BEREA, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Stone Ridge Apartments (top centered photo), a 144-unit multifamily asset in Berea, a southwestern suburb of Cleveland.
The sales price of $13,292,500 represents a price of $92,309 per unit. The property was constructed in 2007.
The Pennsylvania-based buyer, Stone Ridge Apartments LLC was represented by Daniel Burkons and Michael Barron, both vice presidents investments in Marcus & Millichap’s Cleveland office, and Joshua Wintermute, an investment associate. All three brokers specialize in multifamily asset sales in Marcus & Millichap’s Cleveland office.
The financing was arranged by David Davenport and Barbara Sullivan of Cleveland-based Bellwether Real Estate Capital, who placed a new FHA mortgage on the property.
“The buyer of this well-located, prime multifamily asset can expect strong returns over the long-term,” says Barron.
“As one of the newest properties in its submarket with a full package of amenities, Stone Ridge is well positioned to achieve strong occupancy levels for years to come,” adds Wintermute.
According to Burkons, “The low interest rates available on permanent, nonrecourse debt helped us sell this property at a record-breaking price. In fact, our team in Cleveland has closed more than $90 million in multifamily sales in the past 12 months, and several of those transactions were made possible by FHA and Freddie Mac financing.”
Located at 1000 Stone Ridge Circle, the 144-unit Stone Ridge Apartments includes six three-story buildings constructed in 2007. The property has 36 one-bedrooms and 108 two-bedroom units. In addition, the complex has 66 private garages.
Community amenities include a clubhouse, 24-hour fitness center, gourmet coffee bar, an executive business center and a resort-style heated swimming pool.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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