STRONGSVILLE, OH– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for The Polo Club, (top photo and also photo at left) a 336-unit multi-family community in Strongsville.
The listing price of $21.82 million represents $64,940 per unit and 
a 7.25 percent cap rate.
a 7.25 percent cap rate.Gary Cooper, a vice president of investments and director of Marcus & Millichap’s National Multi Housing Group in Cleveland, and Matthew Brown, a senior associate in the firm’s Columbus office, are representing the seller, a Maryland-based private investor.
“The Polo Club provides an investor with an excellent opportunity to acquire a large, beautifully maintained multi-family community in a thriving submarket,” says Cooper. “In addition, Polo Club should achieve an above-average, first-year cash-on -cash return with significant NOI upside moving forward.”
Located at 14400 Howe Road, the 310,648-square foot apartment community is situated on a 28-acre lot, easily accessible from Interstate 71 and the Ohio turnpike, I-80, and within walking distance of northeast Ohio’s largest regional mall.
The Polo Club boasts a unit mix of one- and two-bedroom units, ranging in size from 750 square feet to 1,148 square feet. Amenities include lakes, fountains, a swimming pool with a sundeck and contemporary clubhouse with a renovated fitness center, racquetball court and tennis court.
CONTACT:
Stacey CorsoPublic Relations Manager
Marcus & Millichap
2999 Oak Road
Suite 210
Walnut Creek, CA 94597
Office: 925.953.1716
Mobile: 415.672.6460
Fax: 925.953.1710
http://www.marcusmillichap.com/
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