CRE i Ohio

Marcus & Millichap lists $30 million apartment portfolio in Cleveland area

Marcus & Millichap Real Estate Investment Services recently retained the exclusive listings for four multi-family properties in Ohio.

Marcus & Millichap Real Estate Investment Services recently retained the exclusive listings for four multi-family properties in Ohio. They are:

-- De Ville Apartments, Beachwood, 190 units, 259,077 square feet, $15.1 million -- Arbor Court, Mayfield Heights, 300 units, 265,750 square feet, $11.5 million -- Beachwood Villa North, Beachwood, 28 units, 30,402 square feet, $1.9 million -- Beachwood Villa South, Beachwood, 28 units, 30,200 square feet, $1.9 million

The properties may be purchased together or separately.

Michael Barron and Daniel Burkons, both vice presidents/investments in Marcus & Millichap’s Cleveland office, are representing the seller, Wolf Real Estate Management LLC and The Goldberg Cos. Inc.

“The properties are all being offered by the original developer,” says Burkons. “They are located in two of Ohio’s most sought-after submarkets and are between 93- and 98-percent occupied.”

De Ville Apartments, located at 23305 Chagrin Blvd. in Beachwood, is a three mid-rise-building apartment complex situated on 9.8 acres. Constructed in the 1960s, the buildings are nestled between trees above two large underground parking garages. The unit mix is 44 one-bedroom units, 114 two-bedroom apartments, 30 three-bedroom units and two five-bedroom apartments.

Beachwood Villa North and Beachwood Villa South, located at the corner of Chagrin Boulevard and South Green Road at 3443 South Green Road and 3465 South Green Road, respectively, are both 28-unit apartment communities, offering residents easy access to the east side of Cleveland’s robust employment centers, shopping and fine dining.

Arbor Court Apartments consists of 34 buildings on 12.6 landscaped acres at 6484-6643 Maplewood Drive, adjacent to Mayfield Road and Route 271 in Mayfield Heights. The apartments are 93-percent occupied and have maintained high historical occupancy rates in Mayfield Heights’ strong rental market. The property provides residents with easy access to city amenities such as the shopping and dining along Som Center Road and Mayfield Road. The Cleveland Clinic’s newly expanded Hillcrest Hospital and the world headquarters of Progressive Insurance are located within one mile of the property.