Odin Properties has purchased Crystal Tower, a 268-unit apartment building in East Cleveland. K&D sold the asset for $6.6 million, or $24,757 per unit. According to Yardi Matrix data, the sale was subject to a $5.8 million loan held by Firstrust Bank, and the asset had an 86.6 percent occupancy rate at the time of the transaction. The new owner will also manage the property.
Located at 16000 Terrace Road, Crystal Tower is very close to Highway 20, providing easy access to downtown Cleveland—about 10 miles away. There are several bus stops nearby and Stokes-Windermere metro station is less than a mile away, same as Forrest Hill Park.
Completed in 1964, the 23-story community comprises 48 studios, 166 one-bedroom, 32 two-bedroom, 18 three-bedroom and four penthouse units. The homes range in size from 500 to 1,550 square feet. Common-area amenities include controlled access, a fitness center, tennis court, swimming pool, laundry facilities and covered parking.
Earlier this year, Odin Properties sold Woodland Villages Apartments, a 30-building, 546-unit community in suburban Philadelphia, for $32.1 million.
Image courtesy of Yardi Matrix