Parkview Estates Apartments in East Cleveland Ohio Sold to Out-of-State Buyer in a Lender Directed Short Sale
East Cleveland, Ohio (PRWEB) February 25, 2016 -- Green Bridge Real Estate is pleased to announce the sale of the 70 Unit Parkview Estates Apartments located at 1832-1864 Forest Hills Blvd., in East Cleveland, Ohio. The buyer, Parkview Estates Cleveland LLC, is an entity owned by the out-of-state buyer. This sale is representative of the amount of Out-Of-State Interest that Investment properties in Cleveland are drawing. The Four (4) approx. 60,822 total Sq.Ft. All-Brick, 2-Story Buildings on 5 acres, consisting of 16 one bedroom, one bath units and 54 two bedroom, one bath units closed Escrow on January 28, 2016 for $850,000.00 or $12,142 per unit. The Lender on the property directed the short Sale. At the time of transfer, the Parkview Estates Apartments were 84% Occupied. Most Recent Net Annual Operating Income was $235,162 or a 27.67% Capitalization rate at the sales price. Matthew King, CCIM represented the Seller in the Sale.
Matthew S. King, CCIM, a Licensed Ohio Real Estate Broker, is a Multi-Family Sales expert and has successfully assisted in the Sale of over 500 Multi-Family Units in Northeast Ohio over the last 36 months totaling close to Ten Million Dollars.
Green Bridge Real Estate is located on West 140th St. & Brookpark Road in Brook Park and is owned and operated by Matthew King, CCIM and John Wagner.
Matthew King, Green Bridge Real Estate, http://www.greenbridgerealestate.com, +1 440-552-5858, [email protected]
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