Posted: Dec 21, 2010 at 10:35 AM [Today]

A group of Oakland County investors paid about $14 million to acquire 233 condominiums in Ann Arbor’s Woodland Mews complex, Crain’s Detroit Business is reporting.

The units were listed for sale after the lender — first LaSalle Bank, then its acquirer, Bank of America — seized the property through foreclosure.

Crain’s is reporting the buyer is a joint venture between Birmingham-based Bleznak Real Estate Investment Group and Southfield-based Hartman Tyner Inc.

AnnArbor.com reported in October that a deal was in the works to sell the property.

The entire Woodland Mews complex — located between Ann Arbor-Saline Road and South Main Street, south of the Woodland Plaza shopping center — has 306 units, but 73 are privately owned and aren’t included in the transaction.

The value of the Woodland Mews units has plummeted since the height of the real estate boom in early 2006, when Sam Zell‘s Equity Residential sold the property to a division of Chicago-based Northern Realty Group Ltd. for $40.49 million.

The 2006 purchase price represented a per-unit value of about $130,000. The latest transaction indicates a per-unit value of about $61,000.

After the sale in 2006, Northern Realty intended to convert the property to condominiums, a more lucrative proposition than running an apartment complex.

But the market for condominiums collapsed, and the 233 units are being rented as apartments today.

Listing agent Mark Rohr of Hendricks Partners of Birmingham told AnnArbor.com in October that the property remains a strong piece of real estate as a rental property for the new owner. The average rental income from the unsold condos was $1,247 per month.

“This will be an excellent opportunity,” Rohr said. “Everyone’s excited about the opportunity to clean this deal up and get it back on track.”

Contact AnnArbor.com’s Nathan Bomey at (734) 623-2587 or nathanbomey@annarbor.com. You can also follow him on Twitter or subscribe to AnnArbor.com’s newsletters.