-story buildings with 328 rental homes. Kamfar seized the opportunity to invest in an area that is undergoing revitalization. "Southfield is a busy city – continuously adding new shops, restaurants and entertainment venues – and we wanted to participate in the renaissance of this city."

Built in 1972, North Park Place was initially designed as a high rise condominium development but the original owners decided to market the community as rental apartments instead. Bluerock took those original blueprints and created condominium homes to meet the demands of today's homeowners.

Garden style floor plans include two bedrooms with two full baths at 1,250 square feet and three bedrooms with two full baths at over 1,600 square feet. Large balconies and floor to ceiling windows provide residents with spectacular panoramic views. Customers may choose from an array of upgrades including; granite countertops, laminate wood floors, rich ceramic tile, stainless steel appliances and marble baths. North Park Place also provides owners with a newly renovated fitness center, a grand lobby entrance, gated garage parking, doorman 7 days a week, outdoor swimming pool, tennis courts and extensive landscaped grounds. Their decorated model was also recognized by the SAM/BIA with a gold award for Best Interior Merchandizing. Kamfar noted, "We are attracting first time homebuyers and empty nesters who want to downsize. The common factor for these two markets is that they both want to own a home without the maintenance."

The Condominiums at Auburn Ridge is attracting a slightly younger market. With its close proximity to Oakland University and DaimlerChrysler, over 70% of the buyers are first time homebuyers. Anita Blender, Vice President of Sales and Marketing with Bluerock Real Estate, said "Many of our customers didn't think that they could afford a home with such luxurious features and amenities, but by working with a team of seasoned professionals in mortgage and finance, we show them how they can do it. We walk them through every step of the purchasing process - from customizing their home to obtaining a mortgage."

Seeing the Positives in Michigan

Kamfar said that Michigan's economic struggles didn't hinder his choice in investing in the state. He sees a lot of promise in Oakland County and is doing his part to help improve its communities. "Oakland County will come out of this economic downswing strong," he explained. "I think Oakland County has done a great job diversifying its employment base. Most of the jobs in the county are in service industries - finance, insurance and technology. Household income in the county has increased despite the economy."

Just as Southfield and Auburn Hills have proven to be good places to convert apartments into condominiums, these conversions are helping the city too. "We are active members of the Cornerstone Development Authority," Blender said. "We are providing a resident base for commercial businesses like retail and restaurants." Bluerock is also actively involved in the Southfield and Auburn Hills Chambers of Commerce and is a member of the Building Industry Association of Southeastern Michigan, where they were recognized with five distinguished Sales and Marketing Council awards: gold awards for North Park Place Condominiums - Conversion of the Year and Best Interior Merchandizing and silver awards for The Condominiums at Auburn Ridge - Conversion of the Year, Best Print Advertisement and Best Brochure. In addition, Bluerock was recently recognized with two gold awards from the Builders Association of South Florida for their condominium conversations in Miami.

Kamfar stated that Bluerock is selectively looking for other projects in Michigan. "We would like to grow our presence in Michigan," Kamfar said. "Oakland County has a strong future and we want to be part of it."