Income Property Organization has brokered the $18.7 million sale of Shaker Square Apartments, a 308-unit, 15-building portfolio in Cleveland’s Shaker Heights district. Paul McHugh of Income Property Organization facilitated the transaction.
The portfolio’s 308 units are spread across 15 brick buildings, and also includes one vacant lot. Thirteen of the buildings are located on N. and S. Moreland Boulevard, around Shaker Square. The portfolio’s assets are close to Cleveland’s Rapid Transit system, which offers easy access to downtown and several employment hubs such as Cleveland Clinic, John Carroll University, Case Western Reserve University and Cleveland State University.
More than $2 million has been invested in rehabilitation works over the last 10 years, including the replacement of all windows throughout all units and 234 unit upgrades, leaving 74 units for the value-add investor.
Unit floorplans vary from studio to three-bedroom luxury apartments, averaging 965 square feet. Ten of the 15 buildings have 157 underground parking garages, and five of them offer surface parking with a total of 62 spots. At the time of the transaction, Shaker Square Apartments had a 95 percent occupancy rate.
Earlier this year, Income Property Organization brokered the $1.6 million sale of Tamarack Arms Apartments in Columbus, Ohio.
Image courtesy of Income Property Organization
If you’d like to be featured in Brokers’ Corner, send your deal to email@example.com.