The Van Dyke Manor, a 38-unit apartment building near the east Detroit riverfront, has switched ownership for the second time in two years.

Silva Property Management recently purchased the historic building at 1000 Van Dyke and East Lafayette for $2.54 million and immediately began renovations to unoccupied units, said Paul Silva, owner of the company. The apartments will be renamed 1000 West after renovations are complete.

Cary Belovicz, of Greystone Bel Real Estate Advisors, part of New York City-based Greystone and Co., represented the buyer and seller in the transaction.

The previous owner of the building, which is at least part owner of 1000 Van Dyke Investments LLC, was not identified.

Renovations are expected to take a couple of years, Silva said. As most units are occupied, the timeline depends on when units become available to update.

Silva declined to say how much he is investing in the project, only that it is "significant."

Silva Property Management, which also operates the apartments, is planning to modernize the units with washers and dryers, stainless steel appliances and wood floors as well as replacing the building's parking lot and roof and possibly adding units.

"The challenge is keeping the charm of the vintage building but upgrading it with today's amenities," he said.

Design and construction will be handled by Silva.

Units range from 850 to 1,100 square feet and cost $700-$900 for lease of one- and two-bedroom spaces, Silva said. After renovations, he expects to bump up the prices to $1,200-$1,500.

Van Dyke Manor marks the fifth Detroit property in Silva Property Management's portfolio. It recently finished redevelopment of The Isabelle apartments in Midtown, a project very similar to the one at Van Dyke Manor, Silva said.