Cornerstone Managed Properties Buys Cleveland-Area Community
The $4 million sale of the 144-unit, fully occupied community was subject to a $4.8 million acquisition and development loan.
Cornerstone Managed Properties has purchased The Crossing, a 144-unit apartment community in Cleveland’s metro area. Mechling Management sold the asset for $4 million and, according to Yardi Matrix data, the sale was subject to an acquisition and development loan in the amount of $4.8 million held by First National Bank of Pennsylvania. The asset, which will be managed by the new owner, was fully occupied at the time of the transaction.
Located at 126 Park Meadow Lane in Elyria, The Crossing is 30 miles west of downtown Cleveland. The property is close to both Highway 20 and Interstate 80. Retail and dining venues are within a 10-minute drive, including a Walmart Supercenter, and Vic Janowicz Memorial Park is within walking distance.
Completed in 1980, the property consists of 108 one-bedroom units averaging 800 square feet and 36 two-bedroom units averaging 900 square feet. The units are spread across 12 two- and two-and-one-half story buildings. Common-area amenities include a swimming pool, 12 laundry facilities and grade level parking.
Image courtesy of Yardi Matrix