The Snavely Group Buys 32-Building Cleveland Asset
- Mar 19, 2019
After recently obtaining an $11.5 million loan to create 38 affordable units at a Cleveland community, The Snavely Group has purchased Willogrove, a 384-unit community located in the city’s Willoughby submarket.
According to Yardi Matrix data, First Realty Property Management sold the asset in a transaction that involved a $21.4 million loan held by First National Bank of Pennsylvania. The property had a 92.2 percent occupancy rate at the time of the sale.
Located at 37411 Grove Ave., Willogrove is within 20 miles of downtown Cleveland. The community is close to major transit routes such as Interstate 90 and Lakeland Freeway. Several dining, retail and entertainment venues are within two miles of the property, including Willoughby Commons shopping center.
Completed in two phases in 1962 and 1963, Willogrove includes 32 three-story buildings. The asset spreads across more than 25 acres and its one- and two- bedroom units average 760 square feet. Common-area amenities include 32 laundry facilities and 520 parking spaces.
Image courtesy of Yardi Matrix