WILLOUGHBY, OH – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for Tamarac Apartments, (top right photo) a 642-unit multi-family community in Willoughby, a suburb of Cleveland.The listing price of $48.5 million represents $75,545 per unit and a 7.6 percent cap rate.
Michael S. Barron, an associate vice president investments and director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Cleveland, and Dan Burkons, a senior associate and director of the firm’s NMHG in Cleveland, are representing the seller, a Cleveland-
based entity. (Downtown Willoughby photo at left)“Tamarac Apartments is an excellent opportunity for an investor to acquire a very large, well-maintained, well-located asset that provides a solid foothold in a major Midwestern MSA,” says Barron.
“Consistently stellar occupancy coupled with continued rent increases makes Tamarac Apartments an appealing option for an investor seeking income growth in a cash flow-driven market,” adds Burkons.
“The community was constructed in various phases between 1990 and 2000 and is still owned and operated by the original developers.”
Located at 38360 Tamarac Blvd., the 682,340-square foot apartment community is situated on 52-plus acres, within close proximity to Lake Erie and easy access via freeway to employment and entertainment centers.
Tamarac Apartments boasts a mix of one- and two-bedroom units. Amenities include private patios and balconies, fireplaces, ceiling fans, in-suite laundry hook-ups and walk-in closets.
Press Contact: Stacey Corso,
Communications Department,
(925) 953-1716
No comments:
Post a Comment