Green Bridge Closes Bulk Cleveland Sale

By Laura Calugar

Green Bridge Real Estate completed the sale of four East Cleveland, apartment buildings located on Superior Road. Purchased in bulk, the properties traded for $2.9 million, which represents 89 percent of asking price. Green Bridge Owner Matthew King brokered the deal. Investment Group closed on the 90-unit portfolio. 

The location on Superior Road provides all properties with easy access to Forest Hill Park and is within a 17-minute drive from downtown Cleveland.

The four communities are:

• Heights View & Glen Eden Apartments (36 units that traded for $1.5 million)
• Superior Belmar Apartments (29 units that traded for $451,469)
• Superior Hillcrest Apartments (14 units that traded for $496,914)
• Superior Eddington Apartments (11 units that traded for $448,839)

The portfolio consists of 53 one- and 37 two-bedroom units. The apartments sold at a 6.62 percent cap rate.

Renovation plans

The new owner intends to boost its income by increasing current rents to market rates and completing renovations of suites that are currently not leased. The renovation cost is estimated to be between $100,000 and $300,000. The current gross annual income is $324,596 and the net annual income of the properties is $190,308. 

Current occupancy of the portfolio is 44 percent. Some of the units are leased in conjunction with the Section 8 Housing Assistance Voucher Program.

Image courtesy of Green Bridge Real Estate

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